Officials of Lang Son’s Market Watch check goods’ origin. (Photo: dantri.com.vn)
Hanoi (VNS/VNA)- E-commerce is a potential goldmine for businesses over the next two yearswith a potential reach of 10 billion USD.
But it also offers opportunities for counterfeit and smuggled goods, aconference in the north-eastern province of Quang Ninh was warned on March 4.
With the development of the Fourth Industrial Revolution and digital age,e-commerce has created a new playground for businesses to develop.
In addition more and more domestic firms are providing e-commerce services.
Statista Market Research Company says e-commerce revenue in Vietnam reached 2.26billion USD last year, 30 percent up from 2017.
Vietnam ranked 6th among the top 10biggest e-commerce countries in the world after China, the US, UK, Japan andGermany.
The growth rate this year is expected to be 35 percent. Butthe success comes at a price.
“In addition to positive development, there has been trade fraud, counterfeitgoods and violations of intellectual property rights,” said Dang Hoang An,deputy minister of Industry and Trade.
“This is a challenge for management agencies to have measures to protectconsumers.”
A representative from Hanoi’s Market Watch said in reality, they are facingdifficulties monitor websites which violate the law.
E-commerce websites usually use images of real and genuine goods for sale at amuch cheaper price and use social media sites to sell smuggled and fakecigarettes and cigars.
The department recently seized thousands of packets of fake food supplementssold online.
Vietnam Directorate of Market Surveillance TranHuu Linh said the National SteeringCommittee 389 would continue to hand out strict punishments for violationsof trade fraud and fake goods.
Meanwhile, it would improve its staffing levels to catchup with new technology applications.
In addition, Market Watch will create a database and e-invoice system tosupervise the market while improving people awareness on laws and regulationsto help consumers understand their rights and duties.-VNS/VNA
E-commerce is growing rapidly and thus posing challenges to State management agencies, as heard at a conference held in Ho Chi Minh City on September 14 reviewing the five-year implementation of the government’s Decree No.52/2013/ND-CP on e-commerce.
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.
Vietnam’s e-commerce market is predicted to boom in the near future, given that 53 percent of the population uses the internet and nearly 54 million people use smartphones.
The past four years have seen a busy journey for the e-commerce market in Southeast Asia and Vietnamese e-commerce growth rate ranked second, just behind Indonesia, in the region, according to Google and Temasek.
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In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
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Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Officials of Lang Son’s Market Watch check goods’ origin. (Photo: dantri.com.vn) 
