The size of Vietnam’s online business market grew by over 30 percent to about 7.8 billion USD in 2018, compared to only 4 billion USD in 2015, according to an official of the Ministry of Industry and Trade.
A press conference held on March 12 to introduce the Vietnam Online Business Forum 2019 (Photo: VNA)
Hanoi (VNA) – The size of Vietnam’s online businessmarket grew by over 30 percent to about 7.8 billion USD in 2018, compared toonly 4 billion USD in 2015, according to an official of the Ministry ofIndustry and Trade.
If the growth rate is sustained at 30 percent in2019 and 2020, the market size will hit 13 billion USD next year – higher thanthe target of 10 billion USD in 2020 set in the master plan for e-commercedevelopment, said Nguyen Ky Minh – Director of the e-commerce developmentcentre (EcomViet) under the ministry’s E-Commerce and Digital Economy Agency(iDEA).
However, a favourable environment and ecosystemare necessary for the development of e-commerce, he said, noting the importanceof advanced telecom and IT infrastructure to facilitate people’s internetaccess via mobile devices and boost their trust in online transactions.
Minh also underlined the need to developlogistics services and improve online firms’ access to public services andcapital sources.
At a press conference in Hanoi on March 12, theiDEA and the Vietnam E-commerce Association (VECOM) announced that the VietnamOnline Business Forum 2019 will take place in central Da Nang city on March 15,in Hanoi on March 26, and in Ho Chi Minh City on March 28.
Chief of VECOM’s Office Tran Van Trong said theforum will focus on trends in the e-commerce market; e-commerce supportsolutions in an era that consumers want to receive products they shop online injust some hours; the impacts of technology, especially artificial intelligence,on businesses; and decisive factors for online startups.
Experts will also discuss other hot issuesdirectly affecting many companies like competition, the legal corridor, and theFourth Industrial Revolution. Additionally, young startups can learnexperiences relevant to e-commerce shared at the forum.
The Vietnam E-commerce Index 2019 will also bereleased at the forum, Trong added.-VNA
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.
The capital city of Hanoi has implemented a wide range of measures to facilitate the sustainable development of e-commerce activities, which have grown rapidly recently.
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.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
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.
A press conference held on March 12 to introduce the Vietnam Online Business Forum 2019 (Photo: VNA) 
