7 February 2018, Monspace Mall held its grand launch in the Pearl Hall Asian Plaza Convention Center, Vietnam, formally announcing the entry of Monspace into the Vietnamese e-commerce market.
Within three years, the company saw exponential growth in the number of its members. With more than 20 million users and one of the most diverse offerings online, the e-shopping platform has now become a global hit.
Last year, Monspace Mall entered the Korean market through a collaboration with Korean Mall. Leveraging the latter’s logistical networks, operating system, and local talents, Monspace Mall Korea will offer products from around the world to its users.
Monspace now sets its eyes on Vietnam, hoping to carve a place for itself in the Vietnamese e-commerce landscape.
The Vietnam E-Commerce and Information Technology Authority (VECITA) reported that the Vietnamese e-commerce market was worth 700 million in 2012, and grew to 1.3 billion in 2015.
The Vietnam Ministry of Industry and Trade also reported e-commerce profit amounting to 5 billion USD in 2016, and 5259 e-commerce platforms have been granted license to operate in Vietnam by end 2016.
The Vietnamese government has invested a lot into e-commerce as well, such as the initiative by Vietnam Ministry of Industry and Trade to promote spending in Hanoi, offering useful information about food, shopping malls, and online shopping platforms to tourists.
It is obvious why e-commerce businesses are becoming increasingly popular in Vietnam.
This is also why platforms which entered the market earlier, such as sendo.vn, nguyenkim.com, tiki.vn, and zalora.vn are becoming increasingly popular.
Dato’ Sri Jessy lai also shared that there are many Vietnamese youths with entrepreneurial aspirations. Combining factors such as a growing e-commerce market, plentiful foreign investments, and local economic growth, this is the perfect time for Monspace Mall to penetrate Vietnam.