Bright future tipped for Vietnam’s e-commerce market
Vietnam’s e-commerce market is forecast to continue growing strongly in the time to come thanks to a big population with high rates of young people and internet users.
Classification of goods at e-commerce firm Lazada
According to the Ministry of Industry and Trade, Vietnam is currently considered one of the fastest-growing e-commerce markets in Southeast Asia.
The ministry this year will focus on developing e-commerce infrastructure, building and completing institutions and legal framework relating to e-commerce, and creating a transparent and favourable legal environment for Vietnamese businesses and consumers.
It will also submit to the Government a decree amending and supplementing a number of articles in Government Decree No 52/2013/ND-CP dated May 16, 2013 on e-commerce, and enhance the integration and sharing of electronic data on the handling of administrative procedures between the MoIT and the People’s Committees of cities and provinces via the National Public Service Portal and the National Government Service Platform (NGSP).
Attention will be given to promoting the application of information technology (IT) and digital transformation in managing, operating, and finalising platforms for e-Government at the ministry.
The ministry is responsible for building training programmes for managers and other intensive programmes for those in charge of e-commerce, as well as organising short-term training in e-commerce for enterprises and communications programmes to raise public awareness about e-commerce.
Inspection and examination for any violations regarding e-commerce will be strengthened, especially for businesses and the owners of e-commerce trading floors, in order to ensure the origin and intellectual property rights of goods sold via online platforms.
E-commerce activities were improved last year, contributing to driving its development nationwide.
The ministry arranged for the application of blockchain technology in goods traceability for certain agricultural products in order to promote the export of farm produce in the context of the EU-Vietnam Free Trade Agreement (EVFTA) being ratified and coming into effect.
It has also supported businesses in applying digital technology in digital transformation, promoting online sales, setting up brand emails, and using smart sales and management software.
The ministry has worked on digitalising market information systems and upgrading the export support platform at ECVN.com, which is the first such platform in the country to support local businesses in exporting and seeking international partners.
According to the ministry, about 53 percent of the population shopped online last year. Despite the impact of the COVID-19 pandemic, Vietnam’s e-commerce revenue grew 18 percent during the year, hitting 11.8 billion USD and accounting for 5.5 percent of total retail sales of consumer goods and services nationwide.
The MoIT has exerted every effort to improve consumer confidence in e-commerce, strengthened the capacity of infrastructure systems and supporting services for e-commerce, promoted the application of e-commerce in key export industries, and developed e-commerce in localities./.VNA
E-commerce offers businesses, especially small and medium-sized enterprises (SMEs), a direct reach to international customers, boosts their sales, speeds up the marketing process and saves costs, experts have said.
As brick and mortar shopping falls in popularity during the pandemic, online shopping platforms took have increased presence among Vietnamese consumers.