Vietnam’s e-commerce startups tweak their business model amid pandemic drag

DealStreetAsia

In a bid to survive the ongoing onslaught of the COVID-19 pandemic, e-commerce startups in Vietnam are increasingly gearing up to sell essential items – especially food – to woo consumers who are reluctant to venture out.

Jeffrey Seah, partner for Asia Fund at VC firm Quest Ventures attributed this burgeoning trend to the throes of the pandemic that has thrown normal life off gear.

“Fresh produce and food purchase will become second nature as people get comfortable with the online medium,” Seah told DealStreetAsia over an interaction. “As lockdown continues to be implemented across the world, e-commerce is evolving. From being a temporary replacement, certain things will take a permanent place in our lifestyle now,” said Seah.

Vietnam’s e-commerce sector grew by 46% YoY to reach $7 billion in 2020 – it is expected to touch $29 billion by 2025, per a SE Asia e-Conomy report jointly published by Google, Temasek and Bain&Co.

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