Besides, on April 16 the two parties signed a business partnership agreement to co-operate with each other.

According to the agreement, they will take utilise all their management resources and strengths in various fields ranging from sales to e-commerce solutions and travel operations to increase their market share in Vietnam.

Notably, Cat Dong will sell Japanese products provided by Scroll on its websites like CungMua.com, NhomMua.com, and Shipto.vn. Besides, tours to Japan operated by Scroll will be sold on these websites.

Furthermore, the two sides will supply solutions in e-trading, logistics, warehousing, and business expansion.

Established in 2010, Cat Dong is known as the operator ofe-commerce websites as well as a provider of e-commerce solutions related to logistics, freight, and online marketing.

Scroll is a Japanese e-commerce company trading in fashion goods, cosmetics, and dietary supplements.

Vietnam is one of the world’s fastest growing e-commerce markets with the average growth of 35 per cent per year, which is 2.5 times faster than Japan.

According to Euromonitor, the Vietnamese e-commerce market is expected to grow in revenue from $1 billion in 2016 to $2.3 billion in 2020. The country has the ingredients for a thriving e-commerce economy thanks to a young population, rising incomes, and growing internet and mobile adoption.

In 2017, e-commerce retail sales expanded by 25 per cent and will become an important part of the Vietnamese e-commerce sector. E-commerce is considered the buying and selling of products over the internet. E-commerce is subdivided into three categories: business to business (B2B), business to consumer (B2C), and consumer to consumer (C2C).

In this context, the Vietnamese e-commerce market has great potential to develop and numerous foreign investor have been pouring money into local e-commerce sites to gain market share.

Most recently, Chinese internet giant JD.com and South Korea's STIC Investments decided to invest $54 million in Tiki.vn to help Tiki consolidate its market presence after it reported bleak business results.

Besides, Shopee is pumping money into promotions with plenty of discounts, free nationwide shipping, and training for sellers, among others.

Meanwhile, Lazada is investing in the growth of its first mile, last mile, and fulfillment capabilities to keep up with the growth of e-commerce in Vietnam.