Business

Hanoi’s e-commerce booms, entailing potential risks

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.
Hanoi’s e-commerce booms, entailing potential risks ảnh 1E-commerce is booming in Hanoi. (Photo: uwlcd.com)

Hanoi (VNA) – Hanoi has been one of the two leading localities ine-commerce for the past five years, but the trend has posed considerable risksin database, technology, transaction procedures, legal regulations andtechnology standards.

According to the Vietnam E-business index announced by the Vietnam E-CommerceAssociation (VECOM), in 2017, Hanoi came second with 75.8 points, following HoChi Minh City with 78.6 points. The e-commerce market in the capital city generateda total revenue of 36 trillion VND (1.57 billion USD), accounting for 7 percentof the total retail sales of goods and services. As of May 2018, there were7,726 e-commerce websites or applications registered by individuals andorganisations in the city.

Numerous potential risks

Despite the fact that e-commerce has been booming, it still pose many risksconsidering the low level of the electronic environment, small scale and lowprofessionalism of businesses, along with the prevailing customers’ habit ofusing cash.

ViceDirector of the municipal Department of Industry and Trade Nguyen Thanh Haisaid management authorities face challenges in managing fake and counterfeitgoods in online trading. Besides, tax evasion has been a pounding headache,particularly when customers are individuals who do not care about receipts. Haiadded that many online firms operate without business licenses and it is easyfor them to swindle customers and evade tax.

Meanwhile, customers face great risks of lost goods, due to the complicated systemof home address. This is the reason why many retailers refuse to ship productsto Vietnam via postal service.

The value of e-commerce turnover is reckoned at 7.5 billion USD by 2025, butthis is still just 5 percent of the total trade turnover.

Comprehensive measures

To encourage the e-commerce development in the city, Vice Chairman of themunicipal People’s Committee Nguyen Doan Toan signed Plan No.84/KH-UBND withfocus on the deployment of computing cloud technology, Artificial Intelligence,Augmented Reality (AR), and Internet of Things (IoT) to create modern businessmodels.

Hai said that his department has applied many solutions to support e-commercein its online public services, such as online tax filing and payment ande-payment to create a transparent and equal business environment. Also, it encouragesthe use of QR application to trace origin of products and prevent trade frauds.

The market management authority is ordered to keep close watch on e-commerceenterprises and handle violations in a timely manner.

Popularisation work on e-commerce policies and regulations will receive dueattention while advanced e-commerce models will be introduced. In addition, thecity encourages the establishment of websites and e-commerce applications whichpromote online sales of safe food.

The city will also invest in improving the local logistics networks fromstorage facilities to delivery services in companion with the development ofonline services in tourism, transport, healthcare and media.-VNA
VNA
#e-commerce #considerable risks #Hanoi #Vietnam E-business index #low level of the electronic environment #prevailing customers’ habit of using cash #online tax filing and payment #Vietnam News Agency #Vietnamplus
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