Vietnam’s booming property and retail segments are putting the country’s security industry on the path for further growth, according to Benco, a local video surveillance solutions brand. Already, Vietnam is enjoying pretty good growth, with the World Bank predicting the country’s GDP will grow 6.2 percent this year,
Vietnam's booming property and retail segments are putting the country's security industry on the path for further growth, according to Benco, a local video surveillance solutions brand.
Already, Vietnam is enjoying pretty good growth, with the World Bank predicting the country's GDP will grow 6.2 percent this year, which is higher compared to neighboring countries such as Thailand, Malaysia, and Indonesia.
For security, most local companies cite a more significant growth. Drivers include increased government spending on infrastructure projects like metro and airports. Also, private investment is not to be ignored. Specifically, the country's real estate sector is enjoying a renaissance. According to the General Statistics Office of Vietnam, for the first eight months of 2016 a total of US$836 million was invested in real estate, putting it as the No. 2 sector in the country after manufacturing.
“The development of properties is very big and blooming. The housing boom has become a symbol of the importance of security, and contractors are paying lots of attention to this,” said Cao Huu Tung, President and CEO of Benco. “With camera equipment installed in many buildings, security personnel can monitor everything from a far distance. This also helps reduce human resources.”
Another market that's flourishing is retail, with retailers of different types and sizes, from malls to department stores to convenience stores, mushrooming. This trend also triggers security demand.
“They use cameras to monitor visitor going in and going out as well as monitor transactions. This has become important yet convenient for retailers and shops,” Tung said.
But security aside, more and more retailers in Vietnam are also using video surveillance for other applications besides security, for example people counting and queue management, to optimize operations and management.
“Increasingly, we see more analytics being developed, and there is more smart technology inside the camera,” Tung said. “We no longer see security just for security's sake, but it being applied in other areas.”