The country’s e-commerce market has doubled during the past five years
Vietnam’s e-commerce market to exceed $17B in 2023: research. Source: shutterstock.com
According to GlobalData, the Vietnamese e-commerce is expected to grow at CAGR of 16.3% to $17.3 billion in 2023, compared to $9.4 billion in 2019.
The report found that cash is still the most preferred payment method in Vietnam, accounting for 35.6% in 2019. However, alternative payment solutions are increasingly gaining popularity and accounted for a 15.5% share. The study unveiled that MoMo is the most preferred alternative payment solution in Vietnam, followed by PayPal.
Strong growth has encouraged global companies to invest in Vietnamese e-commerce companies. This way, in 2018, Tiki received $5.3 million and $44 million in funding from VNG Corporation and Chinese investor JD, respectively. Along with that, another company Sendo got $51 million from SBI Group and other investors. Furthermore, Alibaba invested an additional $2 billion in Lazada, one of the leading e-commerce companies in the country.
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