The E-Commerce and Digital Economy Agency (under the Ministry of Industry and Trade) has provided additional information about the cross-border e-commerce platform Temu.
Following discussions with the Agency, Elementary Innovation Pte. Ltd., the owner of the Temu e-commerce platform, submitted their registration documents for providing e-commerce services through the online.gov.vn portal.
The Agency reviewed the submission and requested additional information. Temu has since provided a second revised submission, which the Agency is currently reviewing in accordance with Decree No. 52/2013/ND-CP (amended and supplemented by Decree No. 85/2021/ND-CP) on e-commerce.
- Temporarily suspending e-commerce services in Vietnam, including not using the Vietnamese language on the Temu website and mobile app.
- Providing consumers with a warning that the platform is in the process of registering with the Ministry of Industry and Trade. This alerts consumers that the website and app are not yet permitted by the Ministry, and they should proceed with caution.
- Removing promotional programs that do not comply with Vietnamese law on trade promotion. All products with discounts over 50% have been removed per Decree No. 81, dated May 22, 2018, and other relevant laws.
- Discontinuing programs or models that encourage users to participate in business activities to earn various rewards and commissions in the Vietnamese market.
Prior to these changes, Temu had introduced an affiliate marketing program with a substantial 30% discount. This policy was unprecedented in the Vietnamese market. The program incentivized users to click on links, install the Temu app, and share referral links to earn significant rewards. Additionally, users could promote products sold on the platform and receive commissions of up to 30% from the sellers’ revenue.
The Imminent 5% Global Workforce Cut: Cargill’s Business Ventures and Strategies in Vietnam
The global agricultural powerhouse, Cargill, has announced plans to cut approximately 5% of its global workforce. This decision comes amidst declining profits due to falling food prices, prompting the company to take action to stay competitive in the market.
“The International ‘Playbook’: Small and Medium-Sized Enterprises Need to Take the Initiative to Adapt”
In the context of exports recording many positive results but still facing challenges, Vietnamese businesses need to be proactive in innovation, build long-term strategies, and focus on investing in technology and people. They must also take advantage of free trade agreements (FTAs) to expand their markets and stay competitive in the global economy.
“Vietnam: A Global Powerhouse in Trade and Commerce”
Once a minor player in global trade, Vietnam has emerged as a significant exporter, climbing to 11th place in the ranking of the world’s top 15 exporters by 2023, a remarkable achievement considering its absence from the top 15 before 2013. Vietnam’s rapid rise has caught the attention of the international trade community, earning it the title of a surprising powerhouse in global commerce.