VN e-commerce sales to top $1.9 tn in 2035
E-COMMERCE in Vietnam will be boosted to have more than 60 per cent of small- and medium-sized enterprises (SMEs) participating in e-commerce by 2020 and 80-90 per cent by 2035, according to the trade ministry's on domestic trade development.
The revenue of Vietnam’s retail sales market will reach over 11 quadrillion dong (US$484.58 billion) by 2025 and nearly 44 quadrillion dong ($1.938 trillion) by 2035.
This was revealed in the Ministry of Industry and Trade’s draft strategy on domestic trade development, which is being publicised for recommendations.
According to the draft, the GDP of the domestic trade sector will be more than 419 trillion dong by 2020, 700 trillion dong by 2025, and 2.3 quadrillion dong by 2035, contributing roughly 15.5-16 per cent to Vietnam’s GDP by 2030.
The annual growth rate (excluding the price factor) of the country’s total revenue from retail sales of goods and services for the period from now to 2020 will average at 13 per cent per year, and rise to 14 per cent in 2021-25. The value will reach some 5.8 quadrillion dong by 2020, 11 quadrillion dong by 2025 and 44 quadrillion dong by 2035.
Domestic economic sector will account for some 80 per cent of the country’s total retail sales revenue by 2020, while the foreign direct investment (FDI) sector will make up about 20 per cent before rising to 70 per cent by 2025.
The proportion of modern trade models will be roughly 30 per cent, or nearly 1.7 quadrillion dong, by 2020. It will rise to 35 per cent or D3.8 quadrillion dong by 2025 and 50 per cent or 22 quadrillion dong by 2035.
Modern trade models such as commodity exchanges, auction centres and franchises will be also developed, and e-commerce will be boosted to have more than 60 per cent of small- and medium-sized enterprises (SMEs) participating in e-commerce by 2020 and 80-90 per cent by 2035.
For the period after 2025, the GDP of the domestic trade sector will reach some VND2.3 quadrillion dong by 2035, contributing some 15.5-16 per cent to Vietnam’s GDP by 2030.
The annual growth rate of total retail sales of goods and services will average at 14.5 percent per year in the period and reach over 11 trillion dong by 2025 and 44 quadrillion dong by 2035.
The trade system in the country’s urban areas will be streamlined to meet the standards of Asean by 2035.
According to the Ministry of Industry and Trade, the strategy was drafted based on data during the period from 2011 to 2015 when the GDP growth rate of the domestic trade sector was 9.05 per cent per year. Besides, the ministry also based its strategy on the evaluation and forecast of commercial trends in the domestic and global markets.
