Seminar discusses Industry 4.0 and opportunities for Vietnamese retail industry

In her opening remarks, Dr. Dinh Thi My Loan, chairwoman of the Vietnam Retailers Association, emphasised that the occasion provides an ideal forum in which state management agencies, economic and technological experts, and representatives of retail businesses can discuss development trends and propose solutions aimed at overcoming the existing difficulties.

The recommendations put forward at the event are anticipated to create the driving force to promote the development of the Vietnamese retail market in line with the general trend of Industry 4.0, Loan added.

Dr. Dinh Thi Bao Linh, deputy director of the Industry and Trade Information Center under the Ministry of Industry and Trade, said the Vietnamese retail market witnessed stable development during the 2017 to 2022 period, despite challenges brought about by COVID-19.

In the first quarter of the year, retail sales of goods reached VND1187 trillion, up 11.4% on-year, duly accounting for 78.9% of total retail sales of goods and services in the reviewed period.

Linh pointed out that the Industry 4.0 is forecast to accelerate the process of automation, forming distribution networks, sharing information resources on a large scale, all of which will pose both opportunities and challenges for the retail industry moving forward.

She therefore advised retail businesses to stay updated with market trends and enhance adaptability for the cause of sustainable development in the long-run.

With regard to solutions, aside from efforts made by the State in improving the business climate and creating an open legal environment, retailers must strive to create an automatic procedure so that customers can freely select products, payment, or refund methods, as well as reducing high customer care costs.