Việt Nam's e-commerce market is expected to reach US$20.5 billion

Deputy Minister 0f Industry and Trade Đỗ Thắng Hải speaks at the Vietnam E-commerce Development conference;— VNA/VNS Photo Uyên Hương.

Việt Nam's e-commerce market has continuously recorded outstanding growth at 16-30 per cent yearly and is expected to reach US$20.5 billion in 2023, according to Deputy Minister of Industry and Trade Đỗ Thắng Hải.

Deputy Minister Hải was speaking at the Vietnam E-commerce Development conference, entitled Sustainable E-commerce Development, organised by the MoIT’s Department of E-commerce and Digital Economy on December 1.

Hải believes that this proves that e-commerce has increasingly become an essential component of the digital economy in Việt Nam.

The Vietnamese e-commerce market has also formed a secondary service supply system for the market. The connection and sharing of service delivery systems, including technology platform services supporting e-commerce transactions, marketing services, online marketing communications, and delivery services, further help optimise the connection between manufacturers and consumers.

Besides positive results, Hải said, e-commerce has also faced many difficulties and challenges in ensuring the origin of goods and the safety and security of personal information. E-commerce logistics infrastructure has not kept up with market growth, and there is still a gap in consumer trust in online transactions.

Deputy Minister Hải also suggested relevant authorities prioritise handling shortcomings and challenges in protecting the rights of consumers and entities participating in e-commerce activities. In addition, the State and businesses should work together to jointly propose solutions to apply digital technology to promote the e-commerce development ecosystem and protect consumers and subjects participating in online transactions.

Director of the Department of E-Commerce and Digital Economy Lê Hoàng Oanh said that sustainable development must include all stable and positive growth elements, ensuring balance so that no one is left behind, meeting the green trend, protecting the environment and especially protecting consumers.

Oanh also proposed an orientation model to develop a digital ecosystem to develop sustainable e-commerce, from digital transformation activities and infrastructure development to solutions to protect the rights of consumers and entities participating in e-commerce transactions.

Representatives of State management agencies, e-commerce platforms, payment intermediaries, and banks sign a cooperation agreement to participate in the Digital Ecosystem to strengthen the protection of the rights of consumers and subjects participating in e-commerce transactions;— VNA/VNS Photo Uyên Hương

At the conference, participants discussed the current status of difficulties and challenges when operating in the field of e-commerce in Việt Nam from the perspective of local management agencies, banks, payment organisations, e-commerce platforms, delivery businesses and e-commerce associations. They also proposed policy directions to protect consumer rights in the online environment.

Nguyễn Lâm Thanh, the representative of TikTok Vietnam, said: “Taking advantage of the existing user community and a full set of effective sales support solutions, TikTok will continue to support businesses, sellers, especially Vietnamese micro, small and medium enterprises to achieve positive revenue on the platform. At the same time, TikTok Vietnam is still continuously trying to bring users a seamless, creative and safe shopping and entertainment experience.”

At the event, representatives of State management agencies, e-commerce platforms, payment intermediaries, and banks joined hands to sign a cooperation agreement to participate in the Digital Ecosystem to strengthen the protection of the rights of consumers and subjects participating in e-commerce transactions.

A Department of E-Commerce and Digital Economy representative said that sharing recommendations of agencies, organisations, and businesses would help improve the current legal framework and policies on protecting consumer rights in the online environment.

From there, the MoIT will advise government leaders on appropriate directions and plans to promote the development of the country’s e-commerce market so that e-commerce plays a crucial role in contributing to the overall growth of the digital economy.