The COVID-19 pandemic has put the brake on Vietnam’s economic growth over the last two years but, on the other hand, it has also fueled a significant uptick in e-commerce which recorded a 16% growth to 13.7 billion USD in retail revenue in 2021, according to the White Book on Vietnamese E-business 2022.
Hanoi (VNA) – The COVID-19 pandemic has put thebrake on Vietnam’s economic growth over the last two years but, on the other hand, it has also fueleda significant uptick in e-commerce which recorded a 16% growth to 13.7billion USD in retail revenue in 2021, according to the White Book onVietnamese E-business 2022.
Last year, the economic growth hit the lowest in 30 years, at just 2.58%, with key services sub-sectors experiencing downturn.
Data from the General Statistics Office showed thatretailing and wholesaling declined 0.21% year-on-year, causing the economy todecrease 0.02 percentage point. Warehouse and logistics plunged 5.02% andlodging and catering services 20.81%, leading to a drop of 0.3% and 0.51%,respectively, to the GDP growth.
Meanwhile, the share of turnover from e-retailing to lastyear’s total retail sales of goods and services was 7%, a year-on-year rise of27% from 2020.
E-retailing is forecast to surge 20% this year to 16.4billion USD, compared to 5 billion USD in 2015. A 2022 study by big data analysiscompany Metric.vn indicated that Vietnam is emerging as the second largeste-commerce market in Southeast Asia, only after Indonesia.
The White Book on Vietnamese E-business 2022 also reportedthat with online marketplaces now a vital distribution channel in the eraof digitalisation, Vietnamese enterprises are investing more on expanding theirpresence on these platforms.
Those doing business on social networks, such as Facebook,Zalo and Instagram, spurred 41% in 2021 and 57% in 2022, according to thebook./.
The explosion of online shopping and the increasing numbers of internet and smartphone users have contributed to market growth in Asia-Pacific, including Vietnam.
Vietnamese firms are urged to use online platforms to expand their market reach in the UK now that the UK-Vietnam Free Trade Agreement (UKVFTA) has come into effect, experts said.
Global growth investor Warburg Pincus with headquarters in New York, the US, has decided to invest in a cross-border e-commerce project in the southern province of Binh Duong.
The fast-growing e-commerce sector is making big money but its tax payments are not commensurate with its revenues, exposing the need for a better tax policy to prevent losses, according to insiders.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
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
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
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.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
Illustrative image. (Photo: vneconomy.vn)
