Business-to-consumer (B2C) online sales will increase by 20% annually to reach US$10 billion by 2020, accounting for 5% of total retail sales and services. E-commerce turnover of business to business (B2B) made up 30% of total export value.
Thus, each Vietnamese person will spend around US$350 on online shopping by 2020, double the 2015 figure.
According to an e-commerce report in 2015 by the Vietnam E-commerce and Information Technology Agency (VECITA), each person spent US$160 on online shopping in 2015 and E-commerce turnover reached US$4.07 million, a year-on-year increase of 37%.
Most products buying online included clothes, footwear, cosmetics (64%), electronics and technological products, household products, office supplies, flowers and gifts.
The government sets a target that 50% of businesses will have their websites, 80% of businesses will apply e-commerce and 100% supermarkets and shopping centres have Point of sale (POS) transaction processing systems.
Around 70% of suppliers of electricity, water, telecommunications and communications accept online payment and 50% of individuals and households in cities use online payment, instead of cash.
The government also plans to develop payment systems and delivery services for e-commerce in all provinces and cities.