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<h2 style="text-align:justify">The revenue of products sold through online business-to-consumer (B2C) retail model is forecast to surge in the coming time and reach VND650 trillion (US$26.31 billion) in 2024, according to the E-Commerce and Digital Economy Agency under the Ministry of Industry and Trade (MoIT).</h2>

<img alt="online b2c retail predicted to continue booming picture 1" src="https://media.vov.vn/sites/default/files/styles/large/public/2024-03/lazada.jpg" title="online b2c retail predicted to continue booming picture 1" />

Commenting on e-commerce growth in recent years, the agency noted that in 2018, B2C revenue reached US$10.8 billion, which was raised to US$11.8 billion&nbsp;in 2020 and US$16.4 billion&nbsp;in 2022. 
 
In 2023, the figure hit US$20.5 billion, accounting for 7.8-8% of the country&rsquo;s total retail sales of goods and revenue from consumer services in the year. 
 
A report on online retail market in 2023 released by&nbsp;e-commerce&nbsp;data platform Metric showed that 2.2 billion products were successfully delivered through five major e-commerce platforms in Vietnam, namely Shopee, Lazada, Tiki, Sendo and Tiktok Shop, a surge of 52.3% over 2022. 
 
The&nbsp;e-Conomy SEA 2022&nbsp;report by Google, Temasek, and Brain &amp; Company, Vietnam was one of the countries recording highest e-commerce growth. The B2C revenue and sales volume in Vietnam are predicted to continue uptrend, with the five leading e-commerce platforms expecting to earn VND310 trillion&nbsp;in 2024, representing a year-on-year growth of 35%. 
 
However, experts held that e-commerce activities in Vietnam have still faced many challenges. 
 
Do Huu Hung, CEO of Accesstrade Vietnam, said that the e-commerce market in Vietnam has formed systems of service supply to the market, including basic technologies assisting e-commerce transactions, safe e-payment systems, marketing services, online marketing, and delivery services. 
 
The connections and sharing of the services have helped optimise the linkage between manufacturers and consumers. The establishment of a sustainable ecosystem will be a foundation for e-commerce to continue expanding in 2024. 
 
However, Hung said that issues related to origin of products, private information safety, logistics infrastructure serving e-commerce activities yet to catch up with the growth of the market, as well as customers&rsquo; confidence are still challenges that Vietnam need to address in order to promote the development of e-commerce in the future. 
 
Experts underlined the need for the joint efforts of ministries and sectors in designing strategies and measures to boost e-commerce, including protecting customers&rsquo; interests, promoting green and sustainable development, and narrowing gaps among localities and regions through digital platforms.

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