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Vietnam’s e-commerce forecast to boom

Vietnam’s e-commerce market is predicted to boom in the near future, given that 53 percent of the population uses the internet and nearly 54 million people use smartphones. 

Statistics from the Ministry of Industry and Trade (MoIT)’s E-Commerce and Information Technology Agency showed 70 percent of purchases via social media were made on Facebook this year, up slightly from 2017.

Vietnam’s e-commerce, forecast to boom, Vietnamese firms, human resources, information technology, security and safety, fourth industrial revolution

Illustrative image.

Facebook was more regularly visited by shoppers, with 77 percent of online shoppers using it for purchases, compared to 5 percent on Zalo.

Among more than 1,000 respondents to a survey by CBRE Vietnam, a quarter currently or previously sold products online. Some 66 percent used Facebook for sales, 49 percent used Shopee and 26 percent used Lazada.

According to experts, trade volume via e-commerce reached 4.07 billion USD in 2015, hit 5.1 billion USD in 2016 and 6.2 billion USD in 2017. The figure is forecast to surge to 10 billion USD by 2020, giving Vietnam a great chance to develop the digital economy.

A recent study by the Institute for Global Leadership under the US’s Tufts University showed Vietnam ranks 48th out of 60 countries globally in terms of rapidly switching to the digital economy, and 22nd in terms of digitalization.

The United Nations E-Government Survey 2018 also pointed out that since 2014, Vietnam has jumped 11 places to the 88th out of 193 countries and territories in the e-government development index. It also ranks seventh in ASEAN, behind Singapore, Malaysia, the Philippines, Thailand and Brunei.

Dang Hoang Hai, head of the MoIT’s Department of E-Commerce and Digital Economy, admitted that infrastructure for the digital economy, including electronic payment, distribution, human resources, information technology and security and safety remain limited.

Most Vietnamese firms, including e-commerce ones, don’t pay attention to the rapid changes of modern technology, he said.

Experts have called for more investment in technology and human resources amid the fourth industrial revolution. Apart from virtual technology, artificial technology and blockchain are breakthrough technology trends which are applicable in many fields.

Analysts have forecast that around 30 percent of Vietnam’s population will shop online by 2020, spending an average 350 USD per person yearly.

In particular, social e-commerce is set to thrive in 2019, especially among small and medium-sized enterprises.

Deputy Minister of Industry and Trade Cao Quoc Hung said apart from refining the national e-commerce payment system, it is necessary to issue favorable mechanisms and optimize business models to effectively use smart supply chain as well as manage intellectual property.

 

Youngsters establish business at hometown
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The Support to the Innovation and Development of Business Incubators Policy Project (BIPP), partly funded by the Belgian Government, has proved effective after nearly five years of implementation in Vietnam.
 
Over 14 trillion VND lent to enterprises to develop production and business
(BGO) – According to the State Bank of Bac Giang province, so far the commercial banks in the province have disbursed  over 14 trillion VND (over 600 million USD) to nearly 1,500 enterprises who borrowed the capitals for production and business development, up more than 1 trillion VND (42.9 million USD) comparing to the late period last year. 
 
Vietnam makes progress in improving business climate
Vietnam has made encouraging achievements in improving the local business climate and national competitiveness since the issuance of Resolution No.19 in 2014, as heard at a seminar held in Hanoi on November 2. 
 

Source: VNA

Vietnam’s e-commerce, forecast to boom, Vietnamese firms, human resources, information technology, security and safety, fourth industrial revolution
 
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