Fado.vn boosts Vietnamese products amid rising in international interest
According to the Financial Times, Vietnamese exports to the US have increased by nearly 40 percent during the first four months of 2019, compared with a year ago[1]. With this ongoing trend, Vietnam’s cross-border e-commerce platform, Fado, is working in partnership with the Vietnam Chamber of Commerce and Industry and the Vietnam Ecommerce Association along with a network of provincial government’s trade promotion agencies to promote a new program for small and medium-sized enterprises (SMEs) to help them gain recognition on the international stage via its platform.
Set up in 2014, Fado is Vietnam’s first cross-border e-commerce platform. It aims to create a channel to help Vietnamese SMEs reach customers worldwide.
“Local Vietnamese SMEs face an array of challenges in growing their businesses overseas via online platforms. To create a smoother process for these enterprises, Fado has a set of comprehensive solutions to support SMEs in every step to ensure sure they get the most benefits out of cross-border e-commerce,” said Mr. Dat Pham, CEO of Fado Group.
“Working in partnership with the Vietnam Chamber of Commerce and Industry and the Vietnam Ecommerce Association along with a network of provincial government’s trade promotion agencies, Fado provide training, consultation, best practices, as well as Fado’s established cross-border e-commerce logistics infrastructure for SMEs to compete effectively on the global e-commerce stage. Before this, there has been no program at this level of scale and depth to help these enterprises,” said Mr. Pham.
Fado’s efforts come amid the Vietnam government’s push to further promote local SMEs. According to the Ministry of Planning and Investment, officials aim to raise the number of companies taking part in regional and global production networks and value chains by 2030 to match other leading ASEAN countries. Currently, only 21 percent of all local SMEs are involved in the regional and global production networks and value chains. This is lower than neighboring Thailand at 30 percent and Malaysia at 46 percent[2].
Besides promoting Vietnamese products, Fado also serves as an end-to-end cross-border platform for Vietnamese consumers to buy billions of products from the US, UK, Germany, and Japan. The platform focuses on removing the frictions in cross-border e-commerce by quoting the final all-in-one retail price (import tax, shipping fee, and exchange rate), exact delivery time to shoppers’ addresses in Vietnam.
Small but with a fast growth rate and unlimited potential, Fado’s gross merchandise volume reached US$16million in 2018. Looking ahead, Fado is aiming to achieve an exceptional growth rate of 50% year on year. This is partially based on the company’s regional expansion including its recent entry into the Cambodian market. Fado is also currently exploring opportunities with potential partners in Indonesia, Thailand, and Myanmar.
[1] https://www.ft.com/content/4bce1f3c-8dda-11e9-a1c1-51bf8f989972
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