14TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM

Alibaba to double investment in Vietnam's emerging manufacturing hubs

Thanh Thanh

Jul 29, 2023 / 08:36 PM

Expanding investment will help close the gap between Vietnam's small and medium-sized enterprises and international counterparts.

Global B2B e-commerce platform Alibaba.com plans to double investment in emerging manufacturing hubs in Vietnam.

Alibaba will expand its presence in Vietnam. Photo: Cong thuong newspaper

The company announced a three-year expansion plan in two major cities of Danang and Haiphong, and the provinces of Binh Duong, Bac Ninh and Long An.

The company will also hire local staff to provide appropriate services and support to Vietnamese exporters in these regions.

Roger Luo, Southeast Asia regional director of Alibaba.com, told a press conference this week that the expansion will help narrow the gap between Vietnam's small and medium-sized enterprises (SMEs) and international partners, enabling them to harness the power of global e-commerce to develop beyond the domestic market.

"We believe the investment will attract more businesses to participate in global e-commerce," he said.

According to Alibaba.com statistics, the average number of buyers purchasing Vietnamese products in March 2023 jumped 55% compared to March 2022, while the number of Vietnamese products on the platform increased by 24%. The total number of buyer transactions in the first half of 2023 increased by 33% year on year.

This shows the growing demand for Vietnamese products in the global market and highlights the potential of Vietnamese enterprises in the digital export sector.

Hanh Sanh Produce - Trading - Services Single Member Co., Ltd, is a Vietnamese electric fan manufacturer. Through the use of digital tools and support from Alibaba.com, the company has expanded its business operations and reached five markets worldwide.

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