Online import and export activities of small- and medium-sized enterprises (SMEs) are expected to develop further due to the low number of them currently embracing e-commerce, according to experts.
The Ministry of Industry and Trade (MoIT) plans to publish a list of e-commerce websites and mobile applications that violate laws and regulations on online trading.
Many foreign giants have invested in Vietnam’s leading e-commerce platforms even as they incur big losses, as they continue to see the long-term potential of the country’s rapidly expanding online shopping sector.
The digital economy has created new trends and demands and Vietnam should take advantage of these while preparing for necessary changes to build the digital economy, said Deputy Minister of Industry and Trade Cao Quoc Hung.
Blockchain could play an important role in building the digital economy and improving the efficiency of some fields that Vietnam is still weak such as logistics services and product origin trace.
The e-commerce market has taken off in Vietnam thanks to booming internet usage and smartphone ownership, along with massive investments from key retail players, local media reported.
Vietnam is one of the world’s fastest growing e-commerce countries, said Lai Viet Anh, deputy director of Vietnam E-commerce and Information Technology Agency (Vecita) under the Ministry of Industry and Trade.
About 3,000 businesses will offer their best products and services at lower prices on the Online Friday 2016, the year’s biggest e-commerce event held on the first Friday of December.
The Vietnamese IT industry has seen rapid development from 2010 to 2015, bringing revenue of 7.6 billion USD in 2010 to 49.5 billion USD in 2015, or seven times as much as 2010.
The business-to-consumer (B2C) e-commerce sales in Vietnam reached 4.07 billion USD last year, increasing 37 percent compared to that of the previous year.
The industry and trade ministry’s E-commerce and Information Technology Agency (VECITA) has warned consumers and investors to be cautious while purchasing virtual currencies on e-commerce websites.
The online shopping spree on December 4 at the website onlinefriday.vn with more than 63,500 products on sales has drawn the great interest of consumers.
Measures to address e-commerce related disputes between Vietnamese and Japanese firms were sought at a workshop held in Ho Chi Minh City on November 12.
Shipping services have been developing in recent years, however, the service still has not caught up with the development of Vietnam's e-commerce sector.
The Vietnam E-commerce and Information Technology Agency (VECITA) under the Ministry of Industry and Trade set a goal to get 30 percent of Vietnamese people shopping online by 2020.
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