(VOVWORLD) - E-commerce has grown rapidly and is becoming a prominent trend of global trade. In Vietnam, more and more businesses have applied e-commerce to their operations, helping them succeed in the domestic market and keep up with consumer tastes, thereby having appropriate business strategies to bring Vietnamese goods to more markets worldwide.
 E-commerce has grown rapidly and become a prominent trend of global trade. (Photo: BNEWS/VNA) |
According to the E-Commerce and Digital Economy Agency of the Ministry of Industry and Trade, Vietnamese e-commerce is growing strongly and becoming an important component of the digital economy. Retail e-commerce revenue has grown on average 20% in the past 10 years, putting Vietnam among the countries with the fastest e-commerce expansion rates.
As Vietnam integrates with the world economy, cross-border e-commerce and opportunities brought by new-generation free trade agreements are helping Vietnamese businesses expand their export markets.
Nguyen Van Thanh, Director of the E-commerce Development Center of the E-Commerce and Digital Economy Agency, said, “Vietnamese e-commerce and cross-border e-commerce in particular are in line with global development trends. We need to step up export activities. Cross-border e-commerce can help small producers export directly.”
The number of products sold by Vietnamese sellers on Amazon has increased more than 300% in the past five years, according to last month’s conference called "Cross-border e-commerce in 2024 – Vietnamese goods taking off globally". The conference was held in HCMC by Amazon Global Selling Vietnam and the E-commerce and Digital Economy Agency.
Last year Vietnamese sellers earned 1 million USD in revenue on Amazon, 10 times the amount earned in 2019. 1,500 Vietnamese businesses are now selling their goods in the world market via cross-border e-commerce.
Tran Xuan Thuy, Director of Amazon Global Selling Vietnam in charge of the southern region, says many businesses have asked for support in joining the Amazon. The number of participating businesses is on the rise.
“Many businesses have invested in product development and brand building to participate in this channel. This is a prominent trend,” said Thuy, adding, “Vietnamese producers can directly access consumers in major markets such as the US and Europe through the trading channel and their products are warmly welcomed by customers. We are confident about making Vietnamese brands globally successful.”
Phung Quoc Man, Deputy Chairman of the Ho Chi Minh City Handicraft and Wood Processing Association (HAWA), said lots of wood businesses are aware of the benefits of cross-border e-commerce.
“Cross-border e-commerce is helping businesses build brands. Several businesses have begun to build their own product brands and market them. In that way they are boosting the value of their products,” Man noted.
 Nguyen Van Thanh, Director of the E-commerce Development Center of the E-Commerce and Digital Economy Agency at the Ministry of Industry and Trade. (Photo: VNA) |
Phan Van Hieu, CEO of CVI Pharma, whose business exports to 22 countries, underscored the need to focus on products and services qualified to compete on e-commerce platforms. He underscored the need to leverage the strengths of Amazon's support. Amazon has created an ecosystem of partners providing services and training for all kinds of things.
Hieu recalled, “Our business has received that support in our journey from market research to setting up a sales team and sales procedures. We should make the most of this resource.”
Understanding the market and customer psychology on e-commerce platforms and having a proper brand building strategy to compete with similar products from other countries has helped Vietnamese businesses gain a foothold in the international market.
According to the latest forecasts, worldwide e-commerce sales are projected to top 7 trillion USD in 2025, creating an opportunity for Vietnamese businesses to make major breakthroughs.