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The Vietnam Online Business Forum 2024, themed “Sustainable E-Commerce,” commenced in Hanoi spearheaded by the Vietnam E-Commerce Association (VECOM). This annual gathering aims to delve into the intersection of technology and sustainability within the e-commerce landscape.
In his address at the event, Le Hoang Oanh, Director of the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade, stresses the remarkable growth trajectory of e-commerce in the past decade, with an annual growth rate ranging between 16-30%.
This growth is underscored by data from the White Book on Vietnamese E-Business 2023, which highlights a 25% year-on-year increase in retail e-commerce revenue, reaching US$20.5 billion in 2023. However, this figure accounts for only 8% of the total retail sales of goods and consumer services in the country, significantly lower than the global average of 90.4%.
Against this backdrop, the forum pivoted towards strategies for Vietnam to harness sustainable practices within its e-commerce sector, emphasising the importance of developing human resources to bolster consumer rights protection and bridge the gap in e-commerce development. Attendees engaged in discussions on solutions aimed at fostering a greener and more sustainable e-commerce ecosystem.
Key topics included insights from market research on consumer behaviour trends in e-commerce, strategies outlined in handbooks for e-commerce growth, leveraging affiliate and key opinion consumer (KOC) marketing campaigns to drive sales, and the application of artificial intelligence (AI) technology to enhance operational efficiency.
Moreover, the event facilitated a roundtable discussion, bringing together experts to exchange perspectives on persistent challenges within the realm of sustainable e-commerce. By addressing these issues head-on and leveraging technological advancements, the forum aims to chart a course towards a more sustainable and prosperous future for Vietnam’s e-commerce landscape.
Vietnam is poised to accelerate its digital transformation, with a keen focus on enhancing digitalisation across various sectors, particularly in finance and banking, to foster innovation and efficiency in its economy.
The State Bank of Vietnam (SBV) has unveiled plans for a series of programmes centred on digital transformation within the banking sector. Speaking at a press conference on April 25, Pham Anh Tuan, Director General of the SBV’s Payment Department, highlighted that this initiative is in line with the objectives of the National Digital Transformation Programme, aimed at propelling Vietnam toward a digital economy and society by 2025 with a vision to 2030.
Reflecting on recent advancements, the SBV has consistently achieved high rankings among ministries and agencies in the digital institutional index from 2020-2022. Currently, approximately 77.41% of Vietnamese adults hold bank accounts, with over 35 million payment accounts and around 14.9 million cards opened through the electronic Know Your Customer (eKYC) method.
Furthermore, mobile payment transactions witnessed a remarkable surge in 2023, with a 59.86% increase in volume and a 12.73% rise in value. QR code payments experienced explosive growth, registering a 242.46% increase in volume and a 157.2% rise in value compared to the previous year.
The momentum continued into the first two months of the current year, with significant year-on-year growth in non-cash payment and digital banking activities. Non-cash payment transactions saw a notable increase of 59.6% in volume and 32.73% in value, while Internet Banking transactions surged by 51.60% in volume and 23.88% in value.
Mobile banking transactions followed suit, recording a remarkable growth of 63.24% in volume and 33.43% in value. Notably, QR code payments maintained their dominance, witnessing a staggering 846.41% increase in volume and an astounding 1,146.14% rise in value.
Through strategic initiatives and investments, Vietnam aims to leverage technology to modernise its digital infrastructure, driving inclusive growth and competitiveness in the digital age.