TikTok, Shopee execs advise Vietnamese firms to stay ahead of market trends

Vietnamese businesses must understand market trends and stay ahead of them to succeed in sales, says Phan Manh Ha, head of external relations at Shopee Vietnam.

He stressed the importance of businesses maintaining an effective online presence at the Vietnam e-commerce and digital technology application forum 2024 in Hanoi on Wednesday.

Lai Viet Anh, deputy director of the Department of E-commerce and Digital Economy, cited a recent report from the government's conference on digital transformation in July 2024.

According to the report, Vietnam’s e-commerce revenue reached $20.5 billion in 2023, placing the country among those with the highest e-commerce growth rates in the region.

Large tech corporations have been investing in new sectors like electronics, semiconductors, R&D, AI, and more. Cashless payments were also on the rise, with 87% of adults now having payment accounts, already surpassing the target set for 2025.

"Right now, e-commerce is not only growing in urban areas but also expanding into remote regions, thanks to the rapid development of the delivery system," said Anh.

However, in the face of rapid e-commerce growth, Vietnamese businesses need to enhance their competitiveness in both domestic and international markets. Many local businesses were concerned about the challenge of competing with foreign products, particularly through online sales channels, he said.

In response to questions on this issue, Ha with Shopee Vietnam explained that the e-commerce platform would launch several initiatives to support Vietnamese businesses, including small and medium-sized enterprises. Specifically, it planned to help 1,000 Vietnamese businesses sell on the platform this year, he said.

Nguyen Lam Thanh, general director of TikTok Vietnam, said the platform would continue to support Vietnamese producers with a "hands-on" approach. Content creators will visit localities, experience products and share their stories with hundreds of millions of followers, he elaborated.

“Products featured in this program are typically in high demand, often selling out quickly,” said Thanh.

Ha added that in order to be successful, businesses must stay ahead of market trends. He also highlighted the importance of investing in their online presence: “Businesses need to invest in running their stores effectively, and we’re ready to work with local authorities to help them do that,” he said.

Given the strong growth of e-commerce and digital technology, Anh said he hoped Vietnamese businesses will improve their ability to apply these technologies. By embracing e-commerce and digital transformation, businesses can enhance their management practices and competitiveness, he said.