The forum - Consumption tendency in Vietnam: The future of online payments and consumption - organized by the Institute for Brand and Competitiveness Strategy opened the discussions on the potentials of digital payment in the era of e-commerce.
It is reported that four billion people connected to the internet worldwide this year with 30 percent of retail sales done through electronic applications, said Dang Thuy Ha, director of Nielsen in the northern region.
The Vietnamese internet users are forecasted to make up approximately 60 percent of the population, while 33 percent of Vietnamese consumers are going to make their purchase payment online in 2020. The 4.0 industry is putting Vietnamese enterprises under great pressure to improve and transform their business process in response to the on-going fierce competition, added Dinh Thi My Loan, honourary Chairwoman of the Vietnamese Retailers' Association.
Boosting online payments for e-commerce growth (Photo: Disruptive Tech ASEAN)
Although 95 percent of businesses acknowledge that the digital transformation trend in the business process is inevitable, according to Vietnam Software and IT Services Association (VINASA), almost 84 percent of them fail to follow this trend or apply any innovative technology to their business.
The question arises as to whether the right way to adopt the digital transformation successfully.
E-payment, as well as e-commerce, is expected to stimulate the growth of retail and bring great benefits for consumers in terms of transparent management and convenience. Important and potential as it is, businesses are struggling to harness the new movement to thrive as only 40 percent of the 5 million orders a month are proceeded with online payment, according to one of the biggest e-commerce platforms in Vietnam.
The favorable approach is to solve the counterfeit problem on platforms and to create trust amongst online shoppers toward e-payment. This requires banks, payment gateways and telecommunication carriers to create supporting policies and a shared database to minimize risks for customers who opt to pay online.
Source: Viet Nam News
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