Vietnam shipping and selling eCommerce guide
Vietnam is one of the up-and-coming destinations for shipping and selling your products through eCommerce. Opening up of opportunities majorly due to the present situation is a welcoming change.
Statistics state that the eCommerce market in 2024 will scale up to US$4.4bn with a compounded annual growth rate of 7.1% from US$2.9bn a year ago.
The eCommerce user penetration is likely to reach 66.6% by 2024, which is more than 20% as against the current year. When an eCommerce owner wants to launch his business, this figure of average revenue per user is US$132.05 could be a reason for the successful setup.
Vietnam’s eCommerce users in 2020 are 45.6m that is a 15.1% increase year-on-year. When there is a dynamic market coupled with an increasing eCommerce user base, it is a promising market.
Online marketplaces in Vietnam
When we are aware of the existing marketplaces in Vietnam, it would be beneficial to learn how the market functions for the eCommerce owners to set up their business. Some of the leading eCommerce business in Vietnam are:
Which market is the largest
Statistics say that the Vietnamese like to splurge on Fashion, Electronics & Media, Toys, DIY, Furniture, appliances, Food, Personal care. The revenue from the eCommerce market in Vietnam is projected to reach US$7,709mn in 2022. To Increase the brand engagement the companies have to resort to loyalty programs, a surge in mobile and desktop users.
Looking at the trend of the growth, in the year 2021 Electronics is likely to be the largest market segment with a reckoning revenue of $1.8mn & the Fashion segment will follow the suite with $1.6m.
Peak season for sales
Tet, the Vietnamese new year season is recognized as the best time for generating revenue in eCommerce and the physical store sales. The business owners should make use of the buying spree up to and around the festive season.
The second season which targets huge sales is summer during which the demand for beverages, personal care products, and dairy products.
Considering the interest of the people in Vietnam, the eCommerce platforms have to deliver the products having greater demand during such seasons.
Shipping to Vietnam
Before venturing into the Vietnam eCommerce industry, the entrepreneurs should be aware of the shipping formalities, the country’s restrictions, and the like.
We must also be aware of the major giants who are having a firm foot in the country and how they operate. Apart from that, one must know the shipping costs and other pre-requisites:
Is shipping in Vietnam economical?
There is a profusion of companies offering shipping services to Vietnam. If the goods have to reach the destination faster, then the service charges are likely to be high. Whereas the regular postage or the normal delivery is at affordable rates. Some services promise to take your goods faster and affordable making it a great option to choose.
Major eCommerce platforms in Vietnam
Once the trade embargo was lifted in the early 90s’ the trade between the US and other SouthEast Asian countries is on the rise. The largest US-based eCommerce marketplace Amazon ships to Vietnam.
With the growing interest in eCommerce selling, there are large numbers of players who are making huge revenue are high.
Restrictions and prohibitions in Vietnam
Like any other country, to permit eCommerce selling or for any business setup, the country will impose a lot of restrictions and prohibitions to preserve the sanctity and culture.
Restrictions in Vietnam
Be it eCommerce or physical store, the following are some of the items restricted in Vietnam. Ensure you adhere to the country’s rules to be doing legal business.
- Endangered animals
- Perishable items
Prohibited items in Vietnam
Vietnam has prohibited certain commodities from entering into the country as it may impact the country in more ways than possible. The most important are listed below:
- Firearms and explosives
- Counterfeit items
- Cultural heritage items
Vietnam: One of the eCommerce destination
The ever-growing demand for products and the market for eCommerce selling is generating more revenue. When the country’s eCommerce users are on the rise, specifically female users were 50.5% last year. This figure is likely to go up every year, and the seamless mobile and desktop computer usage attribute to the growing demand for eCommerce sales.
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