HANOI, July 23 (Xinhua) -- Vietnam's e-commerce market has boasted an average annual growth rate of 16-30 percent over the past four years, the highest in the ASEAN (Association of Southeast Asian Nations) region, local media VOV reported Tuesday.
Citing OpenGov Asia, a content platform dedicated to sharing ICT-related knowledge and information, the report said that the country's cross-border e-commerce sector is expanding at a rate 2.3 times faster than regular e-commerce between 2022 and 2025, with projections indicating a 20 percent annual growth until 2026.
In Vietnam, TikTok Shop holds a significant 24 percent market share, making it the second largest e-commerce platform in the nation.
Over the past five years, Vietnamese businesses have significantly broadened their international reach, with the amount of products exported via international e-commerce platforms increasing by 300 percent.
Annual revenues of many small and medium-sized enterprises have surpassed 1 million U.S. dollars, according to OpenGov Asia. ■
