Hanoi (VNA) – With the currentrapid growth, revenues from e-commerce retail in Vietnam are likely to reach 15billion USD in 2020, experts have said.

Vietnam’s e-commerce records annual averagegrowth of 35 percent, 2.5 times higher than the figure in Japan, making it oneof the countries with the fastest e-commerce growth in the world.

Dang Hoang Hai, Director of the E-Commerceand Information Technology Agency under the Ministry of Industry and Trade, saidretail sales from e-commerce earned 8 billion USD in 2018, much higher than theforecast figure of 7 billion USD.

Therefore, revenues from e-commerce in 2020could surpass beyond the projected number of 10 billion USD, Hai said.

A report on online shopping in 2018 conductedby Q&Me market research service provider showed that Shopee accounts for thelion’s share, at 35 percent, of the domestic e-commerce market, with over 700active brands and sellers.

Meanwhile, Le Anh Huy, Deputy GeneralDirector of Sen Do Technology JSC- the operator of Sendo online commerce platform - said in 2018, Sendo recordeda threefold surge over the previous year, serving more than 10 millionconsumers across the country.

However, the expertssaid that e-commerce in Vietnam still faces various obstacles, including legalissues, skills for e-commerce development, security rights of concernedparties, and infrastructure for the sector.

In addition,support for e-commerce development in Vietnam’s remote and mountainous regionsremains modest.

According to the experts, Vietnam should considerthe establishment of a state management agency to tackle those challenges andbolster the development of logistics in line with the digital economy, orassign the tasks to a ministry.

Vietnam should also regularly update itslegal system as well as develop synchronous infrastructure and a nationalpayment system for e-commerce development, the experts suggested.-VNA