Amazon officially enters Vietnam
Ecommerce giant Amazon has officially named Vietnam’s conglomerate T&T Group as its strategic business partner and Saigon-Hanoi Commercial Bank (SHB) as its first finance-banking partner in Vietnam, marking its entrance into the Vietnamese market, heard attendees at a cross-border ecommerce conference on December 4.
Under the deal, Amazon Global Selling, T&T Group and SHB will cooperate on training human resources for the 4.0 era and helping Vietnamese exporters to run their businesses on Amazon’s ecommerce platform through the banking system, reported Phap Luat newspaper.
The cooperation agreement suggests that Vietnam is now recognized by major international corporations, boosting its global reputation, economic experts noted.
The Amazon Global Selling team in Vietnam will provide continuous support for local seller-partners operating on the Amazon platform, according to Bernard Tay, director of Amazon Global Selling Southeast Asia, Australia, and New Zealand.
Do Quang Hien, chairman and general director of T&T Group, pointed out that Amazon is a modern and effective ecommerce platform where Vietnamese products can reach more than 300 million buyers around the world.
Amazon has brought business opportunities to over 200,000 small and medium-sized enterprises as of last year.
Meanwhile, Vietnam is considered one of the world’s fastest growing ecommerce countries.
Data from the Ministry of Industry and Trade indicated that the local ecommerce market recorded robust growth during the 2015-2018 period. The country’s retail sales is expected to reach an estimated value of US$211 billion this year, including some US$10.4 billion from ecommerce sales.