Monday, 29 May 2017
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INVESTMENTOPPORTUNITIES

Domestic e-commerce expected to reach a boom

Updated at Monday, 20 Feb 2017, 20:49
The Hanoitimes - Along with the development of information technology, the e-commerce are increasingly becoming the trend of new online business.
The outstanding technologies and innovative business ideas selected by businesses are expected to bring a boom in the e-commerce development in the context of integration and competition.
By the end of 2016, the size of e-commerce market in Vietnam reached 4 billion USD.
It has been ranked among top countries with the fastest growth rates in the world.
According to Mr. Tran Duc Tam, Director of Z.com, the growth rate of Vietnam's e-commerce has reached 35%, about 2.5 times higher than the Japanese market.
Illustrative image
Illustrative image
He said that the Vietnam's e-commerce has a huge potential that  makes up about 2.8% of the retail market, and  a high demand for  "online" shopping.
Mentioning the favourable opportunities of e-commerce development in the country, however Chairman of the Vietnam E-Commerce Association (Vecom) Nguyen Thanh Hung noted that local businesses will have compete stiffly with more many foreign giants in the domestic market.
The e-commerce market is developing rather quickly, and remains  the difference between the localities nationwide, thus leading to many new challenges, Hung added.
According to General Secretary of Vecom Tran Trong Tuyen, in the previous year, Vietnam witnessed many large firms stop acting as lingo.vn, deca.vn, but the country also recorded the emergence of many other foreign companies such as Japan's AEON, South Korea's Lotte.
He noted that the domestic e-commerce is expected to achieve more better results when the field provides better product packages, and boards good websites with impressive domain names.
Tuyen said that in the condition of many large enterprises investing  in Vietnam's market, domestic firms must have their competition policies, thus boosting strongly the e-commerce growth and bringing more  benefits to customers.
The domestic e-commerce is expected to increase to 120 billion users in the coming time from 4 billion people at present.
Translated by Thu Minh
Source: Khac Kien-Kinhtedothi.vn
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