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The Hanoitimes - Hanoi and Ho Chi Minh City would make up half of the country’s e-commerce revenues in the next five years. The Vietnamese government targets around 55% of the population to shop online with an average spend of US$600 annually by 2025. Illustrative photo. According to a government’s plan for the development of e-commerce by 2025 released on May 18, revenue from online sales of business-to-consumer e-commerce, known as B2C e-commerce, is set to grow by 25% per year to US$35 billion, accounting for 10% of total goods retail sales and service revenues. Meanwhile, the government expects the rate of population using related services, including non-cash payment services, at 50%, and through intermediary payment services at 80%. The plan aims to keep delivery costs at around 10% of product prices in e-commerce. By 2025, 80% of e-commerce websites should be integrated with online shopping and 70% providing e-invoices. Notably, Hanoi and Ho Chi Minh City would make up half of e-commerce revenues in the next five years. The government envisions half of the country’s small and medium enterprises providing online shopping services (including via social networks); 40% having mobile apps; 70% providers of electricity, water, telecommunications and media services having e-contracts with customers. Data and analytics firm Global Data forecast Vietnam’s e-commerce market to surpass VND399.5 trillion (US$17.3 billion) in 2023 from VND218.3 trillion (US$9.4 billion) in 2019, representing a compound annual growth rate (CAGR) of 16.3%. According to GlobalData’s 2019 Banking and Payments Survey, cash is still the most preferred payment mode for e-commerce purchases in Vietnam, accounting for 35.6% in 2019. Alternative payment solutions are gradually gaining ground and accounting for 15.5% share. MoMo is the most preferred alternative payment solution in Vietnam, followed by PayPal. Meanwhile, such strong growth of the market has …

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Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars, sending the cryptocurrency shooting higher. The announcements, buried deep in Tesla’s 2020 annual report, drove a roughly 20% surge in the world’s most widely held cryptocurrency to over $47,000. At current prices, 0.8 bitcoins would be enough to buy an entry-level Tesla Model 3. Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal. Musk has upended Wall Street over the last year and briefly became the world’s richest person as shares of Tesla surged nearly 500% to become the fifth most-valuable U.S. company, leaving other companies and investors eager to follow in his wake. “If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don’t think it would have been taken seriously,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York. “But when the richest man in the world does it, everyone has to take a second look.” The news sparked heavy trading in cryptocurrencies and caused exchanges like Coinbase, Gemini, Binance to experience technical issues, according to Coindesk. It also generated discussion on Reddit. While discussions of cryptocurrencies are banned on the WallStreetBets community that fueled the GameStop Corp trading frenzy, users in other subreddits posted “to the moon,” expecting more companies to follow suit after Tesla. A well-known supporter of cryptocurrencies, Musk has weighed in regularly on the past month’s frenzy in retail investment, also driving up prices of the meme-based digital currency dogecoin and shares of U.S. video game chain GameStop. Experts said they would not be …

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This comment was made by Outbox Consulting - a company specialising in providing in-depth research and consulting solutions for the tourism and hospitality sectors in Vietnam in a report on Vietnam’s Travel Trends in 2021, announced on February 24. Changing travel habits Before COVID-19, exploring a crowded city, strolling through bustling markets, enjoying dinner at a bistro brimming with locals, or touring major attractions were Vietnamese tourists’ favourite activities. However, as the epidemic has still been fully resolved, tourists are now giving their top priority to their safety in the new situation. Therefore, socially distant travel is expected to be the trend once again in 2021. Travelers will select sparsely populated areas nearby so that they can set plans and tours that align with their travel demands and ensure protection from the pandemic. Vietnamese tourists often spend 2-3 days, especially weekends or short holidays, travelling to domestic destinations. This year once again, they will choose destinations that are easy to move and near their cities they live. Coastal and island destinations are still the Vietnamese tourists’ favourite, with Vung Tau and Nha Trang emerging as popular destinations for domestic tourists. In addition, other famous tourist sites such as Ha Long, Sapa, Phu Quoc and Da Lat will attract a large number of visitors. If socially distant travel is how independent travelers will adapt to the new situation, small group travel is the choice for people who want to travel as a group and adapt to the current situation. Different from regular trips in 2019 that could accommodate 20 – 30 visitors, sizes have shrunk down to control the spread of infectious diseases. According to Outbox Consulting, the COVID-19 pandemic will make wellness travel an emerging trend this year. Wellness travel is not a new trend in the tourism industry; however, during the pandemic, fatigue and stress have become familiar to almost everyone. …

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