HANOI, Feb. 7 (Xinhua) -- Vietnam's e-commerce market posted a value of 16.4 billion U.S. dollars in 2022, equal to 7.5 percent of the country's domestic goods and service revenues, Vietnam News Agency reported on Tuesday, citing the Ministry of Industry and Trade.
The year-on-year growth rate of 20 percent puts the Southeast Asian country on eMarketer's list of the top five countries with the fastest-growing e-commerce markets.
Much of Vietnam's e-commerce growth is driven by a high percentage of the population shopping on mobile devices. Nearly 75 percent of local internet users used online platforms to shop for a wide range of products, from cosmetics to electronic devices, according to the White Book on Vietnamese E-Business 2022.
Statistics show around 60 million consumers spend an average of between 260 and 285 U.S. dollars on e-commerce in Vietnam.
Last year, the country's four online shopping platforms, namely Shopee, Lazada, Tiki and Sendo, earned a combined 5.73 billion U.S. dollars.
Nguyen Thanh Hung from the Vietnam E-commerce Association said the e-commerce market holds strong potential for growth following the government's policy push to boost the digital economy and increased the adoption of cashless payments.
The e-commerce growth in Vietnam is expected to reach a market value of 57 billion U.S. dollars by 2025, he added, citing a Google forecast. ■