Vietnam’s e-commerce sector grew by more than 25 percent last year and can maintain this growth rate in the next two or three years, according to the Vietnam E-Commerce Association (VECOM). It says online sales is set to hit $10 billion by 2020, accounting for five percent of the country’s total retail sales. Yet the four top firms that have built up the nation’s e-commerce so far, Lazada, Tiki, Shoppee and Sendo, have repeatedly reported accumulated losses. Market observers explain that in a “primitive market with high growth rates,” top companies are not afraid to accumulate losses in order to entrench themselves in positions of strength by focusing on expanding their market share at “at all costs.” Singapore-based Lazada entered Vietnam in 2012 when it was still owned by Germany's Rocket Internet. In April 2016, China’s Alibaba Group Holding Ltd bought a controlling stake in Lazada for about $1 billion to support its expansion plans in … [Read more...] about E-commerce booms in Vietnam but top firms stay in the red
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Forty years after the war ended, relations between Viet Nam and the United States have grown significantly, especially in trade. In 2014, Viet Nam became the top ASEAN exporter to the US with a record trade surplus of almost US$25 billion. Bilateral trade reached $36.3 billion last year. Both nations are participants of Trans Pacific Partnership (TPP) trade negotiations, so bilateral trade is predicted to expand. Viet Nam News spoke to experts about how Viet Nam can leverage its reforms and economic competitiveness to reap the benefits of these new opportunities. The US has become a key trading partner and investor for Viet Nam. In the next two or three years, do you think the US could become the top investor in Viet Nam? Adam Sitkoff, executive director of American Chamber of Commerce Viet Nam It is a credit to the Vietnamese and American people that our two countries have been able to move beyond the tragedies of our shared past to build such a vibrant and strong friendship. One of … [Read more...] about US – VN trade likely to boom under TPP – Opinion – In the Spotlight – Vietnam News Politics, Business, Economy, Society, Life, Sports
VietNamNet Bridge - Vietnam has great potential in developing digital technology but it has not been able to achieve a great deal because of a lack of digital readiness. VCCI Chair Vu Tien Loc cited a recent survey by Harvard University as saying that Vietnam is one of the five sides of the rising star in the digital technology world. The other four sides include India, Brazil, China and the Philippines. However, though digital technology wave has been developing strongly, Vietnam’s readiness for ‘digital opportunity’ is very low. Loc commented that Vietnam’s economy and small & medium enterprises are standing in front of the integration of two waves – institutional reform and digital technology. And if they can take full advantage of the opportunity, they will be able to develop. Vietnam has great potential in developing digital technology but it has not been able to achieve a great deal because of a lack of digital readiness. There are important … [Read more...] about Is Vietnam a rising star in the digital technology community?
(CPV)- The Connectivity Scorecard 2010 shows Vietnam finishing in 15th position among resource and efficiency-driven economies, with a score of 3.42. Of the four other ASEAN economies included in the rankings, Vietnam trails Malaysia, which scored 7.11 to take the top spot, and Thailand (3.53), but managed to stay ahead of the Philippines (2.97) and Indonesia (2.14). Vietnam performs best in the consumer category of the Scorecard. The country achieved its highest score of 0.67 in the consumer usage and skills sub-category, where its performance comes close to the top-scorer Malaysia (0.74). This is largely on account of its high literacy rate, which is close to the median score on this metric. High levels of voice usage and moderate performance in internet usage (a score of 0.43 on a 0 to 1 scale) further boost the country's score in this area. While Vietnam offers a relatively strong performance in the consumer-related sub-categories, a lackluster performance in the business segment … [Read more...] about Connectivity Scorecard 2010: Vietnam – Undone by low scores in the business segment
Vietnam expects to export 1.5 million tons of rice this year to the Philippines, the government said Wednesday, in its first confirmation of the size of a massive deal that boosted export quotations. The pact, accounting for 30 percent of Vietnam's projected export volume this year, would fill the annual grain import needs of the Philippines, the world's largest rice buyer. … [Read more...] about Vietnam to ship 1.5 million tons of rice to the Philippines