The data was announced at the Vietnam Online Marketing Forum (VOMF) 2020 held by VECOM in Ho Chi Minh City on October 21.
Total retail sales of goods and services online hit around US$11.5 billion in 2019.
The e-Commerce sector is forecast to maintain a growth of more than 30% this year to exceed US$15 billion.
The market size is expected to hit US$43 billion by 2025, ranking third in Southeast Asia, according to earlier forecasts of Google, Temasek and Bain&Company.
A recent report released by the Ministry of Industry and Trade suggests that the e-Commerce revenue may climb 20% in the last quarter of the year to reach US$12 billion by the year’s end if the COVID-19 is still kept under control.
In the early stages of the pandemic (from February to April), 57% of surveyed e-commerce-related businesses reported their revenue growth was below 30% compared to the same period of 2019, with some even seeing negative growth, the report said.
However, 24% of businesses saw revenue increasing more than 51%.
E-commerce revenue in the first six months declined 6% year-on-year despite the number of transactions increasing by 25%. Most transactions at that time were of low value.
In case the pandemic worsens and adversely impacts production and consumption, supply and operation of transport and catering services, growth could reach only 13% with estimated market value of US$11 billion.
In May, the Government approved the national e-commerce development master plan for 2021-2025, targeting an annual industry growth of 25% with more than half of the population shopping online and average spending of about US$600 per person per year by 2025.
Business-to-consumer (B2C) sales will rise 25% per year, accounting for 10% of total retail sales of goods and services. Cashless payments in e-commerce would make up 50% and about 70% of transactions on e-commerce platforms have electronic invoices.