Being a growth market in APAC, Vietnam is expected to achieve a growth of 6.2 percent in terms of GDP this year, based on the estimates by the World Bank. As for the country’s security industry, local players say it will grow at an even faster pace. “Growth in the security industry will be higher. We can see double-
Being a growth market in APAC, Vietnam is expected to achieve a growth of 6.2 percent in terms of GDP this year, based on the estimates by the World Bank. As for the country's security industry, local players say it will grow at an even faster pace.
“Growth in the security industry will be higher. We can see double-digit growth this year,” said Nguyen Xuan Dam, Business Development Assistant Manager for the Systems Solutions Division at Panasonic Sales Vietnam.
Dam cited various growth drivers, including increased government spending and private investment. But one of the biggest drivers, according to him, is people's increased awareness on security, seeing the need to protect lives and assets with security equipment.
“There are various security risks, for example illegal intrusions into homes. That's why the need for CCTV and access control has become very high,” Dam said. “Just five years ago, CCTV cameras were installed only in companies and commercial buildings. Now CCTV is applied to many households, as the need to protect family has increased.”
Besides increased awareness, upped government spending and private investment also play a significant role in driving growth. The government, for example, is spearheading various infrastructure projects such as highway, metro, and airport construction or upgrade. “That prompts them to invest in CCTV a lot,” Dam said.
Private investment, too, has spurred demand for security, especially in the area of retail where more and more foreign investment is seen. “Lotte and Auchan are among retailers from outside Vietnam. They need security very much,” he said, adding that for these players, they have begun to use security for non-security purposes, such as counting customers and looking for direction flow, to optimize business.