Vietnam News Today (Dec. 25): Vietnam's E-commerce Market Exceeds 25 Billion USD

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The coast guard forces of Vietnam and China exchange gifts after concluding the joint patrol. (Photo: VNA)

Vietnam, China conduct joint patrol in northern Gulf of Tonkin

The Vietnam Coast Guard (VCG) and its Chinese counterpart on December 24 conducted the fourth joint patrol in the northern waters of the Gulf of Tonkin, off the coast of Mong Cai city in the northern province of Quang Ninh and Dongxing city in China's Guangxi province.

The activity aimed to strengthen coordination in combating crimes and legal violations at sea, particularly during the year-end period, according to VNA.

The joint patrol, spanning from Point 1 to Point 9 along the demarcation line of the Gulf of Tonkin, covered a distance of 120 nautical miles. This zone is crucial for export, import and goods exchange between Vietnam and China, but it is also abused for smuggling, trade fraud, illegal transportation of goods, and unauthorised border crossings by sea.

The VCG played a proactive role in public awareness raising efforts, informing dozens of fishing vessels from both countries about the importance of adhering to regulations against illegal, unreported, and unregulated (IUU) fishing so as to help with having the European Commission’s “yellow card” warning lifted and driving the sustainable development of Vietnam's fisheries sector.

A day earlier, the VCG released 10 containers of juvenile grouper into the bordering waters as part of efforts to enrich marine resources.

Starting in 2024, joint patrols in the bordering waters will be conducted quarterly by the coast guard forces of Vietnam and China, aiming to maintain security and order while ensuring legal compliance among citizens of both nations.

Vietnam shares bamboo diplomacy policy with Laos

The Lao People’s Revolutionary Party (LPRP) Central Committee and its Commission for Propaganda and Training and Commission for Foreign Affairs coordinated with the Vietnam Union of Friendship Organizations (VUFO) to organize a presentation on Vietnam's bamboo diplomacy policy on December 24 in Vientiane.

At the presentation, Dr. Phan Anh Son, President of the VUFO shared with Lao officials about foreign policy and bamboo diplomacy from the perspective of citizen diplomacy.

Talking about Vietnam's foreign policy since the 13th National Party Congress as well as the origin, meaning and connotation of Vietnam's bamboo diplomacy, Dr. Phan Anh Son emphasized Vietnam's policy of building a comprehensive and modern diplomacy with three pillars, namely Party diplomacy, State diplomacy and citizen diplomacy.

Vietnam firmly adheres to an independent and self-reliant foreign policy, ensuring the highest national interests; being a friend, a reliable partner, and a responsible member of the international community, cited VOV.

At the event.

According to Dr. Phan Anh Son, in the era of the nation’s rise, along with Party and State diplomacy, citizen diplomacy also needs to strongly innovate thinking, content, methods and approaches to activities, while simultaneously enhancing the quality of consulting, research and forecasting work.

At a meeting with Dr. Phan Anh Son the same day, Lao Vice President Bounthong Chitmany and Acting Head of the Lao People’s Revolutionary Party (LPRP) Central Committee’s Commission for Foreign Affairs Bounlua Phhandanouvong emphasized that this working visit by the VUFO has contributed to consolidating and strengthening the great friendship between Laos and Vietnam.

He also highly appreciated the VUFO's activities in building friendly relations with other countries and cooperating with non-governmental organizations, which are important contributory factors to the overall development of Vietnam.

Vietnam's e-commerce market exceeds 25 billion USD

Vietnam's retail e-commerce market is estimated to surpass 25 billion USD in 2024, marking a 20% increase compared to the previous year, according to the Ministry of Industry and Trade.

This figure exceeds the earlier projection of 22 billion USD made by Google, Temasek and Bain & Company in their ‘e-Conomy SEA 2024’ report. Regionally, Vietnam's e-commerce scale now ranks third, after Indonesia, which is forecast to make $65 billion and Thailand, which is set to realise 26 billion USD.

E-commerce remains a vital distribution channel, allowing the sale of large volumes of goods and agricultural products, especially during peak harvest seasons.

Many businesses have achieved remarkable growth by leveraging e-commerce platforms, while cross-border retail sales have surged, with increasing participation from small and medium-sized enterprises (SMEs).

Accounting for over 60% of Vietnam’s digital economy in 2024, e-commerce has been one of the country’s two key growth drivers, alongside online tourism.

Vietnam is now among the top ten fastest-growing e-commerce markets globally. It is a factor driving economic growth and promoting digital transformation in enterprises, VNA reported.

A user shops on Lazada. (Photo vietnammoi.vn)

Recently, besides the presence of domestic online retail platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, the market has witnessed the entry of cross-border platforms such as Temu and Shein.

However, the complexity and diversity of e-commerce models have presented regulatory challenges. For instance, live-streaming sales currently fall under general e-commerce regulations as an advertising activity accompanying sales, without specific rules for livestreamers, account identification and information control during live sessions.

Counterfeit and substandard goods remain a challenge, with violations becoming increasingly sophisticated in the digital space.

Cross-border activities also pose management difficulties. Some platforms, including Temu and Shein, have entered Vietnam without completing formal legal procedures. This lack of oversight has allowed foreign goods to penetrate the domestic market, affecting local products.

To address these challenges, a new e-commerce law is being studied and proposed, aiming at enhancing regulatory frameworks. The ministry also strengthens oversight and inspection of violations, particularly concerning cross-border digital platforms.

Currently, Vietnam has nearly 725,000 organizations and individuals conducting business on e-commerce platforms, with a total transaction value exceeding 75 trillion VND, according to the tax authority. Tax revenue from e-commerce activities in 2024 rose by 20% year-on-year, reaching 116 trillion VND.

Vietnam-India bilateral trade likely to exceed US$15 billion this year

Bilateral trade turnover between Vietnam and India is projected to surpass US$15 billion this year, continuing to affirm the pivotal role of economic and trade cooperation in the Vietnam-India relations, heard the India-Vietnam Meet on Economic Cooperation in Hanoi on December 24.

In her speech, Deputy Minister of Industry and Trade Phan Thi Thang highlighted economy and trade as key pillars in the Comprehensive Strategic Partnership between Vietnam and India, adding that this sector has consistently achieved high growth and 2024 is expected to continue to yield encouraging results.

This year's bilateral trade turnover is expected to exceed the US$15 billion mark that will be a bright spot in the relationship between the two countries in late 2024, continuing to affirm the crucial role of bilateral economic and trade links, VOV reported.

Deputy Minister of Industry and Trade Phan Thi Thang addresses the event (Photo: congthuong.vn)

The positive outcomes are attributable to significant contributions by the business communities and greater efforts of both nations' leaders in boosting economic and trade ties especially in the context of the global economy in general having to face plenty of difficulties and fluctuations in recent times, Thang emphasized. For his part, Sandeep Arya, Indian Ambassador to Vietnam said Vietnam - India bilateral trade turnover has grown by 11% over the past 10 years and has a wealth of opportunities for positive growth in the coming time, especially in the context that the two governments have conducted high-level trade and investment promotion dialogues.

The Indian diplomat affirmed that there is ample room for broader economic and trade cooperation between Vietnam and India moving forward, particularly in the fields of agriculture, chemicals, electricity, electronics, gemstones and jewelry, supply chain linkage, garments and textiles, and automobiles.

In addition, both sides can ramp up cooperation in projects related to infrastructure, environment, renewable energy, defense, information technology, software and digital services, education, healthcare and tourism in the time ahead.

Da Nang named among Asia’s top destinations for 2025

Da Nang has been ranked third on Time Out’s list of the best travel destinations in Asia for 2025, thanks to its charm, natural beauty, and thriving culinary scene.

Da Nang has been honored with the third spot in Time Out magazine's list of the eight best destinations to visit in Asia in 2025.

Time Out highlighted Da Nang as a coastal city that is not overcrowded yet offers a wealth of attractions, culinary experiences, and vibrant activities, meeting the publication's selection criteria.

Da Nang’s iconic Golden Bridge, a symbol of its rapid growth as a global travel destination. Photo: Agoda

"Da Nang has long been a favorite beach destination for locals. Known for its charm, this coastal gem is rapidly catching up with Ho Chi Minh City and Hanoi with its growing scene of trendy restaurants and bars," said Liv Kelly, editor at Time Out.

In August, The Telegraph also recognized My Khe and Non Nuoc beaches in Da Nang as two of the 50 most beautiful beaches in the world.

Da Nang ranks third on Time Out’s list of must-visit destinations in Asia for 2025, following Sumba (Indonesia) and Siargao (Philippines). Other cities featured include Tainan (China), Ipoh (Malaysia), Osaka (Japan), Nan (Thailand), and Lijiang (China).

The list was compiled based on criteria such as sustainable tourism practices, accessibility, and the preservation of natural resources, ensuring that these destinations remain unique and unspoiled by overtourism.

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