E-commerce expected to reach US$15 billion in 2020

The Vietnam E-commerce Association (VECOM), on October 21, held the Vietnam Online Marketing Forum - VOMF 2020 in Ho Chi Minh City.

According to a survey by the VECOM, the growth rate of Vietnam's e-commerce exceeded 32 percent in 2019, sending the growth rate of the whole period from 2016 to 2019 to about 30 percent. The scale of retail e-commerce of goods and services reached around US$11.5 billion in 2019 and is forecast to continue to remain at above 30 percent in 2020, and the scale of e-commerce will surpass $15 billion.

According to calculations by major corporations in the world such as Google, Temasek, and Bain & Company, with such strong growth rates as currently, Vietnam's e-commerce scale will likely hit $43 billion and stand at the third place among countries in the ASEAN by 2025.