Economy
Contracts worth $286.3 million inked at Việt Nam Int’l Defence Expo 2024
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| The agreement signing ceremony between China’s Alibaba.com and Fado.vn was held in HCM City. — VNS Photo Hoàng Nam |
Viet Nam News
HCM CITY – Small and medium-sized enterprises in Vietnamese can export their products all over the world through the online market at https://alibaba.fado.vn.
“Cross-border e-commerce is the global trend now and it will give a chance to SMEs, which [usually] do not have professional staff or experience to export,” Nguyễn Quang Huy, deputy head of the Ministry of Industry and Trade’s office in the south, told the agreement signing ceremony between China’s Alibaba.com and Fado.vn in HCM City on Thursday.
According to the Việt Nam E-Commerce Index, 32 per cent of domestic SMEs already established relations with foreign partners online.
“Joining B2B e-commerce platforms will help enterprises directly contact customers throughout the world, reduce traditional costs for market opening such as trade promotion, participation in fairs and exhibitions and opening representative offices in target markets,” Huy added.
Alibaba.com is the world’s leading B2B e-commerce platform. Through it, Vietnamese enterprises can reach 260 million buyers all over the world.
Following the agreement, local player Fado.vn will represent Alibaba in Việt Nam.
According to the General Department of Customs, last year Việt Nam’s exports were worth US$482 billion.
SMEs make up around 98 per cent of the 518,000 enterprises in Việt Nam. — VNS
