Online business market expands 30 percent in 2018

Economy, Vietnam, Vietnam Finance News

VNA
Tuesday, March 12, 2019 – 22:23:00 Print

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 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.

If the growth rate is sustained at 30 percent in
2019 and 2020, the market size will hit 13 billion USD next year – higher than
the target of 10 billion USD in 2020 set in the master plan for e-commerce
development, said Nguyen Ky Minh – Director of the e-commerce development
centre (EcomViet) under the ministry’s E-Commerce and Digital Economy Agency
(iDEA).

However, a favourable environment and ecosystem
are necessary for the development of e-commerce, he said, noting the importance
of advanced telecom and IT infrastructure to facilitate people’s internet
access via mobile devices and boost their trust in online transactions.

Minh also underlined the need to develop
logistics services and improve online firms’ access to public services and
capital sources.

At a press conference in Hanoi on March 12, the
iDEA and the Vietnam E-commerce Association (VECOM) announced that the Vietnam
Online 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 the
forum will focus on trends in the e-commerce market; e-commerce support
solutions in an era that consumers want to receive products they shop online in
just some hours; the impacts of technology, especially artificial intelligence,
on businesses; and decisive factors for online startups.

Experts will also discuss other hot issues
directly affecting many companies like competition, the legal corridor, and the
Fourth Industrial Revolution. Additionally, young startups can learn
experiences relevant to e-commerce shared at the forum.

The Vietnam E-commerce Index 2019 will also be
released at the forum, Trong added.-VNA

QBCA

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