Combating Counterfeit Goods in Vietnam: Perspectives of Customers and Businesses toward Blockchain Technology Applications

Abstract

Vietnam has emerged as one of the fastest-growing e-commerce marketplaces in recent years, bringing considerable financial benefits while increasing challenges and concerns, particularly counterfeit goods. Counterfeit goods not only cause massive financial losses for both companies and customers, but they also harm the community and our planet. Thus, eliminating counterfeit goods has become a top priority for protecting customers, brand authenticity, and ensuring long-term economic growth. Blockchain technology (BC) can improve product traceability and authentication, thus preventing counterfeit goods. This study examined the current situation of counterfeit goods in Vietnam and the potential of BC as an anti-counterfeiting solution. This study conducted in-depth interviews with businesses and customers. The findings revealed that buyers frequently encounter counterfeit products, particularly when purchasing through online platforms. Conventional anti-counterfeiting technology like QR codes and holographic labels have been widely employed. However, these methods still have several shortcomings, emphasizing the need for more advanced technology options, such as BC-based solutions. BC has been incrementally adopted and proven effective in preventing counterfeit products. Furthermore, this study suggests practical strategies to encourage the use of BC to prevent counterfeiting, increase customer trust, safeguard legitimate enterprises, and ensure the sustainable development of e-commerce.