Ecommerce offers lucrative space for SMEs
Delegates raise discussions at the forum.
Cross-border ecommerce has yielded revenues of several trillions of USD in recent years with the figure expected to rise. Domestically the ecommerce scene has witnessed rapid growth in the past time, partly due to a young population and the dominance of smartphone users.
Vietnam’s ecommerce market made revenues of US$7.8 billion in 2018, a 3.5 fold increase against the figure of 2013.
Addressing Vietnam Online Business Forum 2019 held recently in Hanoi, Lai Viet Anh, deputy head of the Vietnam eCommerce and Digital Economy Agency under the Ministry of Industry and Trade, said that if the current ecommerce growth rate of 30 per cent is maintained, revenues would touch US$13 billion by 2020.
According to a recently-announced Vietnam E-Business Index Report 2019, cross-border ecommerce has developed into an important channel for exports with some 32 per cent of Vietnamese small and medium - sized enterprises (SMEs) establishing business connections with foreign partners.
Currently many of the world’s largest ecommerce platforms such as Amazon.com and Alibaba.com have made overtures about entering the Vietnamese market.
Grace He, Alibaba's channel Manager in Vietnam, said that in recent years the Southeast Asian country has enjoyed a rapid economic growth rate while attracting large inflows of foreign investment and benefiting from better information technology development than regional peers.
Vietnam is one of Alibaba's largest markets throughout Asia and is also one of the top 10 countries for export of garments, footwear, seafood, and handicrafts. These products are also suitable for Alibaba's worldwide partners, said He.
According to the General Department of Vietnam Customs, the nation’s total trade turnover reached roughly US$482 billion last year.
Experts said that online export via ecommerce platforms would bring high levels of economic efficiency and is consistent with the capacity of Vietnamese enterprises, particularly SMEs.
They asserted that ecommerce enables local firms to send goods abroad at a low investment cost, claiming this is also an inevitable trend as worldwide importers are constantly searching for customers via the internet.
Data from the General Statistics Office of Vietnam show that only about 10,100 of enterprises among the total 517,900 firms nationwide are operating on a large scale, representing less than 1.9 per cent, while local SMEs account for 98.1 per cent.
Related News
Complying with regulations of each market for smooth fruit and vegetable exports
13:06 | 09/01/2025 Import-Export
Increasing consumption demand, steel enterprises have many opportunities
07:43 | 31/12/2024 Import-Export
The Middle East: a promising seafood export market for Vietnam
07:43 | 31/12/2024 Import-Export
Export tax rates of 13 commodity codes to increase to 20% from January 1, 2025
13:46 | 28/12/2024 Regulations
Latest News
Việt Nam tightens fruit inspections after warning from China
08:01 | 15/01/2025 Import-Export
Brand building key to elevate Vietnamese fruit and vegetable sector: experts
08:00 | 15/01/2025 Import-Export
Freight transport via China-Việt Nam cross-border trains posts rapid growth
08:01 | 13/01/2025 Import-Export
Vietnamese retail industry expects bright future ahead
06:22 | 11/01/2025 Import-Export
More News
Fruit and vegetable industry aims for $10 billion in exports by 2030
15:12 | 07/01/2025 Import-Export
GDP grows by over 7 per cent, exceeds target for 2024
15:11 | 07/01/2025 Import-Export
Vietnamese pepper: decline in volume, surge in value
15:10 | 07/01/2025 Import-Export
Việt Nam maintains position as RoK’s third largest trading partner
15:09 | 07/01/2025 Import-Export
Greater efforts to be made for stronger cooperation with European-American market
15:08 | 06/01/2025 Import-Export
Leather, footwear industry aims to gain export growth of 10% in 2025
15:06 | 06/01/2025 Import-Export
Grasping the green transformation trend - A survival opportunity for Vietnamese Enterprises
14:53 | 06/01/2025 Import-Export
Việt Nam to complete database of five domestic manufacturing industries in 2026
20:57 | 05/01/2025 Import-Export
Logistics firms optimistic about growth prospects in 2025: Survey
20:54 | 05/01/2025 Import-Export
Your care
Việt Nam tightens fruit inspections after warning from China
08:01 | 15/01/2025 Import-Export
Brand building key to elevate Vietnamese fruit and vegetable sector: experts
08:00 | 15/01/2025 Import-Export
Freight transport via China-Việt Nam cross-border trains posts rapid growth
08:01 | 13/01/2025 Import-Export
Vietnamese retail industry expects bright future ahead
06:22 | 11/01/2025 Import-Export
Complying with regulations of each market for smooth fruit and vegetable exports
13:06 | 09/01/2025 Import-Export