Retail e-commerce will continue to be a pillar, contributing 22 billion USD in 2024, up 18% year-on-year and accounting for 61% of the total size of the Internet economy.

According to the report “Southeast Asia’s Digital Economy 2024” published by Google – Temasek on November 5, the estimated size of Vietnam’s Internet economy will reach 36 billion USD this year, an increase of 16% compared to last year.

Retail e-commerce continued to be a mainstay, contributing $22 billion, up 18% year-on-year and accounting for 61% of the total Internet economy.

According to the research unit, Vietnam’s high growth rate is expected to continue to stabilize thanks to the manufacturing and processing sector, as well as exports. By 2030, the total market transaction value could fluctuate between 90 and 200 billion USD.

In 2024 and the following years, with the above strong growth momentum, the e-commerce market and Vietnam’s digital economy will develop even more strongly and become one of the driving forces for economic growth. This is also the time to build new models and strategies, strongly applying digital technology to increase the competitiveness and resilience of businesses and organizations in the new context.

According to statistics, Vietnam currently has 1.4 million grocery stores, 9,000 traditional markets, 54,008 retail businesses and 208,995 wholesale businesses. Of these, grocery stores, traditional markets and retail businesses account for 3.91% of net production and business revenue and 3.19% of total labor; while the revenue of 208,995 wholesale businesses accounts for about 27.60% and about 8.76% of total labor working in the wholesale sector.

This shows the importance of wholesale and retail in economic development and job creation for workers. Therefore, supporting the digital transformation of wholesale and retail cannot be delayed and must be accelerated in the direction of bringing all wholesale activities, businesses, grocery stores, and retail stores from the real environment to the digital environment to reach customers on many different digital channels, bringing higher value and efficiency.