Vietnam is a country with great economic potential, showing unicorn-like growth in the e-commerce sector. This makes starting an e-commerce business in Vietnam, such as an online store, an attractive opportunity. In fact, the Vietnam E-Commerce Association estimates that the total value of the country’s e-commerce industry will reach USD 23 billion by 2025.
Exploring the Potential of E-commerce Business in Vietnam
Vietnam is a country that is home to over 97 million residents who are actively learning more about the value of the Internet and technology in everyday life. According to an online study that was conducted by Q&me in 2021, Vietnamese people spent an average of around 6 hours per day browsing through the internet on their mobile phones. Some of the most popular websites among the Internet users of Vietnam included Facebook, YouTube, TikTok, and Shopee.
A report conducted by We Are Social and Hootsuite also found that 87% of Internet users in Vietnam have searched online for a product or a service to purchase. It was also found that 77% of Vietnamese Internet users have experienced purchasing products and services online. This just goes to show that Vietnam is a country that isn’t a stranger to the world of e-commerce and that the nation is rife with potential for market penetration.
Some of the most popular industries among the Vietnamese population for e-commerce include fashion and beauty, electronics and physical media, food and personal care, furniture and appliances, and toys. This growth of the e-commerce industry in Vietnam is attributed to the population’s growing affinity towards technology and internet services. More than 50% of Internet users make use of mobile banking and 62% of users are confident with making purchases online through a mobile phone.
Steps to Starting an E-commerce Business in Vietnam
Apply for the Investment Registration Certificate
The first step to establishing an online business in Vietnam is to apply for an Investment Registration Certificate from the Department of Finance. This is a vital license for any foreign investor who would like to invest in Vietnam.
Apply for the Enterprise Registration Certificate
The next step in the process is to acquire the Enterprise Registration Certificate. In this step, your company will be registered as a trading company. Once the Department of Finance grants you this certificate, you have up to 90 days to complete your initial capital contribution.
Secure Business License
Once you’ve secured the Enterprise Registration Certificate, you then have to secure a Business License from the Department of Industry and Trade. This should be done after the incorporation process and has a processing time of anywhere between 6 to 12 weeks.
Perform Website Registration or Website Notification
Depending on the nature of your e-commerce business, you will need to either perform a website notification or both a notification and registration for your company. If you are setting up a business classified as an online retailer, where you sell your own products and merchandise, you must complete a website notification. This process can take up to 10 days.
If your company operates as an online marketplace or online classified platform, you will need to complete a website registration, which can take up to one month.
Typically, you will be required to submit the Terms and Conditions of your business during your application and you will also have to publish them on your website. The Terms of Service for your business should also be available in Vietnamese.
Practical Tips for Launching an Online Business in Vietnam
Localize Your Online Presence
Launching a business in Vietnam depends heavily on meeting local expectations. Providing Vietnamese-language content, offering customer support in Vietnamese, and designing a user-friendly interface are essential, as most online activity in Vietnam occurs via mobile devices.
Offer Convenient Payment Options
It is important to support multiple payment methods, such as e-wallets, bank transfers, cash on delivery, and card payments, since consumer preferences vary widely. Ensuring clear and fair return and refund policies is also critical in a maturing e-commerce environment where customer confidence is still being built.
Leverage Social Media and Reliable Fulfillment
Social media plays a central role in how Vietnamese consumers discover and interact with brands. A solid social strategy, including livestreams or influencer engagement, can help raise awareness. Meanwhile, maintaining reliable logistics and timely delivery is a key differentiator in building loyalty and repeat business.
Final Word
While setting up an e-commerce business in Vietnam seems like a lot of work, it doesn’t always have to be the case. Premia TNC Limited is perfectly capable of helping you through all of the specifics to make the process as easy and as uncomplicated as possible. Vietnam boasts of one of the most potent economies in the world. It has a growing population that’s becoming more and more receptive towards technological products and services. It’s as good a time as any to establish an online business in the nation as the market continues to become more competitive.
