Alibaba.com, an online business-to-business marketplace for global wholesalers under the Alibaba Group, signed a memorandum of understanding on March 16 with the Vietnam Trade Promotion Agency (Vietrade), with the aim of supporting Vietnamese firms to boost online exports.

According to the MoU, Alibaba.com will support Vietnamese firms with faster access to its global e-commerce platform, as well as solutions designed to accelerate business growth and tailored services to help them deepen their online trade capabilities.

In 2020, the two sides organized workshops for companies from five Vietnamese provinces and cities including Ho Chi Minh City. Another four workshops in other locations are expected to be organized this year.

Alibaba.com pledged to support 10,000 Vietnamese firms by 2024.

The e-Conomy SEA 2020 report shows that the size of Vietnam's e-commerce market currently stands at 7 billion U.S. dollars, with a growth rate of 46 percent from 2019 to 2020, and an expected value of 29 billion dollars in 2025.