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Unveiling Vietnam’s E-commerce Surge

Vietnam’s burgeoning e-commerce sector is poised to surge to an estimated US$20.5 billion this year, cementing its pivotal role within the national digital economy. A recent conference hosted by the Vietnam E-commerce and Digital Economy Agency shed light on the monumental growth and challenges within this domain.

Deputy Minister Do Thang Hai underscored the transformative landscape of the domestic e-commerce market, highlighting the emergence of a robust secondary service supply system. This system encompasses an array of technology platform services dedicated to fortifying e-commerce transactions, spanning from marketing services to online communications and streamlined delivery services.

Image credits: VNA

Addressing the hurdles impeding the sector’s seamless growth, Hai identified pivotal challenges relating to the traceability of goods, safeguarding personal information, and the optimization of logistics infrastructure. To surmount these challenges, he advocated for the bolstering of initiatives such as Online Friday, a flagship online shopping event aimed at propelling sustainable development within the e-commerce market while staunchly safeguarding the rights and interests of consumers and industry stakeholders.

Hai stressed the necessity of experts collaborating on strategic roadmaps for the sustainable evolution of Vietnam’s e-commerce sphere. He emphasized the indispensable role of both the government and businesses in championing digital technology solutions to augment the e-commerce ecosystem’s vitality.

The conference served as a unifying platform, where regulatory bodies, e-commerce platforms, payment intermediaries, and banking institutions pledged their commitment to fortify the digital landscape and ensure the protection of consumers and stakeholders engaging in e-commerce transactions.

A pivotal segment of the conference encompassed a seminar dedicated to exploring digital ecosystem solutions tailored to bolster the protection mechanisms for consumers and stakeholders navigating the vibrant e-commerce landscape in Vietnam.

The collective commitment displayed at the conference underscores a concerted drive towards fortifying the e-commerce ecosystem, recognizing its pivotal role in propelling the nation’s digital economy forward. As Vietnam’s e-commerce landscape continues to evolve, collaborative efforts and strategic advancements in digital technology solutions are anticipated to shape a resilient and consumer-centric framework, fostering sustainable growth and consumer trust within this burgeoning sector.

Vietnam’s Ministry of Industry and Trade (MoIT) is keen to spearhead initiatives to propel local businesses onto the global stage, while the Ministry of Information and Communications strategies for secure and sustainable digital infrastructure development.

MoIT recently unveiled an ambitious plan to propel Vietnamese businesses onto the global stage through a cutting-edge initiative. At the core of this strategy is the selection of 100 exceptional enterprises for the “Vietnam Pavilion” on a leading B2B e-commerce platform, slated to revolutionise the landscape of international trade.

This innovative programme seeks to champion the diverse array of “Made in Vietnam” products, fuel international trade endeavours, and facilitate seamless access for businesses to tap into the vast customer base of an established e-platform. By leveraging this expansive network, the initiative aims to illuminate Vietnam’s products and the prowess of small- and medium-sized enterprises (SMEs) to a global audience.

Similarly, other ministries are looking to support national vision and ambitions. Vietnam’s Ministry of Information and Communications (MIC) is preparing to launch a strategic plan for international fibre-optic cable development, eyeing robust digital infrastructure growth and emphasising the country’s thriving internet economy.

The Ministry is designing a strategy for Vietnam’s international fibre-optic cable development that will soon released. This initiative aims to guarantee the secure and sustainable advancement of Vietnam’s digital infrastructure, according to Pham Duc Long, the Deputy Minister of MIC.

He pointed out that the existing lack of infrastructure presents an opportunity for Vietnam, as there is considerable room to develop it in new innovative and effective ways. He was speaking at the country’s Internet Day 2023 event with the theme “New Spaces, New Opportunities,” in Hanoi.

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