By 2026, Vietnam will have the fastest-growing e-commerce sector in Southeast Asia, according to a report.
According to a survey by Facebook and Bain & Company, Vietnam is predicted to be Southeast Asia's fastest-growing e-commerce sector by 2026, with e-commerce Gross Merchandise Value (GMV) reaching 56 billion USD, over 4.5 times the estimated value in 2021.
The two major market observers stated in their annual SYNC Southeast Asia report, which examines the region's digital economy, that Vietnam, located in a vibrant part of the world, is at the forefront of driving change and seizing opportunities to thrive based on digital transformation in a post-pandemic future.
Around 16,700 digital consumers and more than 20 C-level executives were questioned in six Southeast Asian nations, including 3,579 respondents from Vietnam.
Southeast Asia was identified as a pioneer in the Asia-Pacific region's digital transformation, with Vietnam as one of the top achievers.
Seven out of ten customers in Vietnam have access to the internet, and the nation will have 53 million digital users by the end of 2021, according to the research.
The number of product categories bought by Vietnamese online consumers increased by 50% year on year this year, while the number of online retailers in Vietnam increased by 40%, resulting in a 1.5-fold rise in total online retail sales nationally.
Within the previous three months, 49% of Vietnamese buyers migrated to a new online marketplace, citing price incentives (45%), product quality (34%), and availability of items (33 percent).
For the first time, cash payments are in danger of being dethroned, with a considerable decline from 60% in 2020 to 42% in 2021. Vietnamese customers' primary concerns while contemplating various methods of payment are security, privacy, and service costs.
Vietnamese individuals spend the most of their time on social media, messaging, watching movies, buying online, and emailing this year. They spent 72% of their time at home, rather than going out.