It’s official! American e-commerce giant Amazon will officially enter Vietnam and has named Vietnam’s conglomerate T&T Group as its strategic business partner and Saigon-Hanoi Commercial Bank (SHB) as its first finance-banking partner in Vietnam. The announcement was made at a cross-border ecommerce conference on December 4.
A press statement about the partnership, Amazon Global Selling, T&T Group and SHB will cooperate on training human resources and will work with Vietnamese companies that are exporting goods to run their businesses on Amazon’s ecommerce platform and utilize the SHB banking system,
According to information from Amazon, more than 200,000 small and medium-sized enterprises listed and sold their products on the Amazon platform last year. Bernard Tay, director of Amazon Global Selling Southeast Asia, Australia, and New Zealand, said that the Amazon Global Selling team in Vietnam will provide ongoing support for local seller-partners operating on the Amazon platform and that his team was excited by Vietnam’s potential for dynamic growth.
Do Quang Hien, Chairman and General Director of T&T Group discussed the new partnership with Amazon and said that Amazon is a modern and effective ecommerce platform and that by using the platform, Vietnamese exporters can showcase their products to 300+ million buyers around the world.
Vietnam is considered one of the world’s fastest growing e-commerce countries. According to the E-Business Index 2019 report from the Vietnam E-Commerce Association, the scale of Vietnam’s e-commerce market in 2018 was $9 billion USD and is expected to be $10.5 billion USD this year. The report also forecast the compound average growth rate (CAGR) of 2015-2018 period was 25% with projections that e-commerce sales by 2025 will be $35+ billion USD per year.