Vietnam's e-commerce to surge in 2020

Source: Xinhua| 2019-06-10 12:31:16|Editor: Yang Yi
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HANOI, June 10 (Xinhua) -- Vietnam's e-commerce growth reached 30 percent last year, marking total retail revenue 8 billion U.S. dollars, and this figure is expected to surge to 13-15 billion U.S. dollars next year, according to its Ministry of Industry and Trade.

According to a report of the ministry's E-Commerce and Digital Economy Agency, a quarter of 1,000 surveyed people make transactions through international and Vietnamese social networks such as Facebook and Zalo, local daily newspaper Vietnam News reported on Monday.

There are currently 64 million internet users in Vietnam, accounting for 57 percent of its population. With the increasing penetration of the internet, mobile devices and social networks, more and more individuals are joining the e-commerce network.

However, with the rapid development speed of the digital economy and the opening of cyberspace, Vietnam is facing difficulties because of limited awareness and low internet skills.

According to the agency's report, the legal system and enforcement agencies are still weak. At the same time, cash payment and cash-on-delivery payment are still popular forms of transactions.

Vietnam is setting to make the rate of cash payment to be below 10 percent among all means of payment by 2020 and 8 percent by 2025, according to the country's national plan on non-cash payment market development.