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.
In 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./.
Vietnam is becoming an attractive retail market for companies all over the world with many regional and global FDI investors recently announcing plans to increase capital and expand distribution networks here.
Vietnam is becoming an attractive retail market for companies all over the world with many regional and global FDI investors recently announcing plans to increase capital and expand distribution networks here.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
In 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) 
