Amazon to enter Vietnam
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The world’s leading e-commerce player, Amazon, is planning to enter the Vietnamese market, announced the Việt Nam E-commerce Association (VECOM).
Amazon will also support Vietnamese enterprises in exporting online through the platform, VECOM chairman Nguyễn Thanh Hưng said.
Accordingly, Amazon will kick off a co-operation programme to support Vietnamese small- and medium-sized enterprises to sell and export goods through its ecosystem at the Việt Nam Online Business Forum 2018, which will be held on March 14.
According to an evaluation of VECOM and prestigious research companies in the world, the growth of Vietnamese e-commerce is at a high rate. VECOM estimates the growth rate of 22 per cent per year.
The Vietnamese e-commerce scale is predicted to reach US$10 billion in the next five years, making Việt Nam a lucrative market to many e-commerce enterprises in the world.
Before Amazon, Lazada entered Việt Nam and dominated some one third of the country’s online shopping market. Later, Alibaba paid $1 billion to buy stakes at Lazada to enter the Southeast Asian market, including Vietnam.
Questions & Answers
Q.Which organisation confirmed Amazon's intention to enter the Vietnamese market?
Which organisation confirmed Amazon's intention to enter the Vietnamese market?
The Việt Nam E-commerce Association (VECOM) announced Amazon's plans to enter the Vietnamese market. VECOM's chairman, Nguyễn Thanh Hưng, provided further details regarding their co-operation programme.
Q.What kind of support will Amazon offer Vietnamese businesses?
What kind of support will Amazon offer Vietnamese businesses?
Amazon will launch a co-operation programme to help Vietnamese small and medium-sized enterprises sell and export their goods through its platform. This initiative will be introduced at the Việt Nam Online Business Forum 2018.
Q.What is the expected growth rate for e-commerce in Vietnam?
What is the expected growth rate for e-commerce in Vietnam?
VECOM and reputable research companies estimate the Vietnamese e-commerce market is growing at a rate of 22 per cent annually. This high growth makes the market attractive to e-commerce companies.
Q.Who is a major existing e-commerce player in Vietnam before Amazon's entry?
Who is a major existing e-commerce player in Vietnam before Amazon's entry?
Lazada had already entered Việt Nam and established a significant presence, dominating approximately one-third of the country's online shopping market. Alibaba later acquired a stake in Lazada to enter the Southeast Asian market.
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