Minister: Vietnam’s e-commerce is growing fast in 4IRFriday, September 14,2018
AsemconnectVietnam - A senior trade official has said that Vietnam’s e-commerce sector is growing at a rate of 35 percent a year and predicted to be worth 10 billion USD by 2020 and that to make this ambitious forecast a reality, a far-reaching domestic approach is essential.
While the foundations are in place, with communication infrastructure covering almost 90 percent of the country, internet users still only make up around 55 percent of Vietnam’s population.
The session saw a panel discussion on how ASEAN digital market drives inclusive growth through building growth in e-commerce, expanding trade in services, and facilitating cross-border data flows.
Chief Information Officer Bharathi Viswanathan explained that many of the thousands of “mom-and-pop cafes” all over ASEAN have found their businesses disrupted by the region’s numerous food delivery apps.
While they now have access to a much wider base of consumers, they are also facing the challenge of navigating digital platforms and baffling algorithms.
Also helping to educate a new generation of digital entrepreneurs is the team behind Shoppy, a Singapore-based online marketplace. The company has set up the Shoppy University, teaching would-be sellers everything from how to take promotional photos of their products to how to utilize inventory management tools.
Santitarn Sathirathai, Group Chief Economist of Shoppy’s umbrella company Sea, said building digital fluency from the ground-up is a win-win situation. “It’s about empowering the sellers, wherever they are in the world,” Santitarn Sathirathai said.
While his company works to minimise the barriers by making the numerous regulatory documents needed for international trade available online, Edwards said that he believes trust across borders and a simplification of the process is essential for the digital economy to reach its full potential.
“We believe, based on our research, that the issue of data is similar to the issue of trade. The lower the borders and barriers the better it will be for the economy,” he said. “It’s almost impossible to have cross-border trade without data. It’s like trying to fly without wings. You won’t get very far.”
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