Vietnam is expected to be the fastest-growing e-commerce market in Southeast Asia by 2026, with e-commerce gross merchandise value (GMV) hitting $56 billion, 4.5 times the estimated value in 2021, according to the annual SYNC Southeast Asia report by Facebook and Bain & Company. Vietnam is at the forefront of driving change and seizing opportunities to thrive based on digital transformation in a post-pandemic era, the report said.

The study, which surveyed about 16,700 digital consumers and more than 20 C-level employees in six Southeast Asian countries, including 3,579 survey participants from Vietnam, described Southeast Asia as a leader of digital transformation in Asia-Pacific and Vietnam as one of the best performers.

In Vietnam, seven out of 10 consumers have digital access and the country will have 53 million digital consumers by the end of 2021, Vietnamese media cited the report as saying.

The number of goods categories purchased by Vietnamese online shoppers this year went up by 50 per cent compared to 2020, while that of online stores in Vietnam also rose by 40 per cent year on year, resulting in a 1.5-fold rise in total online retail sales across the country.

Some 49 per cent of Vietnamese consumers switched to a new online marketplace within the last three months based on considerations of price incentives (45 per cent), product quality (34 per cent) and availability of goods (33 per cent).

For the first time, the payment using cash is at risk of being dethroned with a significant decrease from 60 per cent in 2020 to only 42 per cent in 2021. Safety, privacy and service fees are the three main concerns of Vietnamese consumers when considering these types of payment.

This year, Vietnamese people spent most of the time on using social networks, texting, watching videos, shopping online and emailing. They used 72 per cent of their time for regular activities at home instead of going out.

Fibre2Fashion News Desk (DS)

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