The fact that Vietnamese goods have to continuously “confront” cheap goods from abroad is not a new story. How have Vietnamese goods prepared for this?
The “Temu fever” seems to have not yet “cooled down” in Vietnam as this platform has massively “attacked” the market with a super cheap price policy and a series of “huge” promotions. The appearance of Temu extending the "invasion" of cross-border retail e-commerce platforms to Vietnam in recent times.
Previously, since 2018, Vietnamese people can buy products directly on Alibaba's AliExpress. Last year, the "super fast fashion" giant Shein also approached the Vietnamese market. Other e-commerce platforms such as Shopee, Tiktok... are also ready to provide Vietnamese consumers with extremely diverse, eye-catching products, and importantly, with very competitive prices.
According to experts, the development of cross-border e-commerce is an inevitable trend, but price competition is posing a big challenge for Vietnamese businesses. Just competing on price on e-commerce platforms is enough to make Vietnamese businesses "out of breath" in both retaining customers and seeking profits.
However, in order not to let businesses "swim alone" in that chaotic competition, the ministries and branches immediately took action.
Specifically, immediately after determining that Temu promoted and sold products in Vietnam without a license, on October 26, Minister of Industry and Trade Nguyen Hong Dien signed Official Dispatch 8598/BCT-TMĐT to units under the Ministry regarding strengthening state management of e-commerce.
In particular, the Department of E-commerce and Digital Economy is required to preside over and coordinate with relevant agencies and units in October 2024 to strengthen communication and guide consumers to be cautious when shopping online on cross-border e-commerce platforms in general and platforms such as Temu, Shein, 1688... in particular. In particular, absolutely do not conduct transactions with platforms that have not been confirmed by the Ministry of Industry and Trade to register at the e-commerce management information portal.
Advise the Ministry's leaders to report to the Prime Minister to direct the Ministry of Finance to study a plan to monitor and manage imported goods circulating through e-commerce platforms that do not comply with the provisions of Vietnamese law.
At the same time, in October 2024, the Department of E-commerce and Digital Economy must proactively contact Temu's legal team to request compliance with current Vietnamese laws, and if necessary, coordinate with the Ministry of Information and Communications to have appropriate technical solutions to prevent...
At the same time, taking advantage of the year-end shopping season, on November 1, 2024, the Ministry of Industry and Trade issued Document No. 8791/BCT-TTTN on responding to the Recognition Program. Vietnamese goods Annual nationwide in 2024.
Identifying Vietnamese products is one of the long-term programs held annually, the "highlight" of the Ministry of Industry and Trade during the 15 years of implementing the Campaign for Vietnamese people to prioritize using Vietnamese products. With the organization on a national scale with a series of bustling activities, this is considered an annual, large-scale trade promotion event, stimulating consumption of Vietnamese products, expected by the Vietnamese business community and consumers.
For typical Vietnamese products such as OCOP products, characterized by high quality but limited output, the OCOP Incubator Program has been jointly implemented by the Ministry of Agriculture and Rural Development, the Ministry of Industry and Trade and the TikTok platform in 39 provinces and cities. Here, the Program gathers small OCOP entities with limited resources to support promotion on social networking platforms. OCOP entities are trained, share sales experiences, how to tell stories, build images, interact with buyers, etc. At the same time, OCOP entities are supported by famous people on social networks to promote products and sell on platforms.
Thus, it can be seen that the Government, ministries, including the Ministry of Industry and Trade have actively participated in order to provide timely support to Vietnamese goods. The remaining task is for businesses to make efforts to seize that opportunity and create momentum for their products.
Talking to reporters of the Industry and Trade Newspaper, economic expert Vu Vinh Phu said that, to be fair, Vietnamese enterprises also have certain advantages at home to compete with cheap Chinese goods such as understanding the market and tastes of domestic consumers. Besides, Vietnamese enterprises have advantages in local products such as agricultural products, or specialty products, OCOP products, etc.
In that context, Vietnamese enterprises need to focus on building brands, promoting the strategy of Vietnamese people using Vietnamese products, focusing on product quality, focusing on new technology, upgrading services to serve customers faster and more effectively. In addition, optimizing production to reduce costs.
If not Temu, Shopee, Tiktok, Lazada, Taobao... then sooner or later, other applications and brands will also join the Vietnamese market. The reason is because according to data from the Department of E-commerce and Digital Economy - Ministry of Industry and Trade, Vietnam's e-commerce has an average growth rate of 25% per year. More than 61 million Vietnamese people shop online and the average purchase value per person is about 336 USD. This data shows that Vietnam is becoming a potential country for investors, especially cross-border e-commerce.
Therefore, domestic enterprises need to increase investment in machinery and equipment; ensure product quality; shorten shipping time; have reasonable warranty policies... to increase competitiveness. If they continue to improve their competitiveness, Vietnamese goods will still maintain their position in the "home market". Even, looking optimistically, Vietnamese enterprises can take advantage of Chinese e-commerce platforms to reach Chinese consumers.
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