With a population of 100 million, there is a large room for growth. Not only domestic but also foreign enterprises want to exploit the Vietnamese market, especially through e-commerce platforms.

Vietnam is regularly in the top 10 countries with the fastest e-commerce growth rate in the world, fluctuating between 16-30%/year. However, it only accounts for about 7-8% of the total retail sales of goods and consumer service revenue nationwide. There is still a lot of room for growth.

Vietnamese people are very ‘sensitive’ to fake goods

Sharing with Tuoi Tre Online on the sidelines of the Masan Consumer investor meeting event held on October 30, Mr. Hoang Nam – deputy director of the senior research and analysis department of Vietcap Securities Joint Stock Company – said that currently there are many businesses pushing goods on e-commerce channels, including companies listed on the stock exchange .

This is not only for the purpose of selling on the platforms, but also to increase brand awareness, thereby boosting sales of traditional channels. For example, when customers watch a livestream on TikTok or Shopee, they may not buy immediately, but create an impression when the need to shop occurs.

Besides the exchanges that have been operating for a relatively long time in Vietnam, recently the Temu exchange has appeared, causing a stir among many people. However, many people have also been  “disillusioned” with the Temu exchange .

With 14 years of experience in investment research and analysis, and understanding the consumer and retail market, Mr. Hoang Nam believes that Vietnamese people can easily recognize problems when cheap fake goods are sold online. Especially in the era of technological development, customers can easily post comments online and they can spread quickly.

Even celebrities and influencers (KOLs) who advertise low-quality products are more vulnerable to risks. In the past, many people had to receive “bitter lessons” when selling fake cosmetics and perfumes…

“In the e-commerce game, selling cheap fake goods is a quick way to make a quick buck, it’s not a long-term move if you want to survive in Vietnam,” said Mr. Hoang Nam.

Besides the somewhat floating goods, currently on many platforms such as Shopee, Lazada, Tiki also allows the opening of genuine stores, increasing choices and making it safer for customers.

Take advantage of being Vietnamese

“Many of my friends come to Vietnam and gain weight because the food is so delicious,” said Huynh Viet Thang, CFO of Masan Consumer Goods Joint Stock Company. This is an advantage for Vietnamese businesses to develop domestically, as well as a great opportunity to bring the country’s cuisine to the world.

To grow, the company must expand its distribution system, including supermarkets, convenience stores, eateries, cafes, restaurants, hotels, retail systems serving remote areas… and e-commerce platforms.

With 27 years of experience in the field of consumer product research and development, Ms. Le Thi Nga said that with the advantage of having a majority of the team being Vietnamese, understanding the culture, language, and taste, the company has recently launched many products with its own identity. These include fish sauce combined with Ly Son garlic and fresh chili, spices from Dak Lak pepper, Nghe An turmeric, etc.

Vietnamese businesses conquer domestic and international customers not only thanks to the source of raw materials but also by applying technologies such as vacuum drying, fermenting vegetables, keeping crispness at room temperature, and preserving delicious flavors…

According to Mr. Nam, in the context of cross-border e-commerce development, many Vietnamese enterprises find it difficult to compete on price if they create products that are similar or similar to those originating from the “world factory”. Therefore, it is necessary to focus on more typical products, promoting Vietnam’s advantages.

Integration, online sales channels develop, there are more choices, but many Vietnamese people still prioritize products from leading domestic companies, popular brands such as Masan consumer goods, Vinamilk milk, Thien Long school supplies, Hoa Phat steel…