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Vietnam sees strong growth in e-commerce

With the strong growth of e-commerce, the Vietnamese economy in particular and the world in general has undergone strong changes as online business models have brought about big changes and had a great impact on business operations.

So heard delegates attending a seminar on commercial transactions on e-commerce floors, held by the Vietnam International Arbitration Centre (VIAC) in collaboration with the Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC) and the Vietnam E-commerce Association (VECOM) in Ho Chi Minh City on November 10.

Vietnam, strong growth, e-commerce, Vietnamese economy, strong changes, online business models, business operations

Vietnam has witnessed a boom in e-commerce development.

Nguyen Ngoc Dung, Vice Chairman of VECOM, said that a series of e-trading floors have been formed, creating motivation for businesses and consumers to shop and transact more.

Statistics regarding traffic on e-commerce floors show that the figure is now 150% higher than the same period last year, while the number of customers accessing the floors also grew impressively to about 3.5 million visitors a day.

According to the Vietnam E-Commerce Whitepaper 2020, revenue from B2C e-commerce in Vietnam in 2019 stood at over US$10 billion, accounting for 4.9 % of the total retail sales of consumer goods and services nationwide; in addition to 42% of the population participating in online shopping, a growth rate of 25%.

Vietnam is in the top 3 growth economies regarding e-commerce in Southeast Asia, with trading activities on e-commerce floors being very active, as well as rapidly developing.

Nguyen Tuan, Deputy Director of the ITPC added that thanks to the support of e-commerce, businesses are now more convenient and flexible in their operations, thus helping increase their number of customers and most of all develop their Industry 4.0 technologies.

Instead of doing business using the traditional method, enterprises have gradually divested, focused on building websites and operating their business systems through online tools such as via email and social networks in order to save time and to get better results. This is a good signal, especially as businesses are facing great difficulties due to the Covid-19 epidemic, participants said.

The change in business habits reflects a positive situation in e-commerce activities, while creating a solid premise for the development of e-commerce and online technology in the future, delegates stated.

Lawyer Chau Viet Bac, Deputy General Secretary of VIAC, said that a vital requirement to adapt to the Industrial Revolution 4.0 is to build a strong and safe e-commerce foundation. Along with that, it is necessary to control and effectively limit the causes of disputes and risks when performing transactions on e-commerce floors, laying the foundation to promoting sustainable e-commerce transactions.

On the occasion, two Memoranda of Understandings (MOUs) were signed among the participating units which will facilitate the concerned parties in joining hands to improve competitiveness for Vietnamese businesses and avoid legal risk when doing business on e-commerce platforms, as well as contributing to overall digital economic development in Vietnam in line with the fourth Industrial Revolution.

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Source: NDO

Vietnam, strong growth, e-commerce, Vietnamese economy, strong changes, online business models, business operations
 
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