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Vietnam e commerce market size

Where will costly promotion e-commerce campaigns lead?

April 11, 2021 by vietnamnet.vn

Online sale apps are spending big money on promotion campaigns to retain consumers, but the money seems to have been spent in vain.

Where will costly promotion e-commerce campaigns lead?

In order to buy a body care lotion bottle at a preferential price from a sale promotion program, Tran Thanh Truc in Ba Dinh district, Hanoi, installed a shopping app. Buying the product via this app, she enjoyed a discount of VND50,000 and did not have to pay a delivery fee under the new membership program.

One month after the purchase, Truc removed the app from her smartphone because she no longer wanted to buy things via this app.

Consumers like Truc are potential clients targeted by shopping apps. They compare selling prices offered by suppliers and choose the ones with lowest price levels. They are willing to shift to use other apps if the apps offer more attractive prices.

With the principle ‘new one in, old one out’, they are not loyal clients.

Nguyen Thi Hoai, a housewife in Hanoi, said she often installs new shopping apps. She noticed that sale promotion programs tend to target new customers rather than loyal clients.

“I am the manager of our family’s coffers, so I try to save every dong. I always compare the prices quoted on different apps and I will give up the apps which no longer offer discounts for products and set high delivery fees,” she said.

With the habit of saving every dong, Vietnamese consumers prefer COD (cash on delivery) payment, though online payments are convenient.

Hoai confirmed that she only makes online payments when there are promotion programs run by her e-wallet or Visa card.

When asked which app is her favorite, Hoai said that she doesn’t have one. She buys milk and napkins for kids via onr app, but chooses other apps for books and electronics.

Meanwhile, Do Quang Thang in Hanoi said he removed two apps because of bad quality of products and services.

“The products were advertised as having high quality, but they were really terrible,” he said.

Online sale apps are spending big money on promotion campaigns to retain consumers, but the money seems to have been spent in vain.

On consumers’ forums, people complain that the quality of products is not exact as advertised, and the service is not professional. And trade fraud is another problem. This explains why many people turn their back on online shopping and only buy things after seeing them with their eyes.

A representative of a shopping app said customers will delete unsuitable apps after trying. They install apps when the apps offer preferences, but if they don’t feel satisfied about the services, they will give up the apps because they have too many other choices.

The Southeast Asia e-commerce map of iPrice Group shows that the app removal rate in Vietnam is the highest in Southeast Asia, 49 percent in Q2 2020, though Vietnam was the second largest market in the region, after Indonesia in terms of access traffic.

The average number of visits to websites in Vietnam in 2020 was four times higher than Malaysia, three times more than the Philippines and twice as much as Thailand.

The race to win customers’ heart

In order to lure customers like Truc and Hoai, shopping apps spend billions of dong to make their apps known to customers and persuade them to install the apps. And in order to retain them, they run promotion campaigns continuously and compete with each other every minute.

Lazada, Shopee, Tiki and Sendo, the ‘big four’ in Vietnam’s e-commerce market, ran big sale promotion programs in 2020, on Single’s Day on November 11, Black Friday on November 27, Cyber Monday on November 30, December 12 and others.

Market analysts say that consumer psychology influences buying habits. As the Covid-19 pandemic has been controlled well in Vietnam, consumers are returning to do more shopping.

iPrice suggested that in addition to running sale promotion programs to attract customers, e-commerce firms should think of measures to improve customers’ experience.

E-commerce platforms will get big benefits if using AI and Big Data which gives better recognition to customers, understands their tastes and makes reasonable suggestions to them.

Tran Tuan Anh, managing director of Shopee Vietnam, said when people stay home during social distancing campaigns, they tend to shift to online platforms, which allows them to both satisfy their daily needs and use for entertainment purposes.

E-commerce apps need to integrate many factors for interaction, including games and livestreams to improve connections with consumers.

Vu Duc Thinh, CEO of Lazada Logistics Vietnam, said Lazada will continue to use technological resources and initiative to optimize customer’s experiences. In addition, it will shorten the time needed for north-south deliveries, striving for within-day delivery service at the lowest possible cost.

At present, e-commerce platforms are still taking a loss. They accept this because they have high hopes for the Vietnamese e-commerce market, which is predicted to have the value of $29 billion by 2025.

Google predicts that Vietnam’s e-commerce will obtain the highest growth rate, 34 percent, in the region by 2025.

Duy Anh

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Special fruits of Son La Province to be sold in e-commerce platforms

April 10, 2021 by sggpnews.org.vn

The Ministry of Industry and Trade’s sub-divisions in coordination with authority in Son La Province yesterday organized the event “Day of Son La specialties” to advertise special fruits and agricultural products of the province and boost fruit and vegetable sales to meet the demand of year-round availability of freshly produced fruits.

Special fruits of Son La Province to be sold in e-commerce platforms ảnh 1 A special fruit of Son La

The Vietnam E-Commerce and Digital Economy Agency has worked with e-commerce platform Sendo to select Son La’s special fruits and agricultural products, fruit juice, dairy products and honey to display on Sendo.

Moreover, the competent agency will focus on boosting the consumption of Son La’s produces in the country on e-commerce platform “Online Vietnamese booths” in cooperation with Vietnam’s large e-commerce platforms such as Sendo, Voso (Viettel Post), and Tiki to ship fruits to consumers as online purchases increase amid Covid-19.

By Van Phuc – Translated by Uyen Phuong

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Thriving equity market helps boost business transparency

April 1, 2021 by en.vietnamplus.vn

Thriving equity market helps boost business transparency hinh anh 1 Traders work at the trading floor of Sai Gon Securities Inc. (Photo: VNA)


Hanoi (VNS/VNA) –
The development of the equity market will help promote the transparency and corporate governance of listed companies, especially public companies with State capital , an official has said.

The statement was made by Dang Quyet Tien , director of the finance ministry’s Corporate Finance Department, during a recent seminar in Hanoi.

“This will help boost the volume of transactions in the stock market, increasing the liquidity for State shareholders,” Tien said.

“There is a problem that has persisted for many years in most State-owned enterprises, which is the ineffectiveness in the management and use of State capital,” he said.

“The development of the equity market would help State-owned enterprises be less dependent on bank credit loans, diversifying forms of capital mobilisation.”

The Vietnamese stock market has seen remarkable development since its inception, but the rate of capital mobilisation via this market was still very low, said Nguyen Tu Anh, director of the General Economic Department under the Central Economic Committee.

“The diversification of products on the market is still poor, resulting in high volatility. At present, idle capital in the economy is quite large, the deposit interest rates of banks have decreased and the interest rates of Government bonds have dropped deeply, which are very favourable conditions to develop the stock market,” he said.

“Over the past 20 years, Vietnam’s stock market has made great progress, promoting its role as a capital mobilisation channel for the medium and long term. However, more efforts are still needed to achieve the upcoming development goals,” said Ta Thanh Binh, Director of Securities Market Development Department under the State Securities Commission.

“The status upgrade of the stock market needs efforts not only from the securities industry and the stock market regulators but also from the public enterprises themselves. This will be achieved only when the businesses prove their transparency, complying with the discipline of information disclosure, following international accounting standards (IFRS),” she said.

The new era required efforts to improve corporate governance, the professionalism of the investor community and the ability of regulators to operate the market, said Can Van Luc, senior advisor of the Bank for Investment and Development of Vietnam (BIDV).

“People and technology are two decisive elements for the future development of Vietnam’s capital market,” he said.

Before the inception of the stock market, businesses were totally dependent on banks regarding capital, said Nguyen Duc Hau, Deputy General Director of HAPACO Group, the first enterprise in the north listed on the stock market of Vietnam.

“Since the opening of the stock market, HAPACO and many other businesses have raised hundreds of trillion Vietnamese dong from public investors, thereby expanding investment, having new shareholders, partners and wide-scale markets,” he said.

“We began as a small company, with equity capital of only 10.8 billion VND at the time of equitisation, but now HAPACO has an equity of more than 1 trillion VND,” he said.

“The 4.0 era will change the way that investment banks, securities companies and investment funds interact with customers,” said Pham Tien Dung, Research Director of Bao Viet Securities Joint Stock Company.

“Robots will do a lot of computing work instead of humans in the future. The rise of automation in the financial industry has changed the speed and form of the stock market,” Dung said.

“The segments of retirement insurance, health insurance and property management will witness a great development in Vietnam’s capital market in the new decade,” he said.

After more than 20 years of establishment, the structure of the capital market has been clearly shaped, consisting of two main components, namely the stock market and the medium and long-term credit market.

In 2000, the market capitalisation of the stock market was only 986 billion VND, equivalent to 0.28 percent of GDP, and after two decades, its capitalisation has soared to an equivalent to 83 percent of GDP./.

VNA

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MoIT proposes 35 percent cap on foreign investment in petrol market

April 11, 2021 by en.vietnamplus.vn

MoIT proposes 35 percent cap on foreign investment in petrol market hinh anh 1 A petrol station of Petrolimex (Photo: VNA)

Hanoi (VNS/VNA) – The Ministry of Industry and Trade (MoIT) has proposed a 35 percent cap on foreign investment in local oil and petrol businesses, but said it was open to scrapping the regulation.
The proposal is part of the draft revision and supplement of several articles in Government Decree No 83/2014/ND-CP on petrol and oil trading, which currently does not regulate a cap on foreign investment in the sector.

The ministry said 24 out of 25 comments from Government members approved the draft decree with the 35 percent cap, while one disagreed.

The MoIT said foreign investment into the local petrol and oil market has caused controversy over the years and the Ministries of Public Security, Planning and Investment, and Finance have long had concerns about energy security, legality and the intrinsic benefits of investment from foreign firms.

The MoIT said despite these concerns, several firms already have sizeable foreign ownership, including Petrolimex (20 percent owned by foreign investors), PVOil (35 percent) and BSR (49 percent) through equitisation, capital mobilisation and receiving approval from the Prime Minister. All the above firms have operated stably.

Foreign investors have contributed to a significant improvement in governance and transparency in financial statements, improving efficiency and competitiveness, while helping businesses increase their value, the MoIT said.

According to the ministry, foreign investors have abided by Vietnamese laws and regulations in the sector, but a lack of specific regulations on the shareholding ratios of foreign investors has caused confusion among domestic firms and regulators when discussing investment and capital increases.

The issue has even caused a lack of consistency in the shareholding rate when listing on the stock exchange.

In addition to the State-owned enterprises that have been permitted to sell stakes to foreign investors by the PM upon equitisation, there are thousands of listed petroleum companies that wish to attract foreign investors. Foreign businesses are also interested in their stocks but face difficulties due to the lack of clear and specific regulations.

These issues prompted the draft revision of the decree and the ministry is in favour of the 35 percent cap.

“The proposal to open the petroleum market stems from the needs of domestic petroleum businesses, not from foreign enterprises,” said the MoIT, adding that many countries have opened their petroleum markets such as China, Singapore, Thailand and Japan.

The ministry said petroleum enterprises, regardless of economic sector, when doing business in Vietnam, must comply with the conditions and provisions of this decree and other documents.

Any stake transfer is an indirect investment activity that does not allow enterprises to directly exercise the right to distribute petroleum in Vietnam. The exercise of the right to distribute petroleum in the country is only possible when a foreign enterprise establishes a branch in Vietnam./.

VNA

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Vietnam top legislators green-light joining of Abolition of Forced Labor Convention

April 30, 2020 by hanoitimes.vn

Vietnam’s s participation in Convention 105 will contribute to the implementation of Vietnam’s foreign policy of international integration.

Vietnam plans to join Convention 105 (C105) on the abolition of forced labor, one of the core conventions of the International Labor Organization (ILO), the Government Portal cited National Assembly (NA) Standing Committee’s conclusions of its 44th session on April 28.

The Standing Committee agreed on the necessity to join the convention as it has implications on all political, socio-economic and legal aspects of Vietnam.

Minister Dao Ngoc Dung makes a presentation report on acceding to the Convention 105. Photo: Le Son

The country’s adherence to C105 will not change Vietnam’s international obligations as the country has already joined the ILO’s Convention No. 29 on Forced Labour since 2007.

Moreover, C105’s standards have been incorporated into Vietnam’s commitments under EU-Vietnam Free Trade Agreement (EVFTA) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Minister of Labor, Invalids and Social Affairs Dao Ngoc Dung said Vietnam’s participation in the convention was in accordance with the Party’s guidelines to ensure human and civil rights. I demonstrated Vietnam’s political commitment to implementing obligations as an ILO member state and new generation free trade agreements.

He noted that the country’s participation in C105 will contribute to the implementation of Vietnam’s foreign policy of international integration.

Vietnam should join C105 to fulfill the obligations of an ILO member. According to the 1998 ILO Declaration, ILO member countries, whether they have acceded to the eight fundamental ILO Conventions or not, including C105, are obliged to implement the labor standards provided for in these conventions, the minister stressed.

“The non-use of forced labor in producing goods and services is considered a component of the ‘laissez-passer’, helping Vietnamese goods and services access global markets, especially those of the EU and the US,” Dung said.

Concluding the 44th session, NA Permanent Vice Chairwoman Tong Thi Phong said the NA Standing Committee agreed to apply the convention directly, without reservation of terms, and develop the ratification of the convention in three languages (Vietnamese, English and French).

Phong requested the government to ensure effective implementation of the convention, enhance the workforce training and labor inspection as well as secure the rights of Vietnamese workers.

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Google offers support for Vietnam business community

July 23, 2020 by hanoitimes.vn

US-tech giant Google looks to build long-term cooperation with Vietnam.

Google, with its experience, is willing to support the development of Vietnamese enterprises and looks to build long-term cooperation with Vietnam, according to Scott Beaumont, president of Google in Asia Pacific.

President of Google in Asia Pacific Scott Beaumont. Photo: VGP.

Enterprises with high level of digitalization would grow twice as fast as others, and Google wants to help local firms master online business skills, said Scott in an online meeting with Minister – Chairman of the Government Office Mai Tien Dung on July 22.

Scott said Vietnam has been successful in mitigating negative impacts of the Covid-19 pandemic, and this shows the world how to efficiently tackle the health crisis.

According to Scott, during the outbreak, Google had supported the Ministry of Health in providing official information and instructions to the people and businesses via YouTube.

Based on this experience, Scott said Google could cooperate with the Government Office in developing the national public service portal.

The successful implementation of the portal has been one of Vietnam’s achievements in the post-Covid-19 period, Scott added.

Under the framework of the “Vietnam Digital 4.0” program, Google is collaborating with the Ministry of Industry and Trade in providing online training for small and medium enterprises (SMEs), while assisting large scale enterprises to find new export markets.

Meanwhile, Google is working with Vietnam National Administration of Tourism to promote domestic tourism, one of the key solutions to boost Vietnam’s economic growth, Scott informed.

Minister of the Government Office Mai Tien Dung at the meeting. Photo: VGP.

At the meeting, Minister Dung said 96 days have passed without new Covid-19 cases in the community in Vietnam.

Dung said with the GDP growth of 1.81% in the first six months of 2020, Vietnam targets to reach a growth rate of 3 – 4% for this year.

Since its launch on December 9, 2019, the national public service portal has integrated 800 public services with nearly 200,000 accounts, 51 million visitors and 201,000 applications under processing.

Dung, however, said this is just a first step towards the building of e-government and is looking forward to cooperating with Google in promoting the portal.

Dung asked Google to set up a channel for the portal on YouTube for spreading the benefits of public online services for citizens and businesses.

The minister stressed the US is Vietnam’s key partner and the Vietnamese government is willing to support US firms in doing business in the country.

Local authorities are maintaining frequent communication with US companies to address their issues for more balanced trade relations, Dung informed.

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