Hanoi, Jul 24 (IANS): Vietnam's e-commerce market has boasted an average annual growth rate of 16-30 per cent over the past four years, the highest in the Association of Southeast Asian Nations (ASEAN) region, local media VOV reported.

Citing OpenGov Asia, a content platform dedicated to sharing ICT-related knowledge and information, the report said that the country's cross-border e-commerce sector is expanding at a rate 2.3 times faster than regular e-commerce between 2022 and 2025, with projections indicating a 20 per cent annual growth until 2026, Xinhua news agency reported.

In Vietnam, TikTok Shop holds a significant 24 per cent market share, making it the second-largest e-commerce platform in the nation.

Over the past five years, Vietnamese businesses have significantly broadened their international reach, with the amount of products exported via international e-commerce platforms increasing by 300 per cent.

Annual revenues of many small and medium-sized enterprises have surpassed $1 million, according to OpenGov Asia.