More than 400 retail industry experts and representatives took part in the “The Future of Vietnam’s Retail Industry” seminar in HCM City (Photo: VNA)
HCM City (VNA) - Future trends ofthe Vietnamese retail market, including the use of digital and AI, werediscussed by more than 400 retail experts at a seminar organised in HCM City onFebruary 28 by Vincom Retail Joint Stock Company.
According to Ngo Tri Long, an economic expert from the Ministry of Finance, notedthat Vietnamese business are taking the lead in reinventing consumption trendsand improving the standard of living in Vietnam.
The successful retailer, he said, is one withstrong capacity who understands what consumers need.
He said the main trends in the retailindustry include improving customer’s experiences; combining retail andcultural activities; applying technologies in the retail system; integratingphysical and digital; and the rise of APAC brands.
Rebecca Pearson, Deputy Director of CBREAsia, in 2018, Vietnam ranked second in the world in terms of consumerconfidence as its retail sector developed strongly. Many Vietnamese brands havereached out to the world, especially electronic products and delivery services.
Vietnam has huge potential to develop its retail market, she stressed.
Dinh Thi My Loan, President of the Association of Vietnam Retailers, told theseminar there is “big room for the modern retail sector to develop” sinceretail channels such as supermarkets, shopping centres and online shoppingplatforms account for less than 30 percent of the retail market.
The expansion of retail chains is also astrongly growing trend in the country, she noted.
Companies want to develop chains in allsectors like cosmetics, fashion, and food and beverages.
“Retail chain growth of 20-30 percent isexpected this year,” Loan said.
The development of chains will help companies promote their brands, enhance theircompetitiveness, increase their revenue, and reduce risks, she said.
Dymfke Kuijpers, senior partner for consumerstrategy and global retail for McKinsey, said that digital and AI were beingused in shopping malls and that the lines between traditional retail ande-retail were blurring.
New technologies and AI are enabling stores to tighten links, and new types ofpartnership between operators and tenants are evolving, she said.
Companies at the seminar also shared their experience in developing retail chains.-VNA
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