HANOI, Dec. 18 (Xinhua) -- Vietnam's e-commerce market is growing 35 percent per year, 2.5 times faster than Japan, a Vietnamese official said.
Vietnam's e-commerce retail sales growth in the 2016-2020 period is estimated at 20 percent per annum and the country's total retail e-commerce sales will reach 10 billion U.S. dollars by 2020, Vietnam News Agency on Monday quoted Lai Viet Anh, deputy director of Vietnam E-commerce and Information Technology Agency under the Ministry of Industry and Trade, as saying.
E-commerce retail sales have expanded by 25 percent so far this year and will become an important part of Vietnam's e-commerce sector, she said.
However, e-commerce has seen some barriers that deter its sustainable development, including low consumer trust in products and services as well as concerns over online payment security.
In addition, most Vietnamese e-commerce websites provide only basic services, such as information about products and modes of payment. Services such as digital marketing optimization and connecting online with offline sales need to be added.