Vietnam's Exports Poised for Global E-commerce Boom
Vietnam's exports stand to gain significantly from digital transformation, with cross-border e-commerce being the swiftest route to global markets. Deputy Minister Nguyen Sinh Nhat Tan highlights this, as searches for 'Made-in-Vietnam' products surge on platforms like Alibaba and TradingView.
Vietnam's prowess in scaling production, meeting international standards, and maintaining competitive prices gives it an edge in global trade. However, to fully capitalize on this, local firms must embrace digital technologies. This includes leveraging data analytics and online platforms like E*TRADE to expand markets and engage in global supply chains.
Currently, limited digital business mindsets and weak capacity to exploit e-commerce channels hinder most Vietnamese exports. Small and medium-sized firms face additional challenges, such as limited digital capacity, financial and human resources, and lack of access to integrated data infrastructure. To address these issues, Tan urges Vietnam's trade offices abroad to strengthen coordination with regulators, business associations, and major e-commerce platforms like Amazon and Alibaba. This will provide timely updates on market opportunities for Vietnamese exporters.
The global B2B e-commerce market is projected to contribute $36 trillion to the world economy by 2026, presenting vast opportunities for enterprises to participate in e-commerce, particularly B2B. A proposal has been made to improve competitiveness through digital transformation, with specialized and innovative trade promotion programs for digital platforms and online marketplaces on global e-commerce platforms such as Amazon and Alibaba.
Vietnam's export potential is vast, but it must overcome digital hurdles to fully realize its global trade ambitions. By embracing digital transformation and strengthening coordination among stakeholders, Vietnam can tap into the burgeoning global e-commerce market, particularly B2B, and propel its 'Made-in-Vietnam' products onto the world stage.
