The report highlights Vietnam’s ascent past the Philippines to become the third-largest e-commerce market in the region.

Last year, the total gross merchandise value (GMV) of the top eight e-commerce platforms in Southeast Asia reached 114.6 billion USD, marking a 15% year-on-year increase. Despite macroeconomic challenges, the Southeast Asian e-commerce sector has demonstrated continuous growth, with this year’s GMV predicted to be double that of 2020.

Vietnam and Thailand led the growth trajectory, with their GMVs increasing by 52.9% and 34.1%, respectively, over the same period last year. Vietnam’s e-commerce market has seen consistent growth, boasting an average annual growth rate of 16-30% over the past four years, the highest in the world.

In ASEAN, Shopee dominates with a total GMV revenue of 55.1 billion USD last year, capturing 48% of the market share. TikTok Shop has surged to become the second-largest e-commerce platform in the region, following its acquisition of Tokopedia.

In Vietnam, TikTok Shop holds a significant 24% market share, making it the second largest e-commerce platform in the nation.

The report stated that influencers, known as key opinion leaders (KOLs), play a crucial role in navigating the e-commerce markets in Vietnam, Thailand, and Indonesia.

As OpenGov Asia reported, Vietnam is intensifying efforts to develop cross-border e-commerce as a key economic growth driver, supported by various policies, guidance, and innovative solutions. The sector is expanding at a rate 2.3 times faster than regular e-commerce between 2022 and 2025, with projections indicating a 20% annual growth until 2026.

Over the past five years, Vietnamese businesses have significantly broadened their international reach, with the number of products exported via international e-commerce platforms increasing by 300%, and many SMEs achieving annual revenues surpassing 1 million USD.

The Vietnamese government, along with ministries, sectors, localities, and the business community, is actively promoting digital transformation and sustainable development in e-commerce. The Ministry of Industry and Trade (MoIT) emphasises expanding markets through online platforms and digital ecosystems, supported by robust logistics.

The report also mentioned Vietnam’s initiatives to bolster e-commerce, with the E-Commerce and Digital Economy Agency enhancing the legal framework, providing financial support, encouraging investment and ensuring data protection and cybersecurity, and Prime Minister Pham Minh Chinh’s freshly issuing an official dispatch on enhancing State management in e-commerce and digital business sectors.

The initiatives underscore Vietnam’s commitment to digital transformation and economic modernisation, aiming for sustainable growth in the digital economy, and improved global market access for Vietnamese businesses, according to the report./.

Association to work harder for stronger Vietnam - Canada economic ties

The Vietnamese - Canadian Business Association (VCBA) is set to further promote business matching between the two countries to help fuel bilateral economic ties in the coming years.

The VCBA held the second congress for the 2024 - 2027 tenure in the hybrid format on July 19, attracting its members across Canada and other countries, along with representatives of the State Committee for Overseas Vietnamese Affairs under the Ministry of Foreign Affairs, and the country’s embassy and consulate general in Canada.

In his speech, new VCBA Chairman Chau Tu Cuong pledged to continue bringing into play the achievements obtained so far and show better performance in connecting and supporting the two countries’ entrepreneurs.

In a congratulatory letter sent to the congress, Deputy Minister of Foreign Affairs Le Thi Thu Hang, who is also Chairwoman of the State Committee for Overseas Vietnamese Affairs, affirmed the Foreign Ministry’s readiness to give support so that the VCBA can work more effectively, helping enhance the strength of the Vietnamese community in Canada and around the world.

The VCBA, founded in Vancouver city on August 2022, aims to gather and connect Vietnamese and Canadian entrepreneurs who share the intention to invest and do business in the two countries so as to foster bilateral economic links.

It has been officially recognised and licensed to operate across the Canadian territory by the Canadian Government. This has helped quickly increase its membership, which now doubles the initial 350 members.

Bilateral trade was maintained at more than 10 billion USD in 2022 and 2023, turning Vietnam into the largest trading partner of Canada in the Association of Southeast Asian Nations (ASEAN), statistics show./.

Hong Kong Airlines boosts Da Nang tourism with new daily flight

Flight HX548, operated by Hong Kong Airlines, landed at Da Nang International Airport on July 19, bringing 152 passengers from Hong Kong (China) to explore and experience tourism services in the central city.

Nguyen Thi Hoai An, Deputy Director of the municipal Tourism Department, said Hong Kong Airlines' daily round-trip route adds to the existing network, bringing the total number of international flights between Hong Kong and Da Nang to 21 per week.

This new service is seen as a significant boost to Da Nang's international tourism recovery, connecting passengers to other global and regional destinations through Hong Kong Airlines' network, she said.

Currently, Da Nang enjoys established connections with Hong Kong through Hong Kong Express (10 flights/week) and VietJet Air (4 flights/week). Hong Kong Airlines complements these options with its direct service operating seven days a week.

Founded in 2006, Hong Kong Airlines is headquartered at Hong Kong International Airport (China)./.

Việt Nam, Brazil expand strategic partnership

Việt Nam has always considered Brazil as a major and important partner in South America, with bilateral trade reaching US$7.11 billion in 2023, Vietnamese Ambassador to Brazil Bùi Văn Nghị has said.

During a meeting with Wilson Miranda Lima, Governor of the northern state of Amazonas, Ambassador Nghị emphasised that Việt Nam was one of Brazil's significant trade partners and the two countries had ample room to enhance exchanges in various fields.

They included politics, diplomacy, trade and investment, science and technology, innovation, agriculture and agricultural processing, climate change mitigation, tourism and people-to-people exchanges.

The Vietnamese ambassador expressed his hope that the two countries would continue to support each other's socio-economic development and closely coordinate at international organisations and multilateral forums.

Governor Lima highlighted that the state of Amazonas and the countries of the Association of Southeast Asian Nations (ASEAN) share many climatic similarities, and he said that Amazonas would facilitate businesses interested in cooperation in this region.

In a working session with the Vietnamese ambassador, General Director of the Brazilian Agricultural Research Corporation (Embrapa) Everton Rabelo Cordeiro praised the high quality of rubber trees grown in Việt Nam and suggested this valuable genetic resource to be preserved.

He also introduced the economic value of the Amazonian peach palm, which has high productivity and can thrive in barren lands.

Ambassador Nghị agreed that this plant is well suited to the climate, soil and needs of Việt Nam, and he looked forward to cooperating with Brazil in cultivating this crop.

During discussions with the Fiocruz Research Agency, a prominent centre for biological science research and development in Brazil, Ambassador Nghị proposed exchanges between Fiocruz and the National Institute of Malariology, Parasitology, and Entomology, the Vietnam-Russia Tropical Center, and the Institute of Tropical Biology in the research of vaccines for malaria, dengue fever and other tropical diseases.

The ambassador’s visit to Amazonas was part of the diplomatic activities of the ASEAN Committee in Brazil.

Amazonas is Brazil's largest state, located in the north of the country and covered by the Amazon rainforest, with an extremely diverse ecosystem. 

Vietnamese lychee sold well at Costco stores in Australia

Lychee, one of Vietnam’s major export fruits, has been sold well at Costco stores in Western Australia and South Australia, according to the Vietnam Trade Office in Australia.

The tropical fruit was introduced to Australian consumers at Costco stores in the two Australian states on July 20 by the Vietnam Trade Office and 4waysfresh, a privately owned company that supplies vegetables and fruits direct to food processing companies and major supermarkets in Australia.

The fruit has been sold out after hitting the shelf of a Costco store in Perth city of Western Australia, said the Trade Office.

The wholesale price of the Vietnamese fruit at Costco stores in Adelaide city is 18.99 AUD per kilo, while the retail price via electronic platforms in Sydney and Melbourne is about 35 AUD per kilo.

This is the first time the Vietnamese lychee has been marketed to consumers at Costco stores in Australia.

According to Nguyen Phu Hoa, head of the Vietnam Trade Office in Australia, the Vietnamese lychee has been sold out in major Australian cities such as Sydney and Melbourne this year. The export of agricultural products and fruits from Vietnam to Australia rose 33.3% in the first six months of the year./.

Vietnamese enterprises attend 8th China-South Asia Expo

More than 60 Vietnamese enterprises are taking part in the 8th China-South Asia (CSA) Expo and the 28th Kunming Import and Export Fair which opened in Kunming city, Yunnan province of China on July 23.

The event, which lasts until July 28, brought together 2,000 enterprises from 82 countries and territories all over the world.

The Vietnamese businesses are showcasing the country’s key products, such as seafood, coffee, cashew nuts, footwears, wooden products and handicrafts.

The event features 15 exhibition areas, including those on architectural science and technology, manufacturing, culture, sports and tourism, healthcare, coffee industry, modern agriculture, food & lifestyle. Notably, this year, a cafe booth is organised for the first time, with the participation of more than 160 businesses.

Through seven editions, the expo has attracted more than 18,000 foreign businesses to participate, more than 4 million visitors, with successful foreign transactions reaching more than 100 billion USD. It becomes an exhibition platform that integrates merchandise trade, investment promotion, tourism cooperation and cultural exchange, and continues to play an important role in expanding trade cooperation between China and South Asian countries./.

Ministry suggests solutions to boost import-export amid increasing shipping rates

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan has signed a document recommending six solutions to foster imports and exports as shipping rates have continued to climb.

Addressed to import-export, trade and logistics associations, the Vietnam Shippers' Council, and the Vietnam Ship Agents, Brokers and Maritime Service Providers Association, the document outlines the impact of rising sea freight rates, regional port congestion in Asia, and a shortage of empty containers on trade activities.

To mitigate these challenges, the ministry emphasises in its document the importance of enhancing coordination among associations and businesses. It encourages member enterprises to develop production, transport, and export-import plans to establish long-term contracts with shipping companies.

Additionally, those trading with Europe are advised to explore alternative routes, such as multimodal ones that involve shipping to Middle Eastern ports, followed by air, rail, or road transport to Europe. The ministry also highlights the need to leverage new-generation free trade agreements (FTAs) to facilitate trade and maximise benefits from these pacts.

It urges businesses to collaborate with customs authorities and port operators to expedite the processing of backlogged goods, thereby improving the flow and handling capacity of cargo at ports.

It also suggests industry associations work with the Vietnam Chamber of Commerce and Industry (VCCI) to raise awareness and enhance the capabilities of small- and medium-sized enterprises (SMEs) in negotiating and signing international trade and insurance contracts to protect themselves against risks and losses.

The proactive development of contingency and rapid response plans to minimise risks and damage from similar unpredictable incidents in the future is also recommended for export-import associations and businesses.

Previously, in response to the escalating sea freight rates, Minister of Industry and Trade Nguyen Hong Dien sent a letter to Turgut Erkeskin, Chairman of the International Federation of Freight Forwarders Associations (FIATA), proposing support on related issues. The minister also expressed his hope that FIATA would assist the Vietnamese Government in positioning the country as a new international transit hub and production centre in Asia. He requested authorisation for Vietnamese organisations to participate in FIATA training and certification to quickly develop a professional workforce with high international market access capabilities./.

Vietnam needs comprehensive regulatory framework to attract green financing

Vietnam needs a clear regulatory framework and solutions to promote the green finance market and encourage private capital flows into green fields, experts have said.

Speaking at the 2024 Green Finance Forum held by Vietnam Financial Times in Ho Chi Minh City on July 22, they pointed to the fact that green credit, or sustainable finance, has become a crucial element of the global financial system.

It contributes to resolving environmental challenges and enhancing resilience to climate change.

The delegates said in Vietnam green finance is an imperative to achieving sustainable development and net zero emissions by 2050 as committed by the Government.

Dr Can Van Luc, a member of the National Financial and Monetary Policy Advisory Council, said as of March 31 this year outstanding green credit was 637 trillion VND (24.9 billion USD), or 4.5% of total banking loans outstanding.

Referring to green bonds, he said the country issued 1.16 billion USD in the 2019-2023 period, just a fraction of the 20 billion USD demand annually.

Globally, sustainable bonds totalled 939 billion USD in 2023, he said.

Commenting on the opportunities in Vietnam, he said green finance is an inevitable trend and the legal framework for green credit, stocks, bonds, and investment funds is gradually being made comprehensive.

He emphasised that the country would need huge funding for energy conversion, reducing carbon emissions, waste management, and other tasks needed to achieve net zero emissions.

Credit institutions need to develop an appraisal process specifically for green credit, and have appropriate products and services for borrowers’ various needs, he said.

Vu Chi Dung, director of the State Securities Commission’s International Cooperation Department, said the inadequate legal framework and businesses’ failure to fully understand the long-term benefits of sustainable development and know about green finance are among the hurdles to developing the green capital market in Vietnam.

There is also a lack of policies and mechanisms to encourage businesses to sell green financial products, there are few investors in this sector and there is no active participation by independent assessors, he added.

Promoting the green capital market needs a comprehensive legal framework and policies to create favourable conditions for issuance organisations and attracting investors, he said.

Sustainability is an inevitable trend, and businesses must change to integrate environmental, social and governance factors into business operations because it would help them increase their competitiveness and access to green capital, he said.

Echoing Dung, Tran Anh Dao, deputy general director of the Ho Chi Minh Stock Exchange’s executive board, said to mobilise green finance businesses need to raise awareness about ESG and sustainable development.

Meanwhile they need to strictly comply with environmental regulations such as greenhouse gas inventories and mitigation of emissions, she added./.

Vietnam, Cuba promote cooperation between construction businesses

Minister of Construction Nguyen Thanh Nghi held talks with Cuban Minister of Construction Rene Mesa Villafana in Hanoi on July 23, aiming to review the implementation of agreements on cooperation in construction in line with the minutes of the 41st meeting of the Vietnam-Cuba Intergovernmental Committee signed in Cuba on April 15 and exchange contents that need to be promoted in the coming time.

The Vietnamese Ministry of Construction has provided support for the Dinvai Vietnam Co.Ltd, a Cuban enterprise operating in Vietnam, to obtain a certificate in the field of civil construction, Nghi said, adding that the ministry is working to help the company acquired another in the field of infrastructure and transportation.

Besides, the Vietnam Machinery Installation Corporation (LILAMA) sent a delegation to the Caribbean country to study the status of some cement factories as well as provide advice for Cuban partners on the renovation and upgrade of a number of machinery and equipment to modernise production lines and improve productivity, he said.

The Vietnam National Cement Corporation (VICEM) and the Grupo Empresarial del Cemento - Cuban Cement Business Group - (GECEM) discussed plans to send a delegation to Cuba to study and provide consultancy on the modernisation of production lines and optimisation of the operation of the cement factories, while offering technical training to Cuban experts in the Southeast Asian nation.

At the meeting, Nghi suggested the two countries' construction ministries continue to maintain the exchange of their information and experience in inmanagement and development, in addition to supporting cooperation between their companies.

He advocated promoting collaboration between Vietnamese and Cuban companies in other areas of mutual interest, and asked the Cuban Ministry of Construction to continue paying attention and adopting timely solutions to address the difficulties faced by Vietnamese companies while investing, producing and carrying out business in Cuba.

He promised to support Cuban companies in their investment, production and business activities in Vietnam, and reiterated the willingness to share experiences with Cuba in law-making, especially relating to housing and real estate market.

For his part, Villafana affirmed the Cuban side will create more favourable conditions for Vietnamese companies to invest and do business effectively.

Currently, Cuba is expanding cooperation and investment abroad, increasing the connection between foreign and domestic enterprises, while offering preferential policies to foreign firms, including Vietnamese construction firms, he noted.

He agreed with the key contents of cooperation proposed by the host and expressed his hope that the Vietnamese ministry continues to create conditions for Cuban companies to invest in the Southeast Asian nation./.

Binh Dinh seeks investment opportunities from Germany, France

A delegation from the south central province of Binh Dinh led by Permanent Vice Secretary of the provincial Party Committee Le Kim Toan paid a working trip to Germany and France to explore investment opportunities from July 17-22, reported the provincial Department of Planning and Investment.

The trip included working sessions with Vietnamese ambassadors in both countries. In Germany, the delegation attended an investment and trade promotion seminar co-hosted by Becamex IDC Corporation and the Federal Association for Economic Development and Foreign Trade of Germany (BWA).

They explored economic models in Berlin, visited hi-tech, green and biotechnology companies at the Adlershof Technology Park, and studied management practices at The Drivery GmbH, Siemens Group, the Electrolyzer and Hydrogen Gas production plant, and the wastewater treatment plant of Nordic Water, a Sulzer brand.

Their discussions with W2E Sector Asia Access Holding AG, the Viet Tech Hub Europe Association, and the TrackCO2 Eco Cockpit project focused on potential opportunities and collaborations.

During meetings with businesses, Binh Dinh representatives briefed German companies on local potential and advantages, introduced investment attraction mechanisms, including incentives for economic zones and industrial parks, notably the Becamex VSIP Binh Dinh Industrial Park.

BWA Federal Managing Director Urs Unkauf expressed his belief that Binh Dinh has the potential to become a new manufacturing hub and a prime destination for German enterprises.

Vice Chairman of the provincial People's Committee Nguyen Tu Cong Hoang outlined the province's ongoing efforts to upgrade infrastructure, develop industrial zones and clusters, streamline administrative procedures and improve human resources quality.

He also pointed out key areas where Binh Dinh's potential aligns with German strengths, such as energy, machinery and equipment manufacturing, medical equipment, pharmaceuticals, and advancements in semiconductor technology, new materials, biotechnology, and logistics.

In France, the delegation surveyed economic models in Normandy region./.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes