Business

4th industrial revolution both opportunities, challenges to retail sector: workshop

The retail market, both domestically and internationally, has been constantly evolving following the Fourth Industrial Revolution, which generates both opportunities and challenges.
4th industrial revolution both opportunities, challenges to retail sector: workshop ảnh 1In the first quarter of this year, retail sales of goods reached some 1.18 quadrillion VND (50.31 billion USD), up 11.4% year-on-year. (Source: VNA)
Hanoi (VNA) – The retail market, bothdomestically and internationally, has been constantly evolving following the Fourth Industrial Revolution, which generates both opportunities andchallenges.

Therefore, to exist and grow, retailers should bewell equipped to catch up with market trends and adapt to changes, expertssuggested at a workshop held by the Association of Vietnam Retailers (AVR) andThuong Truong Magazine in Hanoi on April 6.

The domestic retail market grew stably in during the2017-2022 period despite impacts of the COVID-19 pandemic, said Dinh Thi BaoLinh, Deputy Director of the Vietnam Industry and Trade Information Centre atthe Ministry of Industry and Trade (MoIT).

In the first quarter of this year, retail sales ofgoods reached some 1.18 quadrillion VND (50.31billion USD), up 11.4%year-on-year, accounting for up to 78.9% of the total retail sales of goods andservices, she continued.

Linh stressed that the industrial revolution andtechnological advancement will speed up automation and form networks of informationand data sharing on a large scale and without borders of space and time.

Apart from efforts by the State in improving thebusiness environment, retailers need to step by step create processes, makingit easier for their customers to select goods and services themselves.

Nguyen Thanh Hung, Chairman of the Vietnam E-commerceAssociation (VECOM), said Vietnam’s e-commerce retail rocketed to 20 billionUSD in 2022 from only 4 billion USD in 2015, and e-commerce now makes up 7% ofthe combined retail sales of goods.

Le Huy Khoi, from the MoIT’s Vietnam E-commerceAssociation (VECOM), pointed to limitations in e-commerce in Vietnam regardingproduct quality, and stressed the need to regularly review relevant legaldocuments to better control counterfeit goods.

Others suggested close coordination between State, retailers,and professionalisation of delivery services producers in order to give a boostto the retail sector./.
VNA
#retail market #Fourth Industrial Revolution #Association of Vietnam Retailers #COVID-19 #Vietnam #VietnamPlus #Vietnam news
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