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Vietnam S&T Market up 22% Annually Over Last Decade

The transaction value in Vietnam’s science-technology market posted an average annual growth of 22% during the 2011-2020 period, according to data from a recent conference reviewing the ten-year development of the market.

The conference focused on assessing the achievements and shortcomings in the development of the science and technology market over the last decade and set orientations for the next ten years. Vietnam currently has over 800 market intermediaries and the number of transaction platforms rose from eight before 2015 to 20 in 2020.

Along with traditional intermediaries, new-style organisations have developed strongly, with 69 business incubators and 28 business promotion programmes. In the 2020 Global Innovation Index (GII), Vietnam ranked 42nd among 131 economies. Among those making the most significant progress in their GII innovation ranking over time, Vietnam led 29 lower-middle-income countries and was third in Southeast Asia. Last year, it moved up 13 places from the previous year to 59th in the rankings of 100 economies with the best start-up ecosystems.

According to a news report, Tran Van Tung, the Deputy Minister of Science and Technology, said that during the 2021-2030 period the Ministry will focus on completing the legal environment and promoting scientific and practical research for the development of the science and technology market. It will also work to remove barriers facing development, improve human resources training, and develop national infrastructure for the market.

Meanwhile, the Ministry of Industry and Trade (MoIT) plans to accelerate the implementation of the national e-commerce development master plan of 2021-2025 to keep up with the growth of digital trading activities. Recently, the Head of the MoIT’s E-Commerce and Digital Economy Department said that by 2020, 53% of the population participated in online shopping. Despite the impact of the COVID-19 pandemic, local e-commerce revenue grew 18%, reaching US$11.8 billion, accounting for 5.5% of total retail sales, consumer goods, and services nationwide.

With the support of electronic payments, the Ministry will focus on developing e-commerce infrastructure, building, and perfecting institutions and legal frameworks for e-commerce, creating a transparent and favourable legal environment for businesses and consumers in the country.

Vietnam is considered one of the fastest-growing e-commerce markets in Southeast Asia. Industry insiders say that e-commerce will continue to strongly grow this year. It will create a new impetus for economic growth, creating an opportunity for Vietnamese businesses to build new business strategies, and approach modern distribution channels to expand markets to recover from the pandemic.

MoIT’s E-Commerce and Digital Economy Department plans to implement the GoOnline programme this year to accompany local businesses. The programme will include telecommunications, technology, and e-commerce systems, manufacturers, traders, and individuals nationwide.

The Ministry will strengthen the coordination, inspection, examination, and violation handling in e-commerce. It will step up training for State management officials and owners of e-commerce exchanges on protected trademarks to solve disputes. This will also help detect counterfeit products, goods of unknown origin, and goods infringing intellectual property rights.

Last year, the MoIT applied blockchain technology to trace the origin of goods for some agricultural products to improve the brand and promote exports of agricultural products to developed countries as the EU-Viet Nam Free Trade Agreement (EVFTA) was ratified.

The Ministry also built a total solution for logistics service exchanges between logistics businesses and shippers to facilitate e-commerce delivery services. It supported businesses to apply technology in digital transformation. Along with the national master plan, the MoIT will submit to the government an amended decree on e-commerce to enhance the integration, connection, and sharing of data between it and cities through the National Public Service Portal.

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