E-commerce is a potential goldmine for businesses over the next two years with a potential reach of US$10 billion.

But it also offers opportunities for counterfeit and smuggled goods, a conference in the north-eastern province of Quang Ninh was warned on Monday.

With the development of the Fourth Industrial Revolution and digital age, e-commerce has created a new playground for businesses to develop.

In addition more and more domestic firms are providing e-commerce services.

Statista Market Research Company says e-commerce revenue in Viet Nam reached $2.26 billion last year, 30 per cent up from 2017.

Viet Nam ranked 6^th among the top 10 biggest e-commerce countries in the world after China, the US, UK, Japan and Germany.

The growth rate this year is expected to be 35 per cent.

But the success comes at a price.

“In addition to positive development, there has been trade fraud, counterfeit goods and violations of intellectual property rights,” said Dang Hoang An, deputy minister of Industry and Trade.

“This is a challenge for management agencies to have measures to protect consumers.”

A representative from Ha Noi’s Market Watch said in reality, they are facing difficulties monitor websites which violate the law.

E-commerce websites usually use images of real and genuine goods for sale at a much cheaper price and use social media sites to sell smuggled and fake cigarettes and cigars.

The department recently seized thousands of packets of fake food supplements sold online.

Viet Nam Directorate of Market Surveillance Tran Huu Linh said the National Steering Committee 389 would continue to hand out strict punishments for violations of trade fraud and fake goods.

Meanwhile, it would improve its staffing levels to catch up with new technology applications.

In addition, Market Watch will create a database and e-invoice system to supervise the market while improving people awareness on laws and regulations to help consumers understand their rights and duties. — VNS