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Jack Ma: Vietnam holds huge e-commerce potential

The Saigon Times Daily
Tuesday,  Nov 7,2017,23:46 (GMT+7)
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Jack Ma: Vietnam holds huge e-commerce potential

The Saigon Times Daily

Alibaba’s executive chairman Jack Ma meets students in Hanoi on November 6 - PHOTO: VNA

HCMC - Alibaba Group is ready to assist Vietnam to develop e-commerce and science-technology, the fields where the country holds high growth potential, said Alibaba Group executive chairman Jack Ma in Hanoi on November 6.

Speaking at his meeting with Prime Minister Nguyen Xuan Phuc, Ma said Vietnam has achieved strong growth over the past ten years, the Government news website reports.

With a young population, the country is in an advantageous position to boost transnational e-commerce and business-to-consumer (B2C) trade.

The founder of the Chinese e-commerce giant showed interest in the Vietnamese Government’s plan for developing e-commerce in the 2016-2020 period, which aims for 30% of the population using e-commerce and average e-commerce revenue reaching US$350 per person per year.

However, Ma said, the goals would be hard to achieve if cashless payments are not promoted to help businesses cut transaction cost and to prevent corruption.

Ma said that on the occasion of his Vietnam visit, his company will sign an agreement on e-commerce and science-technology cooperation with Vietnam.

PM Phuc spoke highly of Ma’s suggestions and assigned ministries to work with Alibaba to sound out cooperation prospects.

Phuc suggested the Chinese billionaire help build a Vietnam store on the Alibaba e-commerce platform, invest in Vietnam’s entrepreneur funds, and assist Vietnamese micro, small and medium enterprises familiarize themselves to e-commerce.

“Vietnam needs Alibaba’s support to set up an e-commerce ecosystem to help Vietnamese farmers and traders boost exports,” said the PM.

Phuc expected Ma’s talk with Vietnamese students on November 6 would inspire young Vietnamese people.
This is the second time Ma has come to Vietnam, with the first taking place in 2006. “I was so eager to come to Vietnam this time,” Ma said. He thanked the PM for the warm welcome though the Vietnamese Government leader is busy with the APEC Economic Leaders’ Week 2017 in Danang City from November 6 to 11.

According to the Forbes real-time billionaires list, Jack Ma is the second richest person in China, with a fortune worth US$39.6 billion, including his 7.8% stake in Alibaba, his 37.9% stake in Ant Financial and his 50% stake in mobile payment processing service Alipay.

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