Jack Ma stated in 10 years, Vietnam has develop rapidly. Since coming to Hanoi, he spent much time walking on streets and saw Vietnamese young people full of energy and dynamic. Jack Ma repeated the meeting with the Prime Minister Nguyen Xuan Phuc at Davos (Switzerland) in the beginning of the year, as the Prime Minister suggested him to share his experiences on start-up for Vietnamese young people. Therefore, in this trip, Jack Ma will have a discussion with students and young people of Vietnam. 

“In 2 days in Hanoi, I feel Vietnam has large potential for e-commerce and science & technology development. I think only with strong grows in e-commerce, internet, information & technology, then comes economic growth”. Jack Ma also mentioned the Prime Minister’s decision on developing e-commerce in period 2016 – 2020 with objectives such as 30% of population to shop online with the value through e-commerce reachs an average of 350USD per person per year. 

Jack ma said, these are ambitious objectives, which need to be supported by facilitating cashless payment. This will also reduce transaction cost for enterprises and corruption. Besides, with the young population of Vietnam, in the upcoming 5 – 10 years, Vietnam will face challenes of creating jobs, and according to Jack Ma, the best sollution is to promote e-commerce. Along with this, Vietnam need to develop logistics, reform custom procedures, trade investigation, facilitate cross border e-commerce and the model of business to customer (B2C). 

The Chairman of Alibaba Group said the company is willing to support Vietnam in developing e-commerce and all forms of online payment. As such, in this trip, Alibaba group will sign Memorandum of Understanding (MoU) on e-commerce and IT cooperation with Vietnam. The Prime Minister agreed with proposals of Jack Ma, and said, the presence of Alibaba Group in Vietnam is an welcoming sign for the development of e-commerce in Vietnam, as such, he will assign related administrative agencies to work with Alibaba Group to realize cooperative opportunities. 

The Prime Minister Nguyen Xuan Phuc suggested Jack Ma to support Vietnam in establishing a Vietnamese shop in Alibaba’s e-commerce application; training and assisting micro, small and medium enterprises on e-commerce. “Vietnam hopes Alibaba to establish an ecosystem, which can support farmers, and MSMEs of Vietnam to export goods to the world market” – The Prime Minister said. As such, he hope Jack Ma as an inspriational figure and success in start-up, the Chairman of Alibaba will support the start-up campaign in Vietnam and invest in start-up funds. 

Jack Ma, is a Chinese business magnate who is the founder and executive chairman of Alibaba Group, a conglomerate of Internet-based businesses. He is one of China’s richest men, as well as one of the wealthiest people in Asia, with a net worth of US$47.5 billion, as of November 2017. He has become a global icon in business and entrepreneurship, one of the world’s most influential businessmen, and a philanthropist known for expounding his philosophy of business. He was ranked 2nd in Fortune’s 2017 “World’s 50 Greatest Leaders” list. Ma is one of the world’s most powerful people, and has been a global inspiration to many, giving numerous lectures, enlightenments and advices throughout his life career.