The RCEP Agreement has become a powerful driving force for global trade, with e-commerce emerging as the "digital backbone" of the regional economy . For Vietnam, this agreement is an opportunity to expand its market and raise its position; at the same time, it requires innovation in thinking, standardization of processes and acceleration of digital transformation to compete effectively. The reporter had an interview with Dr. Nguyen Minh Phong, an economic expert, on this issue.
- Sir, RCEP creates a trade area that accounts for 1/3 of total global trade. From your perspective, what role does e-commerce play in the digital economic picture of the bloc and especially for Vietnam?
Dr. Nguyen Minh Phong: RCEP is the world’s largest free trade agreement in terms of economic scale and population, and is also an important boost for the process of digitalizing regional trade. In that picture, e-commerce plays the role of a “digital blood vessel” that helps connect economies, shortens geographical distances and time, and facilitates the circulation of goods, services and knowledge faster and more effectively.
With more than 2.27 billion people and huge purchasing power, RCEP has been forming an open digital economic ecosystem, where e-commerce becomes the main driving force to enhance connectivity, optimize value chains and promote the movement of capital, technology and high-quality human resources.
In particular, the bloc's cross-border e-commerce accounts for more than 50% of global e-commerce, showing outstanding growth potential and strong spillover effects to member economies.
For Vietnam, e-commerce within the RCEP framework has a dual strategic significance. On the one hand, it expands the “business borders” of Vietnamese enterprises throughout the region, helping Vietnamese products and services access large markets such as Japan, Korea, China or Australia without being limited by distance or scale. On the other hand, it forces businesses to change their mindset, improve digital capacity and standardize processes, thereby gradually improving their competitiveness and position in the global supply chain.
The highlight of e-commerce is its inclusiveness, as not only large corporations but also small and micro enterprises can participate. This is an opportunity for millions of Vietnamese enterprises, especially SMEs, to take advantage of the technology platform to "stand on the same playing field" with competitors in the region, bringing agricultural products, consumer goods, handicrafts or digital services to the international market.
It can be said that e-commerce in RCEP is a modern transaction method and a strategic driving force to help Vietnam realize the goal of digital economic integration, improve growth quality and affirm its position in the context of deep globalization. This is the "door" for Vietnam to enter a new stage of development, where value comes not only from tangible resources but also from creativity, innovation and digital connectivity.
- Limitations in information technology infrastructure, logistics and electronic payments are considered the biggest “bottlenecks” to promote cross-border e-commerce. How do you view this situation in Vietnam and what is the breakthrough solution to shorten the gap with other countries in the bloc?
Dr. Nguyen Minh Phong: Vietnam’s information technology, logistics and e-payment infrastructure has made positive progress in the past few years, especially thanks to the national digital transformation program and the participation of the private sector. However, in the context of deep integration with RCEP, these achievements are still not enough to meet the rapid growth of cross-border e-commerce.
Digital infrastructure still lacks synchronization; Internet speed, especially in rural and mountainous areas, does not meet the requirements of real-time transactions; warehouse and transportation systems are still scattered, causing Vietnam's logistics costs to remain higher than the regional average.
In addition, the cross-border electronic payment mechanism is not really convenient and safe, causing hesitation for both businesses and consumers. The causes of these "bottlenecks" come from many factors: investment in infrastructure is still scattered; lack of connectivity between industries; incomplete legal framework and international connection standards; and limited management capacity of many logistics enterprises. This makes Vietnam, despite its advantages in market and e-commerce growth rate, unable to fully exploit the potential of RCEP.
To bridge the gap, Vietnam needs a breakthrough and synchronous strategy. First, accelerate the modernization of digital infrastructure, prioritize widespread connectivity with high speed and stability, and ensure smooth operation of e-commerce platforms. Next, develop a smart logistics system, apply big data technology, artificial intelligence and blockchain to optimize operations, reduce costs and improve delivery speed.
Regarding payment, it is necessary to build cross-border payment platforms that meet international standards, are easy to use and secure, and expand cooperation between banks, financial institutions and technology enterprises to create a convenient and transparent payment ecosystem. If these solutions are implemented synchronously, Vietnam can turn infrastructure into a competitive advantage, creating a solid foundation for businesses to break through in cross-border e-commerce to serve the domestic market and expand to the region, making the most of opportunities from RCEP.
- The development gap between economies in the RCEP bloc is creating a large difference in the level of readiness for the digital economy. What recommendations do you have for Vietnam to both take advantage of the opportunities and overcome the disadvantages of this difference?
Dr. Nguyen Minh Phong: Some countries such as Japan, South Korea, and Singapore already possess a complete digital economic platform and e-commerce ecosystem, while developing countries, including Vietnam, are still in the early stages of the transformation journey. This gap creates great competitive pressure, but at the same time opens up opportunities for Vietnam to take advantage of cooperation mechanisms within the bloc to accelerate. The most important thing is that Vietnam needs to have a proactive integration mindset.
Instead of worrying about being left behind, we need to clearly identify areas of strength such as agricultural products, consumer goods, and light industry, then focus on investing in technology, upgrading production processes, management, and marketing to meet regional standards.
In addition, actively participating in RCEP forums and working groups on the digital economy will help Vietnam gain early access to international information, trends and standards, thereby improving its policy-making capacity and supporting businesses more effectively. Another approach is to take advantage of technology transfer and training cooperation from previous partners.
Technical assistance programs and experience sharing from Japan, Korea, Australia or Singapore can help Vietnam significantly shorten the gap in technology and management, if we have a flexible reception and implementation mechanism.
At the same time, promoting regional initiatives such as common standards on data security, electronic payments or smart logistics will also help Vietnam integrate faster into the bloc's common digital economic ecosystem.
Clearly, the development gap is both a challenge and a driving force for Vietnam to reform more strongly. Proactively adapting, learning and making full use of the cooperation mechanism in RCEP is the key for us to turn disadvantages into advantages, move closer to the goal of deep digital integration and enhance our position in the region.
- What message do you want to send to the business community, especially small and medium enterprises, to be more ready to take advantage of RCEP commitments and expand development space in the digital age?
Dr. Nguyen Minh Phong: The first thing I want to emphasize to the business community, especially SMEs, is to change their mindset. E-commerce is no longer a trend but has become the core infrastructure of modern trade. RCEP has opened up a large, transparent and potential business space, but opportunities only become valuable when businesses dare to step out of their "comfort zone", dare to invest in technology and knowledge to integrate.
Vietnamese businesses, no matter how small, can fully exploit the advantages of RCEP. The most important thing is to proactively grasp the rules of the game: clearly understand the commitments, rules of origin, data protection regulations and quality standards, thereby standardizing production, business and service processes.
When complying with international standards, the opportunity to access the market and expand customers will increase significantly. At the same time, businesses need to consider investing in people and technology as a long-term strategy, not a short-term cost. Digital transformation helps save costs and improve management efficiency, while creating a foundation for building brands, exploiting customer data and developing new business models.
In addition, linkage and cooperation will be the key to enhancing strength. Small businesses can join industry associations, reputable e-commerce platforms or cooperate in chains to share resources, reduce risks and increase competitiveness.
Consider RCEP as an opportunity and a driving force to upgrade yourself. Businesses that change and standardize quickly will be the first to exploit this “wave of opportunity”. In the digital age, advantage no longer lies in capital size but in the ability to adapt, innovate and connect.
Thank you!
| The Regional Comprehensive Economic Partnership (RCEP) is an agreement consisting of 15 member countries, including 10 ASEAN countries and 5 partner countries: China, Japan, Korea, Australia, and New Zealand, signed on November 15, 2020, officially taking effect from January 1, 2022. |
Source: https://moit.gov.vn/tin-tuc/thi-truong-nuoc-ngoai/rcep-va-co-hoi-but-pha-cua-thuong-mai-dien-tu-viet-nam.html
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