Digital economy - the driving force to make Vietnam a developed country by 2045

According to the Vietnam E-commerce Index Report (EBI 2024) of the Vietnam E-commerce Association, the estimated growth rate of Vietnam's e-commerce in 2023 increased by over 25% compared to the previous year and reached 25 billion USD. Of which, the scale of online retail sales reached 17.3 billion USD.

At the seminar "Developing e-commerce - Opportunities, motivations and challenges" held today (August 14), Associate Professor, Dr. Tran Minh Tuan - Director of the Department of Digital Economy and Digital Society - said: " E-commerce has been, is and will become the main driving force for the development of the digital economy in industries and fields. By the end of 2023, the e-commerce sector has contributed about 15 - 17% to the total value of the national digital economy .

Currently, Vietnam has over 14 million stores and 9,000 markets, but the e-commerce trend is growing strongly, especially after the COVID-19 pandemic. Bringing wholesale and retail activities to digital commerce platforms, e-commerce has become a major trend, accounting for 19.6% of total global retail revenue. In Vietnam, the goal of e-commerce revenue accounting for 10% of total retail revenue by 2025 is that we can achieve this goal.

Dr. Vo Tri Thanh - Economic expert - assessed: "In addition to the attractiveness of Vietnam, the young population, strong consumption, and preference for online transactions associated with Gen Z, e-commerce creates more even development, reducing the income gap. E-commerce development in rural areas is also very strong, close to the city.

However, promoting e-commerce or digital economy still has many points to note because every "pink color" goes with policy.

Perfecting policies and innovating from production to promote digital economy

According to Mr. Vo Tri Thanh, in the process of development, the traditional commercial area and retail area are gradually narrowing. That is part of the development process but can also create unwanted impacts.

"We need to pay attention to policies so that no one is disadvantaged or left behind. In addition, the second point to note is related to stories about institutions, dispute settlement, and consumer protection. From there, how to develop to bring the best benefits, not always rosy" - the expert said.

Sharing the same view with Mr. Thanh, Deputy Director of the Department of E-commerce and Digital Economy Lai Viet Anh said that realizing the expectation of e-commerce exports reaching more than 11 billion USD by 2027 is a long-term problem. Accordingly, there needs to be support mechanisms and policies from e-commerce platforms as well as from state management agencies.

"In addition, green and sustainable consumption is currently a prominent trend worldwide. In order for Vietnamese goods to reach the global market, it is necessary to consider the factor of sustainable development. Therefore, e-commerce should apply digital technology and digital transformation for requirements on goods traceability; apply digitalization to the production process chain and value chain. From there, it is possible to ensure regulations on environmental protection and waste prevention..." - Ms. Lai Viet Anh emphasized.