HCM CITY — Financial infrastructure is emerging as a critical enabler of sustainable cross-border e-commerce growth, experts say.

Việt Nam’s fast-growing e-commerce sector is increasingly viewed as a potential contributor to export growth.

As the ecosystem matures, the focus is shifting from simply selling across borders to building the operational capacity required to run global businesses at scale. 

According to the Ministry of Industry and Trade, Việt Nam’s e-commerce market reached US$31 billion in 2025, growing more than 25 per cent year-on-year and accounting for roughly 10 per cent of total retail sales. 

While domestic consumption continues to drive overall volume, cross-border e-commerce is becoming a more meaningful source of value for small and medium-sized businesses (SMBs), particularly those seeking to diversify markets and build more resilient revenue streams.

At the same time, Việt Nam is positioning itself more deeply within regional and global digital trade frameworks. Efforts to strengthen e-commerce provisions within ASEAN and other international trade arrangements point to a longer-term shift: cross-border e-commerce is emerging as a strategic growth engine, underpinned by Việt Nam’s young, digitally savvy population, competitive manufacturing base, and rising integration into global supply chains.

For businesses, this evolution signals a growing opportunity as well as rising expectations around operational readiness.

Financial infrastructure as an execution enabler 

As cross-border e-commerce evolves into always-on, multi-market operations, Vietnamese sellers are under increasing pressure to manage the demands of scaling globally. 

Payments, cash flow, compliance, and logistics are no longer secondary considerations, but core functions that shape day-to-day operations.

Rather than simply facilitating transactions, modern payment and financial systems are expected to support operational complexity across markets.

Centralised account structures allow businesses to consolidate revenues from different countries and platforms, improving financial visibility and control. This supports more effective and clearer forecasting, and smoother coordination with suppliers and partners. For SMBs operating internationally, it also reduces reliance on fragmented local banking arrangements and manual reconciliation processes.

Efficient cross-border payment flows are equally important. A smooth and predictable flow allows businesses to maintain healthier cash cycles and slow reinvestment into inventory, marketing, or expansion. 

“As cross-border e-commerce matures in Southeast Asia, the focus will increasingly shift from market entry to execution,” said Nagesh Devata, SVP of APAC at Payoneer. “The businesses that succeed will be those that can manage cash flow, compliance, and financial operations consistently across markets.”

His company has developed a global financial infrastructure that streamlines international payments and helps businesses respond more quickly to changing market demand.

Regulated, scalable financial infrastructure plays a role in supporting compliance as sellers expand into new markets, according to Devata. 

As a global financial infrastructure operating across more than 190 countries and territories, Payoneer supports this complexity by offering consistent financial access across markets while aligning with local regulatory requirements.

At this stage of ecosystem development, closer alignment between global marketplaces and financial infrastructure providers is becoming increasingly relevant. 

Vietnamese SMBs are increasingly focused on sustainable operations as they expand globally. Many of them are prioritising structured financial management by choosing trusted cross-border payment and financial service providers to reduce cash-flow pressure, mitigate risk, and navigate increasingly complex international requirements. 

Looking ahead, Việt Nam’s next phase of cross-border e-commerce growth is likely to be defined less by expansion alone and more by operational resilience, as rising logistics costs, compliance requirements, and competitive pressures place greater demands on execution. 

While competition intensifies and international operations grow more complex, businesses that can manage cash flow, compliance, and financial visibility effectively will be better positioned to grow sustainably. — VNS