Việt Nam has the potential to become second largest digital economy in Southeast Asia in 2025: experts

 

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

"Việt Nam 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 HCM City on Wednesday.

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

Đỗ Hữu Hùng, General Director of AccessTrade, 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.

Hùng 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 Việt Nam enjoyed a breakthrough growth in both domestic and foreign markets.

According to the “E-Commerce White Book 2020”, the global revenue from B2C e-commerce activities is likely to rise by 1.5 times in the 2019-23 period from US$1.94 trillion to over $2.88 trillion. The book also predicted that Southeast Asia, including Việt Nam, would see high growth.

Phan Bình, Director of J&T Express Vietnam, 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 Việt Nam 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.