Despite remarkable progress, the e-transaction market still fails to meet the demand of sustainable development. E-transactions need to become even more popular in anticipation of a digital economy.

Vietnam has a firm foundation for e-commerce. Vietnam is among the 78% countries that have e-transactions and 75% of countries that have cyber security laws. 

The country has more than 64 million internet users, 57% of the population have social network account, and 67% of internet users have conducted online transaction. 

The Vietnamese government pays special attention to taking advantage of the 4th Industrial Revolution and has implemented adopted policies to boost e-commerce.

According to the National Electronics Authentication Center of the Ministry of Information and Communications, there are 12 centers licensed to provide digital signature authentication services and 1.1 million working digital certificates of authority. 

Ministries, sectors, and localities are now using more than 144,000 digital certificates. The Ministry of Information and Communication plans to boost digital signature authentication and ensure e-transaction security. 

Deputy Minister of Information and Communication Nguyen Thanh Hung said, “The National Electronics Authentication Center cannot do everything by itself. It needs to cooperate with other agencies, association, and enterprises to remove barriers to using digital signatures. We license and collect fees to ensure our management. We hope that state agencies ensure security and reliability in e-transactions.”

According to the General Statistics Office, Vietnam’s revenue from online shopping has increased 30%, reaching 8 billion USD. Customers mainly use shopping apps like Shoppe, Lazada, or Tiki or social networks like Facebook or Zalo to shop. Revenue from online shopping is expected to reach 13 billion USD by 2020.

Improving infrastructure and public knowledge, awareness and trust in e-commerce and strengthening information security is the way to promote e-commerce. 

The State must establish the infrastructure and create an environment to develop e-commerce while enterprises need to optimize their business models and invest more in technology.