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Vietnam may be SEA’s No2 largest digital economy in 2025

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A person shops online. Online businesses will involve more economic sectors and more big players in the time to come. consosukien.vn

Vietnam may be SEA’s No2 largest digital economy in 2025

Vietnam can become the second largest digital economy in Southeast Asia in 2025, while the country’s e-commerce market will draw more large-scale businesses, forecast experts at an online seminar in Ho Chi Minh City on April 20.

They also said that online businesses would involve more economic sectors and more big players in the time to come.

AccessTrade director-general Do Huu Hung held that e-commerce should be the first step, followed by logistics and delivery services to win stronger confidence among consumers and improve their shopping experience.

Hung said that with better logistics and delivery services, the digital economy could make up 50-60 per cent of the Vietnamese economy in the future.

The years of 2020 and 2021 can be described as a special period with unprecedented changes under impacts of Covid-19, where online business in Vietnam enjoyed a breakthrough growth in both domestic and foreign markets.

According to the “E-Commerce White Book 2020”, the global revenue from business-to-consumer (B2C) e-commerce activities is likely to rise by 1.5 times in the 2019-2023 period from $1.94 trillion to over $2.88 trillion. The book also predicted that Southeast Asia, including Vietnam, would see high growth.

J&T Express Vietnam director Phan Binh said that businesses would not need giant shops but high quality products which would be delivered to customers through suitable services.

Currently, many foreign firms have sought business opportunities in the potential market of Vietnam with the motto of “Think Global, Act Local”. Meanwhile, online business activities have drawn a large number of companies, cooperatives, business households and individuals in both rural and urban areas.

Experts advised enterprises operating online business to seek supports in consultations and solutions to develop their one-stop-shop model.

They also underlined the need for wider coverage of delivery services to meet the demand of the booming e-commerce sector.

VIET NAM NEWS/ASIA NEWS NETWORK

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