Vietnamese consumers buy online products up to four times per month, which shows that Vietnam boasts huge potential for e-commerce development, said Tran Minh Tuan, director of the Department of Digital Economy and Digital Society under the Ministry of Information and Communications.

Vietnam owns the potential thanks to a market of 100 million people, or 1.23 percent of the world's population, and its location next to large markets such as China, India, and the Association of Southeast Asian Nations (ASEAN) countries, Tuan said at the Vietnam Digital Industry and Trade Summit 2024 on Thursday.

He said Vietnam looked to transform wholesale and retail sale from physical stores to digital stores in order to earn higher values and increase efficiency.

According to the latest e-Conomy SEA report released by Google, Temasek, and Bain & Company, Vietnam's digital economy is projected to reach 36 billion U.S. dollars in 2024, up 16 percent from the previous year.

The e-commerce market remains a key pillar of Vietnam's economy, contributing 22 billion dollars, up 18 percent year-on-year, and accounting for 61 percent of the total digital economy, said the report.