More favourable mechanisms needed to attract firms’ engagement in e-commerce
Economists attending an October 31 seminar said the Vietnamese Government has created favourable mechanisms to facilitate businesses’ engagement in e-commerce, along with ideal legal infrastructure related to the sector.
Hanoi (VNA) – Economists attending an October 31 seminar said the Vietnaꦫmese Government has created fa🐼vourable mechanisms to facilitate businesses’ engagement in e-commerce, along with ideal legal infrastructure related to the sector.
The seminar on developing e-commerce platforms to promote recovery and growth was held by the Central Institute for Economic Management (CIEM) in Hanoi.
Nguyen Thanh Hung, from the Vietnam E-commerce Association (VECOM), said that Vietnam’s e-commerce sector has enjoyed impressive growth in recent years, with the market scale projected to increase to 49 billion USD, even 57 billion USD by Google, by 2025, from only 4 billion USD in 2015.
However, the sector is facing several major barriers related to online payments, foreign investment attraction, human resource development, the development gap between regions and localities, and policies and laws, he noted.
Nguyen Thi Minh Thao, head of the CIEM’s business environment and competitiveness research department, agreed that the biggest barrier to Vietnam’s e-commerce sector remains the policy and legal environment.
Experts also stressed the need to seek ways to minimise the use of the cash on delivery payments for digital transactions, as it still accounts for 11% of the total.
The Vietnamese internet economy is forecast to grow 28% in 2022 – the highest in South🔯east Asia./.
The COVID-19 pandemic has put the brake on Vietnam’s economic growth over the last two years but, on the other hand, it has also fueled a significant uptick in e-commerce which recorded a 16% growth to 13.7 billion USD in retail revenue in 2021, according to the White Book on Vietnamese E-business 2022.
Hanoi will continue to coordinate with the Ministry of Industry and Trade’s Vietnam E-commerce and Digital Economy Agency (iDEA), Amazon Global Selling Vietnam, and relevant units to support and train businesses in skills on cross-border e-commerce, according to Vice Director of Hanoi Center for Investment, Trade and Tourism Promotion (HPA) Nguyen Thi Mai Anh.
Vietnam is a top market in adopting new technologies, in which 58% of digital consumers have used online banking solutions, e-wallets, money transfer applications, and digital banking.
Vietnam’s e-commerce market will become the fastest-growing in Southeast Asia by 2026, head of Amazon Global Selling Vietnam Gijae Seong cited a recent report while addressing the launch of the Amazon Week in Hanoi on October 27.
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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.
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Illustrative image (Photo: Tiki) 
