Under the new regulations in Vietnam that were published at the end of October, 2021, the country will bring some changes in the eCommerce industry. The new regulations will be effective after January 1, 2022.
We will discuss some notable changes from this new provision in the article below.
Not all sectors are included
While the new law mainly regulates the main directions of e-commerce sectors, there are some directions that are excluded from the regulations. These are: financial, banking, credit, insurance sectors. At the same time, we can also mention other means of payment, as well as betting services and games of chance, such as keno online, roulette, and various lotteries. Particular entities and individuals having e-commerce activities need to be careful when determining whether the relevant specialized laws of its business have regulations on e-commerce.
Definition of eCommerce
According to the new regulations and laws in Vietnam, eCommerce services exclude traders, entities only providing website design service and not participating in business, operation or coordination of activities on such websites.
At the same time, foreign investors can invest money in e-commerce services in Vietnam via founding a new company in Vietnam or investing in an already existing company in the country.
Vietnam is One of the Leaders in Trading
Vietnam is the leader in ASEAN and entered the top 10 countries in the world in terms of supply of goods to the EU This shows a noticeable improvement in competitiveness and an increase in the share of Vietnamese goods in the EU market, which serves as the basis for the development of investment and trade cooperation between Vietnam and the EU during the pandemic, as well as in the post-pandemic period.
Speaking at the Vietnam-EU trade forum on the morning of October 27, Deputy Minister of Industry and Trade Dang Hoang An emphasized that E-commerce has become a “bright spot” against the backdrop of the pandemic. The governments of the countries of the world, in general, European countries and Vietnam, in particular, have taken measures to promote the digital economy. As such, e-commerce has become a priority industry for post-pandemic economic recovery. It can be said that the COVID-19 pandemic contributes to some extent to the sustainable development of enterprises, but at the same time puts pressure on Vietnamese enterprises.
Vietnam is in the lead in ASEAN and entered the top 10 countries in the world in terms of supply
Earlier on October 26, the Ministry of Foreign Affairs, Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade of Vietnam co-chaired a talk on “Promoting Vietnamese Fruits and Vegetables Exports to the European Union” in face-to-face and online formats.
During the conversation, the Ambassadors and Trade Advisers of Vietnam in Belgium, Germany, Czech Republic, Austria, the Netherlands, Italy and some countries of the European Union (EU) provided useful information about EU countries’ regulations and consumer preferences, opportunities and challenges for exporting Vietnamese fruits to these countries and vegetables.
Representatives of fruit and vegetable exporting enterprises invited the relevant ministries and departments to regularly update information on regulations, needs, costs, and consumer preferences in the EU countries, develop a national strategy to promote a range of products with advantages, and consider the possibility of establishing associations of agricultural exporting enterprises. products to the EU market.
Vietnamese ambassadors to the EU countries, representatives of ministries, departments, localities and enterprises agreed to strengthen coordination of actions to improve the effectiveness of activities to promote trade and diversify products, in particular processed fruits and vegetables.