Rapidly expanding: Vendors at their shop in Hanoi. The recent explosion of eCommerce has significantly supported Vietnam’s import-export activities.— Bloomberg
HANOI: The Cross-border eCommerce Summit 2024 places emphasis on a forward-thinking approach in embracing cross-border eCommerce as an opportune means to elevate Vietnamese enterprises and brands onto the global stage, thus reinforcing import-export activities.
The event, themed “The quintessence of Vietnamese goods soaring globally,” was organised by Amazon Global Selling Vietnam in coordination with the Vietnam eCommerce and Digital Economy Agency under the Industry and Trade Ministry.
It also highlighted a series of promising outcomes, showing that the recent explosion of eCommerce has significantly supported Vietnam’s import-export activities.
Nguyen Thi Minh Huyen, Vedea’s deputy director, said retail eCommerce turnover has grown at an average rate of about 20% over the past decade, propelling Vietnam into the ranks of the fastest-growing eCommerce markets in the region and the world.
The global eCommerce market is expected to grow rapidly, with estimated revenues reaching US$7.4 trillion by 2025.
Against the backdrop of Vietnam’s deepening integration into the global economy, coupled with opportunities from new-generation free trade agreements, the trend of transitioning from traditional business to digital platforms is seen as an effective way for businesses to penetrate and expand into export markets, Huyen said.
The authority is implementing the National eCommerce Development Master Plan (2021-2025) to strengthen the eCommerce market and consumer trust, she said. Both promoting exports and boosting domestic consumption of local products through e-commerce are priorities.
Currently, the agency is partnering with provincial authorities to enhance eCommerce management, support digital transformation, and promote local products on platforms like San Viet.
Gijae Song, CEO of Amazon Global Selling Vietnam, said that in just the past five years, the number of products sold by Vietnamese partners on Amazon has increased by over 300%, while the number of Vietnamese partner businesses achieving US$1mil in revenue per year on Amazon has increased nearly tenfold.
Amazon’s Brand Registry programme has also seen 35 times more Vietnamese businesses participating in the same period.The advantages for Vietnamese sellers are vibrant online seller communities and significant manufacturing advantages
However, Vietnamese manufacturers are predominantly set up for large-scale, pre-planned orders, making it difficult to adapt to the fast-changing demands of online retail. — Viet Nam News/ANN
