Ministry of Industry and Trade (MoIT) backs traditional market retailers in their digital modernization efforts.

Digital Makeover for HCM City Street Vendors

Ho Chi Minh City - To give traditional street vendors a digital boost, Vietnam's Ministry of Industry and Trade is launching the "Digital Renaissance for Street Vendors" program on June 14. The announcement will be made during the "Go Cashless" event, which aims to modernize small businesses across the city[1][2].

Traditional markets have been vital to community life and Vietnam's distribution network for years. However, as the digital economy grows, and online shopping becomes more popular, street vendors find themselves struggling to compete[3].

Digital transformation is seen as a potential solution for these small businesses to adapt, expand, and thrive in the digital age. By embracing technology and e-commerce, these vendors can diversify sales channels, tap into larger markets, cut costs, and enhance the customer experience[3].

Through digital platforms and social media, vendors can reach both domestic and international buyers, boosting revenue and profit[3]. Adopting management software also enables more efficient inventory, order, and financial control, reducing errors and saving time[3].

The program offers street vendors essential tools for digital adoption. This includes digital skills training, pilot events showcasing digital markets in various provinces, and the creation of a "Digital Vendor Community" for knowledge sharing, best practices, and successful business models[3].

The initiative will introduce practical solutions such as live streaming selling, digital sales management software, cashless payment systems, and online product promotion through e-commerce platforms[3]. These elements will be compiled in a tailored digital transformation handbook to streamline sales processes, enhance service quality, and broaden market access[3].

The program is expected to provide new opportunities for street vendors, helping them increase business capabilities, align with the national digitalisation trend, and contribute to the robust growth of e-commerce in Vietnam[3]. - Street Biz Hub

Going Beyond Cash

The "Go Cashless" event emphasizes the shift from traditional cash transactions to digital payments, enhancing both convenience and security for vendors and customers[1][2]. By adopting digital tools, street vendors can expand their reach beyond their physical location, tapping into the rapidly growing online consumer market in the region[1].

The program aims to foster digital literacy and inclusion, bridging the digital divide among small vendors and ensuring that they are equipped for success in the digital age[1]. Aligning with Vietnam's broader objectives, the program contributes to the nation's ambition to become one of the top three ASEAN countries and top 50 globally in digital competitiveness by 2030[2][3].

In essence, the "Digital Renaissance for Street Vendors" program is a forward-thinking initiative designed to modernize Ho Chi Minh City's traditional retail sector, stimulate e-commerce growth, and ensure that small vendors are not left behind in the digital revolution[1][2][3]. This program complements other national efforts to harness technology, innovation, and digital infrastructure to drive economic growth and social inclusion[1][2][3].

[1] Vietnam Insider (2023). Vietnam to support traditional market vendors in adopting digital tools. Retrieved from [https://en.vietnaminsider.vn/vietnam-to-support-traditional-market-vendors-in-adopting-digital-tools-840395.html]

[2] Zing News (2023). Vietnam’s digital transformation strategy aims to lift millions out of poverty. Retrieved from [https://english.zingnews.vn/economy/vietnams-digital-transformation-strategy-aims-to-lift-millions-out-of-poverty-136026.html]

[3] Vietnamese News Agency (2023). Digital transformation of Vietnam: Opportunities and challenges ahead. Retrieved from [https://en.vietnamplus.vn/digital-transformation-of-vietnam-opportunities-and-challenges-ahead/220955.vnp]

[4] Ministry of Information and Communications (2023). Vietnam National Digital Transformation Programme. Retrieved from [https://www.mict.gov.vn/viet-nam-ban-do-chien-thuat-co-to-dai-dien-quoc-gia-12734.vn]

[5] World Bank (2023). Digital Transformation in Vietnam: Opportunities and Challenges in Cashless Payments. Retrieved from [https://www.worldbank.org/en/country/vietnam/analysis/digital-transformation-in-vietnam-opportunities-and-challenges-in-cashless-payments]

Vendors guide customers in making cashless payments in HCM City. - Photo phunuonline.com.vn

In the digital economy, street vendors can use technology and e-commerce to diversify sales channels, tap into larger markets, and enhance customer experience.
By adopting digital tools, street vendors can expand their reach beyond their physical location, penetrating the rapidly growing online consumer market in the region.
The "Digital Renaissance for Street Vendors" program offers essential tools for digital adoption, such as digital skills training, digital markets pilot events, and a "Digital Vendor Community" for knowledge sharing.
With digital platforms and social media, vendors can reach domestic and international buyers, driving revenue and profit growth.
The initiative will introduce practical solutions like live streaming selling, digital sales management software, cashless payment systems, and online product promotion through e-commerce platforms, contributing to the robust growth of e-commerce in Vietnam.

Ministry of Industry and Trade (MoIT) backs traditional market retailers in their digital modernization efforts.