E-commerce transactions boom during COVID-19 pandemic

10:13 04/05/2022

Vietnam has emerged as an attractive destination for local and international investors in e-payment, e-commerce and online gaming services even during the COVID-19 pandemic, according to the Ministry of Investment and Planning.

At present, the total number of existing investment funds in the country increased by 60% compared to 2019 and 2020, mainly sourced from Singapore, the United States, and Japan.

Despite the multi-dimensional impact of the COVID-19 pandemic, last year saw a number of fields such as health care, education, and digital transformation record impressive growth of 1,016%, 526%, and 205%, respectively.

Nguyen Ba Diep, co-founder and vice president of MoMo E-Wallet, pointed out that although the pandemic can be viewed as a disaster for many industries, several digital firms like his enjoyed huge opportunities from the challenges.

Most notably, the number of e-payment customers increased dramatically, up to 1,000% per year, Diep said, noting that it would have taken 20 years to achieve that growth rate without the pandemic.

As economic recovery is picking up, Vietnam is expected to remain a magnet for investors and develop into a technology centre in the region thanks to the resilience of entrepreneurs, businesses, and start-ups, along with the Government’s effective macro-economic policies and timely support, according to insiders.

VOV