EVFTA creates opportunities for e-commerce

(VOVWORLD) - An e-commerce website to boost trade between Vietnam and the European Union will be established soon to help businesses exploit opportunities opened by the EU-Vietnam Free Trade Agreement (EVFTA). The site is part of a cooperation program of the Vietnam Institute of Digital Economy and Management Science (VIDEM), the Vietnam e-Commerce and Digital Economy Agency (IDEA) under the Ministry of Industry and Trade, and the Kim Nam Group.
 EVFTA creates opportunities for e-commerce - ảnh 1The launching ceremony of the cooperation program on March 26. Photo: moit.gov.vn

The EVFTA e-commerce site is a key national initiative to establish a transaction floor between businesses and a “large-scale highway” connecting Vietnamese businesses with foreign partners, particularly in Europe.

The site will connect with current digital trading floors in Vietnamese provinces, cities, and sectors. It will build a national database of business profiles and information on the origins of Vietnamese products and services, as well as information about Vietnam’s trade agreements and foreign trade policies. It will be part of a comprehensive digital ecosystem with digital solutions to help businesses connect and complete transactions on a single platform – with digital payment, logistics, e-invoices, and digital signatures.

Deputy Minister of Industry and Trade Cao Quoc Hung said: “We heard stories about Alibaba and Amazon giving micro-companies new business opportunities and allowing them to export their products, something they had never thought of. The COVID-19 pandemic has promoted the digitization the entire society in all sectors.

Technology can help Vietnamese businesses access international markets.”

The Ministry of Industry and Trade sees the EVFTA as the first step toward the Vietnamese business community, particularly SMEs and individual traders, taking full advantage of trade agreements.