The Fourth Industrial Revolution is taking place around the world with a boom in digital technology, creating great opportunities for but also challenges to lớn the development of each country, enterprise, and person.

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Vietnam’s digital economy has been growing at the fastest pace in ASEAN, about 38 percent annually compared khổng lồ the region’s average of 33 percent since 2015. The country expects the digital economy will make up trăng tròn percent of its GDP and at least 10 percent in each sector.

Vietnam’s digital economyposts fastest growth in region

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E-commerce has proved lớn be an increasingly useful tool for enterprises lớn surmount difficulties và grasp chances. (Illustrative photo: VNA)

In a recent interview granted to lớn the Vietnam News Agency, Deputy Minister of Industry and Trade Nguyen Sinh Nhat tung said local e-commerce has been thriving, playing an important role in economic development as well as in the future of Vietnam’s digital economy. E-commercedevelopment is an inevitable trend in the country, & the COVID-19 pandemic serves as a catalyst for this trend lớn proceed faster và more strongly.

Despite the pandemic’s adverse impacts in 2020, e-commerce in Vietnam still made great strides to become one of the fastest growing markets in Southeast Asia.

According lớn the Vietnam E-commerce trắng Book, e-commerce expanded by 18 percent in 2020 to lớn reach 11.8 billion USD, making the country the only in Southeast Asia lớn post a double-digit growth rate in this regard. Estimates by some major businesses in the world like Google, Temasek, và Bain & Company indicate that the digital economy of Vietnam is likely to top 52 billion USD and rank third in ASEAN by 2025.

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Amid the resurgence of COVID-19 in 2021, e-commerce has proved khổng lồ be an increasingly useful tool for enterprises khổng lồ surmount difficulties & grasp chances generated by new demand in the market. Local consumers are strongly shifting from the traditional in-person shopping to lớn online method via electronic platforms.

A survey by the Ministry of Industry & Trade showed that Vietnam had 49.3 million online shoppers in 2020, compared khổng lồ 32.7 million in 2016.

Hanoi & Ho bỏ ra Minh thành phố are among the largest cities in terms of digital economic development in the region. In tp hcm City alone, there are currently 567 e-commerce platforms, over 20,680 websites, and 134 apps. Although the lingering COVID-19 pandemic has hindered the flow of goods, many e-commerce platforms và websites still posted fast growth.

Thanks khổng lồ the digital economy, business activities have become vibrant, from advertising on social networks (Facebook, Instagram), entertainment (Netflix, Pinterest), transport (Uber, Grab, GoViet) lớn wholesale & retail (Lazada, Shopee).

Vietnam has emerged as one of the largest regional recipients of investment into the companies operating on IT platforms & the internet such as MoMo, Sendo, and Topica, helping turn it into an attractive destination for domestic & foreign investors.

Transboundary e-commerce – useful distribution channel for enterprises to expand market

E-commerce helps people purchase items from international markets via the internet và become “global consumers”. It also assists individuals và businesses khổng lồ introduce và deliver their products to international buyers.

The engagement in the online export – import system and stages of transboundary e-commerce will generate opportunities for Vietnamese firms lớn perfect their products, improve capacity, & make Vietnamese brands popular among consumers around the world.

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A customer conducts transactions via a điện thoại banking app. (Photo: VNA)

To help boost the sale of Vietnamese goods via transboundary e-commerce, the Vietnam E-commerce & Digital Economy Agency (iDEA) has launched the Vietnam National Pavilion on JD.com, an international e-commerce platform. Its partners lượt thích Vinanutrifood, Viettel Post, VPBank, và Visa also unveiled practical policies related to marketing, transport, & lending interest rates to support Vietnamese manufacturers to lớn carry out this programme.

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The Ministry of Industry & Trade has been developing & applying an array of measures such as a certified e-contract authority, guaranteed payment infrastructure for e-commerce, and a platform for managing the e-commerce product flow, which will serve as important bases for the ministry to assist e-commerce platforms & businesses using e-commerce, thus facilitating the healthy, transparent, & sustainable development of the market.


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Director of the Vietnam E-commerce và Digital Economy Agency (iDEA) Dang Hoang nhị (Photo: VNA)

Talking about transboundary e-commerce, iDEA Director Dang Hoang nhị said it is relatively new to lớn enterprises in Vietnam but also the start of a long journey with much needing to be done by both authorities và companies.

He expressed his belief that thanks to joint efforts by the ministry và others, central agencies, localities, & the business community, Vietnamese pavilions on foreign e-commerce platforms will be opened soon and prove effective.

Highlighting the benefits from transboundary e-commerce, Nguyen Thi Diem Hang, Chairwoman of the Board of Director of the Vietnam Organic Nutrition Food JSC (Vinanutrifood), said joining the national pavilion helps popularise the image & brand of Vietnam in the global market. It also supports Vietnamese firms to seek exporting & importing partners and build up foreign consumers’ trust in Vietnamese goods.

Developing healthy e-commerce market in Vietnam

Grasping trends & good practices of digital transformation in trade will help promote innovation in Vietnamese enterprises. On November 22, 2021, the Prime Minister issued a decision approving a plan lớn step up the IT application và digital transformation in trade promotion during 2021 – 2030.


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Employees of VietnamPlost handle boxes of fresh lychees farmed in Bac Giang province & sold on its e-commerce platform khổng lồ prepare for delivery khổng lồ consumers in June 2021. (Photo: VNA)

However, the ministry’s Competition và Consumer Authority pointed out that e-commerce growth has also been accompanied by the surge in wrongdoings related to consumers’ interests. Data show that there are about 500 – 2,000 complaints from consumers every year, mostly about leaks of buyers’ information and scams by sellers.

To create a legal framework for protecting consumers in the e-commerce market, the Government issued a decree that amended and supplemented another on e-commerce released in 2013.

According lớn the new decree, sellers must publicise information about products as well as business licences & related certificates when doing business on e-commerce platforms. Besides, business activities on social networks lượt thích Facebook, Zalo, và Instagram were also placed under management.

The ASEAN Agreement on Electronic Commerce, signed in Hanoi on January 22, 2019 and taking effect on December 2 last year, phối up common principles & rules for facilitating e-commerce development in the region và enhancing the rule enforcement capacity.

The giảm giá khuyến mãi implementation is expected to lớn help revive the regional economy in the post-pandemic period.

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The launch of the e-commerce week và the Vietnam Online Shopping Day (Online Friday) on November 26, 2021 (Photo: VNA)

Deputy Minister tung said in the “new normal” context, e-commerce has increasingly shown its indispensable role in society when enterprises và organisations must swiftly apply digital transformation solutions lớn their business và management activities like switching to multi-channel retailing và using smart order management và logistics tools.

With huge market potential and the party and State’s favourable policies, e-commerce is expected to be a contributor khổng lồ the economic recovery in Vietnam when the country is moving khổng lồ safely adapt lớn the COVID-19 pandemic.

E-commerce has been present in almost all production và business sectors, helping boost economic development. However, it is still facing a number of challenges related to lớn consumers’ trust in items sold online, delivery and payment methods, & information security. Given this, the Government and relevant agencies should take appropriate actions lớn protect consumers & fuel e-commerce in the time ahead./.

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