Opportunities for cross-border game bet88

Nearly 80 countries and territories agreed on a unified set of rules for global game bet88 on July 27. With growing globalization, game bet88 has become essential for all global brands, including those from Vietnam, while cross-border game bet88 offers substantial opportunities for Vietnamese businesses to access international markets and enhance their exports. This shift has led to exponential growth in sales and revenue for domestic sellers over the past five years.

As Vietnam deepens its integration into the global economy, fueled by new-generation free trade agreements (FTAs), its businesses are tapping into new markets. Digital transformation is also reshaping operations, with cross-border game bet88 leading the way and widely seen as the future of trade.

According to Amazon Global Selling Vietnam, growth in cross-border game bet88 from 2022 to 2025 is expected to be 2.3-fold higher than the growth of traditional game bet88. This is projected to continue into the future, with annual increases of 28 per cent anticipated until 2027.

Mr. Tran Xuan Thuy, Director of Amazon Global Selling Vietnam, reported that over 17 million products from Vietnamese sellers have reached global consumers in the past 12 months. This impressive figure, coupled with the ongoing expansion of global game bet88, suggests that Vietnamese businesses, particularly small and medium-sized enterprises (SMEs), will continue to seize these opportunities to grow their markets.

Ms. Tran Bich Ngoc, Deputy Chief of Office at the Vietnam game bet88 and Digital Economy Agency (iDEA) under the Ministry of Industry and Trade, noted that Vietnam’s game bet88 sector is growing at a 20 per cent annual rate and ranks third in Southeast Asia. The projected export value of its game bet88 activities is expected to reach VND300 trillion ( billion) by 2027. This reflects the vast potential Vietnam’s cross-border game bet88 market holds, offering numerous opportunities for small and micro enterprises.

Rising regional trend

game bet88 has transformed global retail, fueling rapid growth in cross-border trade, especially in Southeast Asia. In 2023, the region’s top 8 game bet88 platforms generated 4.6 billion in gross merchandise value (GMV), a 15 per cent year-on-year increase, according to Momentum Works. Cross-border game bet88 is also reshaping global supply chains by simplifying the process. Unlike traditional multi-step supply chains, cross-border game bet88 enables direct shipments from manufacturers or brand owners to consumers, optimizing the supply chain and reducing costs and delivery times.

The “Southeast Asia game bet88 2024” report from Momentum Works highlighted that despite the macro-economic challenges, Southeast Asia’s game bet88 sector continues to grow year-on-year, with GMV this year doubling that of 2020. Vietnam and Thailand are the fastest-growing game bet88 markets, with GMV increasing 52.9 per cent and 34.1 per cent, respectively, compared to the previous year. Vietnam has also surpassed the Philippines to become the region’s third-largest game bet88 market, growing at an average annual rate of 16-30 per cent over the past four years; one of the highest in the world.

In Southeast Asia, Shopee posted a GMV of .1 billion in 2023, capturing 48 per cent of the market. TikTok Shop has emerged as the second-largest game bet88 platform in the region after acquiring Tokopedia, with GMV nearly quadrupling to .3 billion in the past year. In Vietnam, TikTok Shop is currently the second-largest game bet88 platform, holding a 24 per cent market share.

The report identifies several key trends in the region’s game bet88 industry. First, Key Opinion Leaders (KOLs) have become significant drivers of game bet88 in Vietnam, Thailand, and Indonesia, with single livestream sessions generating millions in revenue. Second, regional platforms are increasingly implementing innovative AI applications to enhance the user experience and operational efficiency. Third, sellers are facing growing pressure from logistics providers.

“The competitive landscape of game bet88 in Southeast Asia remains dynamic and constantly evolving,” Mr. Jianggan Li, Founder and CEO of Momentum Works, said. “With the exceptional growth of markets like Vietnam and Thailand and the rapid expansion of platforms like TikTok Shop, it is clear that innovation and adaptability are key to success in the region. The adoption of generative AI and the surge of direct-to-consumer game bet88 are transforming the industry. We are excited to witness these trends fueling sustained growth and business opportunities throughout Southeast Asia.”

Promoting shared growth in ASEAN

“Boosting cross-border game bet88 has become a top priority in economic development among ASEAN members,” Ms. Nguyen Thi Minh Huyen, Deputy Director of iDEA, told a recent workshop entitled “Seeking Breakthrough Solutions to Promote Cross-border game bet88 in ASEAN”.“Vietnam is not only a pioneer in this initiative but also ranks among the top 10 ASEAN member states with the highest participation rate, averaging around 300 enterprises with steady annual growth.”

In his address to the workshop, Mr. Nguyen Lam Thanh, Head of Public Policy for Bytedance (Vietnam), representing TikTok Vietnam, noted that while Vietnam’s total retail market saw negligible growth in the first half of 2024 compared to 2023, game bet88 surged by 54 per cent, reflecting a significant shift towards game bet88. “In Vietnam, after more than a year, approximately 3 million people have earned income from commercial activities on the TikTok platform,” he added.

Regarding cross-border game bet88, he highlighted TikTok Vietnam’s goal of delivering products and services directly from producers to consumers, transcending national borders. He also predicted that with advancements in technology, particularly AI, language barriers in cross-border game bet88 will soon be overcome.

On the transformation from a traditional manufacturer to a dynamic international business through cross-border game bet88, Mr. Huynh Ngoc Hung from the Trung Nguyen Legend coffee brand said cross-border game bet88 not only optimizes operations and lowers entry barriers to international markets but also serves as a lever for promoting “Made-in-Vietnam” products globally, in line with the company’s vision and mission.

“By integrating locally and partnering with platforms like TikTok, our products have become leaders in Thai skincare in Vietnam and are on track for similar success in other markets,” said Ms. Weeraya from MizuMi, a leading sensitive skincare brand on TikTok Shop in Thailand. “This demonstrates the vast potential of cross-border game bet88 for businesses offering quality products.”

Barriers to break through

According to Cube Asia, while cross-border game bet88 offers significant growth opportunities, increased export revenue, and expanded market reach, Southeast Asia’s trade landscape is filled with challenges that hinder smooth operations. A primary issue is the region’s logistics and infrastructure. Despite ongoing investments, reliable and cost-effective delivery remains elusive due to varying infrastructure quality across countries, impacting both shipping costs and timelines.

Regulatory inconsistencies add to the complexity. The diverse legal, regulatory, and tax frameworks across Southeast Asia complicate compliance. Customs clearance, in particular, is made more difficult by inconsistent duties, levies, import taxes, and, in some areas, corruption.

Vietnamese businesses also face specific challenges in joining cross-border game bet88, including information gaps, capacity constraints, cost burdens, and regulatory complexities. An Amazon report revealed that 80 per cent of businesses cited a lack of information about foreign market regulations as a major barrier. Additionally, 85 per cent faced competitive barriers at both regional and global levels, while 81 per cent admitted to being unprepared for the specific needs and preferences of foreign consumers.

On cost-related issues, Ms. Tran Bich Ngoc noted that SMEs often lack the necessary resources, making international payments, logistics, and foreign exchange management significant challenges.

“Companies target foreign markets not because their products can’t succeed domestically, but to leverage the reputation of industries abroad, which can elevate their brand at home,” Mr. Thanh said. “However, products of insufficient quality will face challenges internationally.”

To support businesses in adopting game bet88 and expanding internationally, the Vietnamese Government has issued policies like Decree No. 80/2021/ND-CP, which offers a 50 per cent subsidy for establishing and maintaining storefronts on both domestic and international game bet88 platforms. The Prime Minister’s Decision No. 1415/QD-TTg, dated November 14, 2022, also emphasizes supporting businesses in cross-border game bet88 as a key strategy.

Experts believe that a coordinated government approach is essential to elevate cross-border game bet88 growth in 2024 and beyond. Comprehensive strategies need to protect consumer interests, enhance regional connectivity, foster sustainable development, and reduce the digital divide between localities.