SINGAPORE: Synagie Corporation Ltd., Singapore’s fastest growing technology company, has announced its inaugural foray into one of the fastest-growing e-commerce markets – Vietnam, as it extends its strategic regional expansion.
The Company has signed on one of the world’s biggest luxury beauty companies as its first brand partner who will use the Synagie’s ecommerce enablement solutions to help them grow in the Vietnamese market.
The Group’s integrated platform enables its existing and new brand partners to engage effectively across multiple regions, by managing or automating their commerce process, overseeing the entire value chain, from multi-channel content, social club, stock management to warehousing and last mile delivery.
Chief Executive Officer and Executive Director of Synagie, Clement Lee commented, “In 2019, we have achieved another commendable milestone as we paved our way into Vietnam, one of the fastest growing e-commerce markets that is set to thrive and boom. Vietnam’s flourishing e-commerce landscape is undoubtedly poised for massive growth and we are well-positioned to benefit from it. As we chart further growth in the year ahead, we look forward to creating more revenue synergies and will continue to be on the lookout for opportunities to extend our business service offerings in other markets with untapped potential, especially Philippines.”
Frost and Sullivan forecasted that the ecommerce marketplace in Vietnam will reach a value of $3.7 billion by 2030. The burgeoning ecommerce market in Vietnam has attracted major investors globally from Japan, Germany, United States, Korea, China and Singapore, which included technology giants, venture capital firms and investment companies.
According to Google and Temasek, Vietnamese ecommerce growth rate ranked second in Southeast Asia with annual growth of 87 percent. The market is predicted to boom in the near future, given that 53 percent of the population uses the internet and nearly 54 million people use smart phones.
According to experts, the trade volume via ecommerce is predicted to surge to S$10 billion by 2020. In prospect of this, the Group envisaged Vietnam market as a realm of opportunities with its youthful population, rising smart phone penetration rates and high internet penetration rates that ranked 17th in the world and intends to ride on this growing e-commerce trend to boost its gross.
Moving forward, the Group will continue to leverage on its domain expertise and technology to penetrate more new markets in SE Asia. As the Group continues to beef up its value proposition as the leading end-to-end solution and e-commerce enabler in SE Asia, it is expecting to extend its footprint regionally with its organic growth strategy.[the_ad id=”31605″]