Speed and delivery quality will determine the growth of the e-commerce market in the time to come, according to the Vietnam E-commerce Association (Vecom).
The State Bank of Vietnam (SBV) has announced that June 16 will be designated as Cashless Day.
Along with the impacts of the Comprehensive and Progressive Trans-Pacific Partnership, removing the requirement for an economic needs test will create more pressure on the domestic retail sector, and force local retailers to improve competitiveness to prevent being swallowed up by foreign players.
The capital city of Hanoi has implemented a wide range of measures to facilitate the sustainable development of e-commerce activities, which have grown rapidly recently.
The total number of national registered domain names with “.vn” reached 453,979 as of last month, an increase of 9.33% over the same period last year, according to the Vietnam Internet Network Information Centre.
Vietnam is emerging as a country with great potential to develop digital economy, as it has more than 58 million internet users out of its 90 million people and the over 125 million mobile subscribers.
Hanoi has been one of the two leading localities in e-commerce for the past five years, but the trend has posed considerable risks in database, technology, transaction procedures, legal regulations and technology standards.
A press conference took place in Hanoi on May 28 to introduce the Vietnam Blockchain Summit, themed “from technology to policy”, which was slated for June 8.
The map of the Vietnam’s e-commerce market is being redrawn as more and more foreign firms have entered the field.
The world’s leading e-commerce player, Amazon, is scoping out the Vietnamese market, hoping to benefit local consumers and enterprises.
As the online market has grown, firms are increasingly becoming savvier about the newest trends emerging from the digital transformation.
Every two or three days each week, the 33-year-old owner of the Tokyo Baby store, Ms. Nguyen Thi Thanh Phung, goes online to introduce new products.
The fourth industrial revolution is expected to be a great opportunity for Vietnamese businesses to make a breakthrough in the online market, estimated to be worth US$9 billion by 2025.
With the increasing popularity of e-wallets, more foreign money is being poured into the business field.
E-commerce is a market with numerous opportunities for businesses in Vietnam, recording an annual growth rate of 35 percent – one of the fastest rates in the world.
Vietnam’s potential for e-commerce development in the retail sector could achieve a US$10-billion revenue by 2020, accounting for half the country’s total retail sales.
VOV.VN - As part of an effort to kick start the e-commerce market in Vietnam a series of web summits will explore the latest e-commerce trends including: e-retail, e-grocery, global e-commerce and more.
The Vietnam Online Marketing Forum was held in Hanoi on August 26 with the purpose of fostering the development of the market, boosting e-commerce and helping businesses optimise this channel.
The Vietnam E-Commerce Association (VECOM) plans to develop an e-commerce index to review progress in development of services across the country that enables business to be carried out online.