Special Lecture on Digital Economy & The Future of Retail Business

 Established in 2022 with support from the Thai Chamber of Commerce and Industry in Vietnam (ThaiCham), the Thai Room serves as a lively testament of the Strengthened Strategic Partnership between Viet Nam and Thailand, particularly in the field of academic cooperation; as well as underscores the quality and solidarity of the Thai business community in Viet Nam.

Participants of the event are all from the Thai, Vietnamese and other foreign businessman in Viet Nam; Diplomatic corps; Vietnamese press and media; representatives of the Royal Thai Embassy; representatives of the Foreign Service Training Center (FOSET, DAV), lecturers and students of the Faculty of International Economics, DAV.

The event is a part of the series of special lectures delivered by prominent Thai business leaders, following the grand success of  the 1st Special Lecture on supply chain connectivity which were jointly organized in May 2023 by the Royal Thai Embassy and the DAV to celebrate the 10th anniversary of the establishment of the Strategic Partnership between Viet Nam and Thailand. The partnership has witnessed strong developments in all areas, from politics-diplomacy to trade, investment and people-to-people exchanges.

The event commenced with the opening remarks by H.E. Mr. Nikorndej Balankura, Ambassador of Thailand to Viet Nam and the welcome remarks by Dr. Pham Lan Dung, Acting President of the DAV.

In her welcome remarks, Dr. Pham Lan Dung mentioned the consistent policy of the Vietnamese government to create a level playing field for both Vietnamese and foreign companies to invest and do business in Viet Nam, including the retail industry. More and more domestic and foreign retailers have moved from traditional to modern and new retail formats in Viet Nam. E-commerce is an important channel for businesses to augment their share in Vietnamese market, as it improves customer experience, increases operational efficiency, and allows retailers to accommodate better the expanding consumer group of young people who are tech enthusiasts accounting for more than 50% of the 100 million Vietnamese population.

 

The program was followed by the Special Lecture by Dr. Ton Chirathivat, President of The One Project at Central Group, in which he shared his knowledge and expertise on digital transformation in the retail industry based on his 15-year experience. The lecture focused on analyzing current retail trends. Traditional stores serve as venues of experience and revenues are mainly generated by online sales. Retail corporations such as AEON, Central Group, Alibaba no longer simply sell products but tend to create ecosystems of lifestyles, entertainments, logistics, health services, food services, and so on. Dr. Ton Chirathivat emphasized that to be successful, Retail businesses need to be able to grasp the trend of digitalization, and focus on data collection and customer habits to rely on AI for promoting and advertising products according to their interests. Analysis of the success of Central Retail Viet Nam which is one of the leading retail companies belonging to Central Group after a decade of business in Vietnam attracted the attention of the DAV’s students. It was such a necessary supplementary knowledge for the students of the Faculty of International Economics.

Central Retail Vietnam, one of the leading retail companies, successfully celebrated a decade of undertaking business in Viet Nam last year. Currently, the Company’s business operates over 340 retail stores across 40 out of the 63 provinces in Viet Nam, including 77 food retail stores – 38 GO! Hypermarkets and 39 supermarkets under the brands Tops Market, Mini Go! And LanChi Mart. As for its non-food business, the Company has recently launched ‘Come Home” store which serves as the first “One-Stop Shopping” destination in Vietnam for modern Vietnamese with a variety of well-designed, international quality home furnishing products at an affordable price in Hanoi and Ho Chi Minh City this year.

Reinforcing the Company’s great success in Viet Nam, Central Retail earned No. 1 spot in the Top 10 Reputable Companies in the Food - Beverage - Retail - Packaging Industry in 2023, ranked by the Vietnam Report (VNR), for three consecutive years, proving the Company’s commitment to contribute to the prosperity of Viet Nam and improvement of the quality of life for Vietnamese people. Earlier this year, Central Retail announced an investment package worth 1.45 billion USD for the next 5 years of 2023 – 2027 and to double the number of stores to 600, across 57 out of 63 provinces and cities in Viet Nam./.