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Online business market expands 30 percent in 2018

The size of Vietnam’s online business market grew by over 30 percent to about 7.8 billion USD in 2018, compared to only 4 billion USD in 2015, according to an official of the Ministry of Industry and Trade.

If the growth rate is sustained at 30 percent in 2019 and 2020, the market size will hit 13 billion USD next year – higher than the target of 10 billion USD in 2020 set in the master plan for e-commerce development, said Nguyen Ky Minh – Director of the e-commerce development centre (EcomViet) under the ministry’s E-Commerce and Digital Economy Agency (iDEA).

Online business market, e-commerce development, favourable environment, ecosystem, IT infrastructure,  online transactions

A press conference held on March 12 to introduce the Vietnam Online Business Forum 2019.

However, a favourable environment and ecosystem are necessary for the development of e-commerce, he said, noting the importance of advanced telecom and IT infrastructure to facilitate people’s internet access via mobile devices and boost their trust in online transactions.

Minh also underlined the need to develop logistics services and improve online firms’ access to public services and capital sources.

At a press conference in Hanoi on March 12, the iDEA and the Vietnam E-commerce Association (VECOM) announced that the Vietnam Online Business Forum 2019 will take place in central Da Nang city on March 15, in Hanoi on March 26, and in Ho Chi Minh City on March 28.

Chief of VECOM’s Office Tran Van Trong said the forum will focus on trends in the e-commerce market; e-commerce support solutions in an era that consumers want to receive products they shop online in just some hours; the impacts of technology, especially artificial intelligence, on businesses; and decisive factors for online startups.

Experts will also discuss other hot issues directly affecting many companies like competition, the legal corridor, and the Fourth Industrial Revolution. Additionally, young startups can learn experiences relevant to e-commerce shared at the forum.

The Vietnam E-commerce Index 2019 will also be released at the forum, Trong added.

 

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Source: VNA

Online business market, e-commerce development, favourable environment, ecosystem, IT infrastructure, online transactions
 
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