Page 21 - VET352

BUSINESS REPORT

The world at their feet

Expanding into cross-border e-commerce has become essential in
boosting exports, especially for smaller enterprises, so developing an
appropriate investment strategy has also become essential.

| By LINH TONG

ata analysts Statista are of the belief 2019. In that context, according to the EYES ON VIETNAM
that the global Business-to-Con- Vietnam E-commerce and Digital Economy “Global retail e-commerce is becoming
D sumer (B2C) cross-border e-com- Agency (IDEA) at the Ministry of Industry a rising opportunity and a new movement
merce market will reach a value of $7.9 and Trade, Vietnam’s B2C cross-border e- for sellers in many countries like Vietnam,”
trillion by the year 2030. With annual commerce is projected to reach $11.1 Mr. Eric Broussard, Vice President of Inter-
growth at 20 per cent, Vietnam’s e-com- billion by 2026. national Selling Partner Services at Amazon,
merce sector ranks among the world’s E-commerce helps overcome barriers noted. “I think Vietnam’s assets include
fastest-growing, and its cross-border e- in international trade, enabling businesses its experience and the capabilities it has
commerce has experienced significant to expand their markets effortlessly. This, built over the years with so many entre-
expansion. The Vietnam E-commerce in turn, fosters the growth of export activities preneurs serving customers around the
Whitepaper 2023 noted that B2C sales and contributes to the overall development world. It has also earned its status as a
experienced something of a slowdown in of the economy. The emergence of cross- rising manufacturing hub in Asia and the
2021, growing just 16 per cent, but then border e-commerce stands among the sig- world. Together with supportive govern-
rebounded in 2022 to post 20 per cent nificant trends for businesses pursuing ment policy and strong digital transfor-
growth, generating $16.4 billion in revenue global growth. The crucial question is mation, Vietnam exhibits positive growth
and engaging around 60 million partici- whether Vietnamese enterprises can speed- in B2C e-commerce exports.”
pants. This accounted for 7.5 per cent of ily embrace the trend, better understand For that reason, he went on, Amazon
total retail revenue of consumer goods global consumer needs, and formulate sus- hopes to boost Vietnam as an emerging
and services, compared to 4.9 per cent in tainable long-term growth strategies. supply chain for global e-commerce due to

34 | VIETNAM ECONOMIC TIMES | MARCH 2024 en.vneconomy.vn