Vietnam has great potential for electronic commerce as it ranks in the world’s top 20 countries for internet users and first in Asia in internet user growth rate with over 30 percent of its population
Hanoi (VNA) – Vietnam has gre🌱at potential for electronic commerce as it ranks in the world’s top 20 countries for internet users and fir🧜st in Asia in internet user growth rate with over 30 percent of its population accessing the worldwide web.
According to Deputy Chief of the Vietnam E-Commerce Association (VECOM)’s Office Tran Van Trong, 2015 was considered an e-commerce boom, with the engagement of domestic groups such as Vingroup with Adayroi.com. International conglomerates also landed in the new market by joining hands with local companies like Lazada, Lingo, Bizweb and Haravan.
The e-commerce market has become a playground for not only big names but also small and household businesses, including traditional craft villages.
It was illustrated by 2,500 enterprises participating in an online event called The Online Shopping Day 2015, doubling the previous year’s figure. The eager response of consumers helped create a total transaction value of more than 500 billion VND (22.7 million USD), three times higher than that of 2014, during the day.
The domestic e-commerce boasts a range of advantages in telecommunication infrastructure and legal environment, and a large internet user community who are ready to shop online. Despite having more advantages than traditional trading methods, the market has not tapped its full potential due to low customer confidence in online shopping, poor after-sale services and incompetent e-commerce specialists.
This dynamic market requires enterprises to have sufficient resources, long-term plans and new directions which will bring differences to customers, Trong added.
He cited the Vietnam Ecommerce Index 2015 report, which said that many enterprises use websites to provide information on their products while 53 percent of websites are equipped with an online order function and only 17 percent had an online payment feature.
No e-commerce business can exist without joining hands with other enterprises in different areas, he noted, describing the online shopping day as a means to boost e-commerce in Vietnam.
Besides benefiting customers by offering quality products with discounted prices, the event serves as a bridge for retailers and support service providers to work together to improve service quality.
Trong emphasised the need to have a master e-commerce development plan for the 2016-2020 period while perfecting the legal framework in the field, especially a mechanism to settle online disputes.
State management agencies and associations should raise public awareness by guiding consumers on how to participate in online shopping, from product searching, payment and personal information protection skills.-VNA
The Deputy Minister of Industry and Trade, Bui Xuan Khu, has said that Vietnam is actively involved in international e-commerce and is linking up with other countries so it can catch up with the rest of the world.
After five years of implementation of the General Plan to Develop Electronic Commerce 2011-15, e-commerce has contributed greatly to the country's socio-economic growth.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
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The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
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This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Illustrative image (Source: VNA)
