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"China has a strong, well-developed e-commerce market with innovative and advanced technology. The sector is now quickly emerging in ASEAN markets," said Vo Dai Luoc, former head of Hanoi-based Institute of World Economics and Politics, which is under the Vietnam Academy of Social Sciences.

"CIIE is the first national-level expo worldwide focusing on import and a breakthrough in international trade," said Kamran Vossoughi, president and CEO of Michelin Greater China. "Michelin hardly participates in any expo directly, but this year we will showcase our vision in sustainability," Vossoughi said.

"But that requires a high degree of competence and the use of big data, which is another field where Alibaba and Tencent are both leading the way," Crabbe, of Mintel, said.

"Can you believe that the first finger dance I uploaded onto Douyin has been watched more than 1.7 million times?" said Luo. "Unlike other platforms, it is interesting and easy to shoot a film and share it with both friends and strangers on Douyin."

"But, the improvement has been limited. Investors are still concerned about default risks of private enterprises," he said.