Demographics

Vietnam lies in Southeast Asia and quite well-known for its diverse culture. The “ca phe trung” (egg-blended coffee) a delicacy in the region and enjoyed by people in all parts of the country. Besides being the highest producer of cashew nuts, Vietnam also produces 16% of the world’s total coffee.

The current population of Vietnam is around 97 million, with a growth rate of 0.91% globally. 7.55% population is above 64 years of age, whereas 69.23% of people in the country lying between the age bracket of 15 and 64 years. The working population of Vietnam earns 17,200,000 VND monthly on average. The value is based on the highest average salary of 76,900,000 VND and the lowest average of 4,360,000 VND.

Economy in Vietnam

BBC labeled Vietnam as the shining star of Asia during the Covid19 times. Though the economy faced a steep in the past year, it is the only country that managed to keep growth on track. The recorded growth for the previous year was 2.9%. However, it is expected to experience a better economic situation this year and exhibit growth of 6.5%. The pandemic has significantly impacted aviation, and Vietnam Airlines estimated a $647 million loss through the year.

E-commerce in Vietnam

E-commerce has been on the rise in the country and has penetrated through a significant part of the population. From around 28% in 2017, e-commerce has spread its wings and now grown to half of the population by 2020. The Vietnamese government aimed to be among the top 4 Southeast Asian nations by 2020 by e-commerce transactions being used by 70% of the people. Dropshipping to Vietnam is getting popular each passing day, and many foreign brands have strengthened their roots in the region.

It is reported that 84% of people in Vietnam search for a product online, and 75% make a purchase. A trend worth-noticing in the region is the higher popularity of m-commerce. Out of all the purchases made online, 59% are through mobile phones and 35% through laptops or computers.

Payment Gateways

A huge chunk of the Vietnamese population uses credit cards to make online payments. Yet, digital wallets have revolutionized the online payment methods with various options available now. Other than PayPal, e-commerce websites in Vietnam use numerous other payment gateways like Ngan Luong, OnePay and Smart Link, etc.

Popular Products

Fashion and beauty is a leading market in the Vietnamese e-commerce industry. $717 million were spent on clothing and makeup in the past year, along with a similar $716 million spent on electronics and physical media. Spa and beauty services and music are also quite large online markets for people looking for dropshipping to Vietnam.

Fig. Popular product categories

Future of E-commerce in Vietnam

The IMF forecasts an improvement in the Vietnamese e-commerce market more than other countries. The e-commerce revenue is projected to be S$7,010 million by 2021 and rise to $8,741 million by 2025.

Dropshipping to Vietnam

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