VECITA, the Vietnam E-Commerce and Information Technology Agency, released a report last week which revealed that Vietnam’s e-commerce sales will hit $700 million by the end of 2012 and $1.3 billion by 2015.
Even as e-commerce becomes more popular, there is an interesting paradox wherein Vietnamese are comfortable buying products online, but uneasy about paying for them there, even though it’s the same platform - only 11.7% of e-commerce transactions are paid for via online payments as these services are still developing in Vietnam.
According to Tech in Asia, Vietnam still has quite a ways to go compared to its neighbors:
"In comparison to other countries in the region, Vietnam’s e-commerce industry is still quite humble – yet sizable for a nation of its size. Neighboring Indonesia, with a population of over 240 million, clocks in at over $1 billion in 2012; China, as amazing as ever, spent over $107.4 billion (only on B2C e-ecommerce sites) in 2012. In contrast to all of that, worldwide e-commerce sales topped $1 trillion last year."
From online payments to QR codes, the next few years should see a major shift in the way Vietnamese shop. Increased internet access, credit cards and improved logistics should go a long way in building a strong foundation for the future of e-commerce in Vietnam.
