B2C E-commerce to be Vietnam’s fifth largest export industry in five years

The cross-border B2C E-commerce (consumer-facing segment of e-commerce) is set to grow strongly in 2027 and become the fifth largest export industry in Vietnam in the next five years, according to Amazon Global Selling.

In its latest report, Amazon Global Selling raised two development possibilities for cross-border e-commerce exports in Vietnam through 2027. The industry could bring back US$5 billion (equivalent to VND124,200 billion) from export turnover in a baseline scenario, and US$12 billion by 2027 in the other scenario if small, medium and micro enterprises get assistance and increase online exports.

The General Statistics Office reported that Vietnam earned nearly US$356 billion from exports last year. Notably, five groups of products having an export turnover of more than US$20 billion each were electronics - computers and components; phones and accessories; machinery – equipment; textiles and garments; and agro - forestry and fisheries.

According to Amazon Global Selling, Vietnamese businesses have the opportunity to increase online exports as global consumption continues to shift from offline to online. Globally, the value of B2C e-commerce sales in 2024 is projected to hit more than US$31.3 billion, accounting for nearly 13% of retails. The value is set to increase to more than US$40.5 billion in the next five years, equivalent to 15% of global consumption.

The Amazon report shows that, in one year (up to August 31, 2023), Vietnamese retailers sold more than 17 million products on Amazon, an increase of 50% compared to the same period in 2022. In addition, the number of Vietnamese sellers on the world’s largest e-commerce platform also increased by 40%.

The report also points out that the industries such as health, personal care and beauty are developing strongly in Vietnam, helping to fuel online exports. Last year alone saw the number of Vietnamese sellers with revenue exceeding US$100,000 each on Amazon increase by 70%.