Vietnam needs to set up an e-commerce credit evaluation system and perfect its legal framework to promote the development of Vietnam e-commerce market in 2021-25, said the Vietnam e-Commerce and Digital Economy Agency (iDEA) under the Ministry of Industry and Trade (MoIT). 

This is one of the solutions given by the iDEA in the context of Covid-19 outbreak and the explosive growth of online shopping, in which it focuses on developing e-commerce ecosystems in the next five years.

Vietnam e-commerce platforms will be ranked in terms of credibility. Photo: Khanh Huyen

iDEA said the e-commerce credit evaluation system, or the model of Circle of Trust, will be a tool to evaluate e-commerce businesses, helping promote ERCROW online payment method, online dispute resolution (TrustON), delivery service, programs to develop e-commerce launching, and support domestic producers to expand business in the country.

The iDEA will continue researching and proposing solutions to achieve the goals set out in the master plan for national e-commerce development for the 2021-25 period, enhancing the protection of consumers' interests in e-commerce and promoting enterprises to participate in and build an e-commerce market of healthy competition and sustainable development.

According to the master plan for national e-commerce development for the 2021-25 period, the government will support and promote the widespread application of e-commerce in enterprises and communities; narrow the gap between cities and rural areas in the e-commerce development level, and build a healthy, competitive and sustainable market.

The country targets to expand the consumption market for Vietnamese goods domestically and abroad through e-commerce applications and promote cross-border transactions so as to become one of the three leading countries in Southeast Asia in terms of e-commerce market development.

This year, the department will implement its GoOnline program, which will support local businesses in the process of e-commerce application.

Vietnam’s e-commerce revenue will likely reach US$52 billion, re-accelerating to nearly a 29% compound annual growth rate, and attaining the third position in the ASEAN region by 2025, according to the e-Conomy SEA 2020” report by Google, Temasek, Bain & Company.