On June 19, 2024, in Hanoi, FPT Digital’s Deputy General Director, Cuong Le Hung, attended the “Vietnam Consumer Trends Forum” organized by the Institute for Brand and Competitiveness Strategy (BCSI). He remarked that digital transformation presents a great opportunity for retail businesses to improve operational efficiency and enhance customer experiences.
The event aimed to provide an overview of Vietnam’s goods market, while identifying opportunities and challenges in the current context, and proposing solutions to address difficulties and promote the development of the consumer industry. Speakers at the event included representatives from relevant ministries, agencies, leading market research organizations such as Nielsen IQ, Kantar, as well as major domestic and international companies in the consumer goods sector.
Amid economic difficulties, Vietnamese consumers have made significant adjustments in their consumption patterns. Most have cut back on non-essential spending to manage with tighter budgets compared to before. These adjustments bring many challenges and fluctuations, requiring businesses to adapt their strategies to engage consumers more effectively. Mr. Cuong Le emphasized that, to ensure competitiveness in the new era, retail businesses must continuously seek efficient operational management solutions to attract and retain loyal customers. Digital transformation is creating comprehensive opportunities to address this issue.
From an operational management perspective, digital transformation helps businesses collect and leverage real-time data, enabling management based on instant information, which supports making quick and accurate decisions. From a customer experience management perspective, digital transformation allows businesses to deeply understand customer needs to design appropriate experiences, while continuously measuring and responding to market changes in a timely manner. He added that the growth rate of investment in digital transformation from 2021 to 2025 is estimated at 17%, with 64% of businesses focusing on improving operational capacity, 58% on enhancing customer experience, and 58% on upgrading IT capabilities and security.
According to FPT Digital’s research, recognizing the importance of digital transformation, most retail businesses are currently on the journey of implementing digital transformation at various levels: 7% have no strategy or plan, 28% are developing strategies and roadmaps, 36% have a roadmap but have not yet implemented it, and 29% are executing their established roadmap. During the digital transformation process, Mr. Cường emphasized that building a digital culture and transforming people must be viewed as key goals. This is considered a crucial foundation for the retail industry to adapt and grow sustainably in the face of current and future challenges. This also helps foster cooperation not only within individual departments but also across divisions, ensuring that staff share a common vision of the future and deep belief in the value of digital transformation.
On the sidelines of the event, FPT Digital representatives had the opportunity to connect with ministries, economic experts, and foreign businesses to create a network of cooperation and jointly find solutions to promote the development of the consumer goods industry in particular and Vietnam’s economy in general.
