Dr. Ton Chirathivat, President of The 1 Project, Central Group

Within the framework of the 10th Anniversary of the establishment of the Strategic Partnership between Thailand and Vietnam and following the first special lecture held in May, the Thai Embassy in Hanoi organized a special lecture themed “Digital Economy & The Future of Retail Business” by President of The 1 Project, Central Group Ton Chirathivat. The event was attended by Thailand Ambassador to Vietnam Nikorndej Balankura, Director of the Diplomatic Academy Pham Lan Dung, and representatives of the Central Group and other enterprises in Vietnam.

In his lecture, Ton highlighted that due to strong expectations of economic growth, Vietnam’s gross merchandise volume (GMV) is expected to reach US$45B by 2025. However, he showed that private funding in the digital economy has been declining in Vietnam, with a compound annual growth rate is 24%.

According to Ton, the digital revolution has caused three macro developments in retail, including changing consumer behaviors, changing asset landscape, and developing an ecosystem. He underlined the need for retailers to use data to better understand their customers and develop skills in digital marketing, social commerce, and mobile-led experience.

"Retailers should also consider creating an ecosystem," said Ton, as he demonstrated how one of the most crucial steps for retailers to create an ecosystem is to uncover cross-vertical customer journeys and business synergy.

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