E-commerce platform a boost for Vietnam’s exports to EU

The recent debut of the Vietnam-EU e-commerce platform (VEFTA) is expected to boost Vietnam’s exports to the EU market, experts have said.

Nguyen Kim Hung, head of the Vietnam Institute of Business Administration and Digital Economy, said the platform will serve as a B2B marketplace, helping connect Vietnamese firms and international trade partners, especially those from Europe.

Once completed, it will be directly linked with the existing e-commerce platforms of cities, provinces, and sectors, he said, noting that the platform will also provide necessary information about trade agreements and policies regarding international trade.

Efforts are being made to build a digital eco-system to facilitate connectivity and trading by enterprises on a single platform, according to Hung.

Deputy Minister of Industry and Trade Cao Quoc Hung stressed the significance of the platform for small and medium-sized enterprises and household businesses.

Nguyen Viet Cuong, Director of the Kim Nam Tech Company Limited, said that with a trading scale larger than present platforms, the VEFTA enables the export of “Made in Vietnam” products, mainly agro-forestry products and footwear, to the EU.

Meanwhile, Chairman of the Vietnam Association of Small and Medium Enterprises Nguyen Van Than said the association wishes to accompany its members and the Ministry of Industry and Trade (MoIT) in studying solutions, focusing on digital transformation and e-commerce, in an effort to help domestic firms optimise advantages generated by the EU-Vietnam Free Trade Agreement (EVFTA).

According to the MoIT, Vietnam’s exports to the EU were up 3.5% in the opening months of the trade deal, from August to December last year.

During the first quarter of this year, trade turnover hit US$9.9 billion, an 18% increase year-on-year.

Vietnam posted a trade surplus of US$4 billion with the EU in January and February, representing a year-on-year rise of 36.3%.

Plastic materials, rubber products, computers, electronics and components, steel, and chemicals saw the highest increases in export revenue.

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