Introduction
The estimated revenue from e-commerce in Vietnam in 2023 is more than US$20.5 billion, increasing by about US$4 billion, equivalent to 25%, in comparison with 2022 and accounting for 7.8-8% of the country’s total revenue from the retail and consumer service industries. Much of the e-commerce market in Vietnam is now dominated by foreign invested or cross-border companies. This is seen in the fact that most e-commerce trading floors in Vietnam (i.e. Shopee, Lazada, Tiki, TikTok Shop, etc.) are majority owned by foreign shareholders. In recent years, e-commerce activities on popular social networks such as Facebook or TikTok Shop, by permitting users to display commercial advertisements and to perform the purchase and sale of goods as well as providing services, have become strongly competitive with previous e-commerce platforms. E-commerce in Vietnam is predicted to increase to US$57 billion by the year 2025. It is a vital aspect of the economy and will only continue to become one of the largest contributors to the country’s GDP.
Despite the growing importance of e-commerce in Vietnam, and the current projects to implement legal reforms in the sector, much e-commerce activity is spread across different laws and decrees making it difficult to determine the specific requirements of the law. This legal guide will provide an overview of the existing e-commerce regulations.
