More favourable mechanisms needed to attract firms’ engagement in e-commerce hinh anh 1Illustrative image (Photo: Tiki)

Hanoi (VNA) – Economists attending an October 31 seminar said the Vietnamese Government has created favourable mechanisms to facilitate businesses’ engagement in e-commerce, along with ideal legal infrastructure related to the sector.

The seminar on developing e-commerce platforms to promote recovery and growth was held by the Central Institute for Economic Management (CIEM) in Hanoi.

Nguyen Thanh Hung, from the Vietnam E-commerce Association (VECOM), said that Vietnam’s e-commerce sector has enjoyed impressive growth in recent years, with the market scale projected to increase to 49 billion USD, even 57 billion USD by Google, by 2025, from only 4 billion USD in 2015.

However, the sector is facing several major barriers related to online payments, foreign investment attraction, human resource development, the development gap between regions and localities, and policies and laws, he noted.

Nguyen Thi Minh Thao, head of the CIEM’s business environment and competitiveness research department, agreed that the biggest barrier to Vietnam’s e-commerce sector remains the policy and legal environment.

Experts also stressed the need to seek ways to minimise the use of the cash on delivery payments for digital transactions, as it still accounts for 11% of the total.

The Vietnamese internet economy is forecast to grow 28% in 2022 – the highest in Southeast Asia./.