Investment

Vietnam makes e-commerce a pioneer of digital economy

June 13, 2020

Recently, the Vietnamese government approved the national e-commerce development master plan for 2021-2025, aiming to make it a pioneer in the digital economy.

Under the background that the advanced technology of the fourth industrial revolution has been widely used, e-commerce helps to improve the production and operation efficiency of enterprises, and makes contributions to enhance the competitiveness of enterprises, thus greatly promoting domestic sales and exports. The national e-commerce development master plan for the period 2021-2025 is closely related to the active and active participation in the fourth industrial revolution, the development of the digital economy and the national digital transformation strategy and policy in resolution 52. Its overall objectives include:

  1. Support and promote the wide application of e-commerce in enterprises and communities;
  2. Narrow the gap of online transactions between major cities and regions;
  3. Establish a healthy, competitive and sustainable “virtual market”;
  4. Contribute to promoting the production and sales of Vietnamese goods and expanding cross-border e-commerce.

In addition, the plan also puts forward specific goals. For example, by 2025, 55% of the population will participate in online shopping, with an annual per capita trading volume of $600; the total income of e-commerce will reach $35 billion, accounting for 10% of the total retail sales of consumer goods nationwide; cash free payment will reach 50%; and 50% of the practitioners in this field will receive formal training.

The plan was proposed by the Ministry of industry and trade of Vietnam and has been submitted to the government. The plan lists six groups of solutions for the development of e-commerce in Vietnam, such as: improving mechanisms and policies to meet the needs of industry development in the context of the new economy; improving management capacity; fighting against commercial fraud, infringement of intellectual property rights and unfair competition in this business environment; enhancing the confidence of domestic consumers and promoting cross-border e-commerce.

“First of all, I am fully in favor of this plan, because it has been proved that e-commerce is an irreversible trend,” said Nguyen Chiu Hsiao, an economist in Vietnam. E-commerce has developed for many years in developed countries. I think to achieve this goal, the government needs to promote cashless payment system. In addition, it’s also important to change consumer attitudes and habits through activities that enhance consumer trust. “

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