VN proposes e-commerce initiative

According to the E-commerce and Information Technology Agency under the Ministry of Industry and Trade, trans-border e-commerce is seen as the fastest growing sector in the world commerce. From a nearly zero starting point two decades ago, cross-border e-commerce was estimated at US$1.92 trillion globally as of late 2016.

The Asia-Pacific region possesses the largest transaction volume in the world, followed by West Europe and North America. Trans-border e-commerce revenue in the business-to-consumer (B2C) model was US$144 billion in Asia-Pacific last year, accounting for approximately 35.9% of the global value. These figures are expected to increase by US$467 billion and 47.9% in 2020.

In that context, Viet Nam has proposed an initiative on the building of an e-commerce facilitation framework, which focuses on the five working pillars: finalizing and harmonizing legal frameworks on e-commerce in APEC member economies; strengthening capacity building to enable APEC economies to support micro, small and medium-sized enterprises to join the trans-border e-commerce market in the region and around the world; promoting the cross-border protection of individual data via the implementation of the APEC’s current programs; facilitating non-paper trade in the region; and dealing with newly arising issues in cross-border e-commerce.

The 2017 APEC Year is considered of a pivotal event towards celebrating 20 years of Viet Nam’s APEC membership. The e-commerce facilitation framework within the APEC is one of the highlights of the 2017 APEC Year and is expected to contribute to facilitating trade and investment and become a driving force for regional economic development.

The APEC is established with the goal of promoting sustainable economic growth and prosperity in the Asia-Pacific region. During the operating process of the forum, APEC leaders have realized the significant role played by e-commerce in increasing competitiveness of micro, small and medium-sized enterprises, promoting sustainable growth and accelerating regional economic connectivity in an extensive fashion.

                                                                                                                                          By Vien Nhu