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Vietnam Today

Vietnam proposes e-commerce framework in APEC

Released at: 15:06, 17/05/2017 APEC Viet Nam 2017

Vietnam proposes e-commerce framework in APEC

Illustrative image (Source: dependable-solution.net)

Proposal made given substantial growth in cross-border e-commerce trade.

by Van vi

Vietnam has recently proposed an initiative to build a framework for e-commerce facilitation in the Asia-Pacific region and considers it an important part of the agenda of APEC 2017.

According to the Ministry of Industry and Trade, Vietnam made the proposal because cross-border e-commerce is considered the fastest growing field in world trade. It began 20 years ago and by the end of 2016 was estimated at $1.92 trillion globally.

Asia-Pacific’s sales from business-to-consumer (B2C) revenue in 2016 reached $144 billion, accounting for nearly 36 per cent of the segment’s sales globally. The figure is expected to increase to $467 billion and account for nearly 48 per cent by 2020.

Vietnam has proposed the initiative in this context. The proposal focuses on five pillars: finalizing and harmonizing an e-commerce legal framework among regional economies, strengthening capacity so that regional economies can help small, medium and micro enterprises enter the cross-border e-commerce market, promoting cross-border personal data protection, facilitating non-paper trade, and settling new issues in cross-border e-commerce.

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