Online shopping traffic in Vietnam so far this year rocketed over 150 percent against a year earlier, with daily visits to e-commerce sites growing to 3.5 million, Nguyen Ngoc Dung, Deputy Chairman of the Vietnam e-Commerce Association (VECOM), told a workshop on November 10.
About 30,000 e-commerce stores were taken down in the first nine months of this year due to trade fraud, counterfeit and contraband goods, and the scale of the problem is looking daunting.
The northern province of Vinh Phuc saw its Consumer Price Index (CPI) of the first eight months of this year rise by 4.76 percent year on year, which is the highest increase for the period for the past five years, according to the provincial Statistics Office.
Bolstering the use of e-payments is a key trend within Industry 4.0 but experts acknowledge that use in Vietnam is yet to be widespread due to a long-held preference for cash and the lack of a specific legal framework for such payments.
A bill has been introduced in the Philippines’ parliament, aiming at taxing big tech firms such as Facebook, Google and Youtube, Netflix and Spotify, to raise funds for the COVID-19 fight.
E-commerce in Vietnam is growing, however many individuals and businesses are taking advantage of online platforms to sell poor quality and fake goods, harming customers and causing lost tax revenues.
Challenges related to network security, customer trust and an inadequate legal framework are road blocks to the digital transformation of Vietnamese banks, experts told a recent conference in HCM City.
Currently, businesses may not need to be present in each country to provide services. Therefore, the old concept of a physical business is no longer relevant in the digital age.
Vietnam needs to accelerate the digitalisation of its economy and make the most of its full potential and strengths to promote global competitiveness, according to an economic expert from AlphaBeta Consulting.
Non-cash payments bring enormous benefits for individuals, banks and others, helping increase transparency while reducing social expenses relating to using cash.
Economic ministers from the Association of Southeast Asian Nations (ASEAN) on November 12 signed an agreement to facilitate cross-border e-commerce transactions within the region.
E-commerce has rocketed in Vietnam over the past five years, with online retail sales expanding 20 percent annually, according to the Department of E-commerce and Digital Economy under the Ministry of Industry and Trade.
Although the mobile advertisement market in Vietnam is still modest as compared to regional countries, businesses are said to splash out 200 million USD on advertisement on mobile platform in 2020, much higher than the amount of 78 million USD recorded in 2017.
Payments for e-commerce transactions must be made via banks or authorised payment intermediary services, according to the draft of the amended Law on Tax Management.
The Ministry of Finance has proposed amendments to the Law on Tax Management, aiming to enhance efficiency of tax collection from multinational companies, cross-border transactions and online businesses.
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