Vietnam Roundup: Businesses face cyberattacks, e-commerce revenue to surge, agricultural gains

Businesses in Vietnam face over 8,000 cyberattacks daily

Vietnamese businesses encountered significant vulnerabilities in cyberspace, with over 1.44 million cyberattacks reported in the first half of 2024, translating to more than 8,000 incidents daily, as per findings from Kaspersky. Within Southeast Asia, a staggering 26 million web threats were detected and thwarted during this timeframe, with Malaysia being particularly hard hit, registering over 19.6 million individual attacks. The escalating digital transformation in the region has been identified as a catalyst for increasing cyber risks, posing potential disruptions to critical sectors such as supply chains and healthcare, Tuoi Tre News reports.

PM says incentive mechanisms needed for semiconductor industry

Prime Minister Phạm Minh Chính underscored the urgency for robust incentive mechanisms and strategic policies to bolster Vietnam's semiconductor industry during the inaugural meeting of the National Steering Committee for Semiconductor Industry Development on December 14, 2024. He celebrated the strategic significance of the semiconductor sector and called for holistic engagement from government entities, commercial enterprises, and international partners. According to Vietnam News, proposed initiatives entail the establishment of an investment support fund, revisions to tax and fee policies, as well as a comprehensive human resources development plan aimed for implementation by 2030. Specific responsibilities were designated to various ministries; the Ministry of Planning and Investment is charged with overseeing the investment fund and human resource strategies, while the Ministry of Information and Communications will focus on the progression of specialised chips.

Việt Nam needs $14 billion to develop EV charging stations

On the forefront of sustainable development, Vietnam is poised to secure approximately $14 billion in investments to establish a comprehensive network of electric vehicle (EV) charging stations, integral to its aspirations for a green transport system and achieving net-zero emissions. Vietnam News reports that this strategic investment is paramount for curbing greenhouse gas emissions, stimulating economic growth, and generating employment opportunities amidst the burgeoning demand for EVs. Projections from the World Bank reveal that $2.2 billion will be requisite by 2030, escalating to $13.9 billion by 2040, and $32.6 billion by 2050 to adequately address the EV demand trajectory. Leading manufacturers, such as VinFast, are spearheading this initiative by investing in and adopting a franchise model aimed at broadening the charging network's reach.

Vietnam becomes top banana supplier to China

In the agricultural sector, Vietnam has emerged as China's leading supplier of bananas, marked by a remarkable 19.6% increase in imports from Vietnam, juxtaposed with a 39.2% decline in imports from the Philippines. This shift has been largely attributed to adverse weather conditions and diseases impacting banana production in the Philippines, leading to price hikes. Major Chinese retailers, including Aeon supermarkets, have made a strategic decision to stock exclusively Vietnamese bananas, which are recognised for their consistent quality and competitive pricing. Nonetheless, Vietnamese exporters as reported by vnExpress grapple with various challenges, such as price volatility during harvest periods and stringent Chinese quarantine regulations that must be adhered to.

Vietnam's e-commerce revenue to surpass a record US$25bil in 2025

Lastly, the e-commerce landscape in Vietnam is on a trajectory of rapid growth, with projections indicating that revenue could surpass US$25 billion by 2025. The B2C market is anticipated to experience growth rates of 18-20% in early 2024. The electronic portal established for foreign suppliers has recorded 116 registrations, contributing significantly to Vietnam's revenue, amounting to 19.8 trillion VND (approximately US$779.4 million). Notably, direct revenues generated through this portal reached 8.7 trillion VND (about US$342.4 million), showcasing a substantial increase of 26% from the previous year, The Star reports.