Nha An Toan: Vietnamese security distributor shares 4 key market trends

The Vietnamese security market presents both opportunities and hurdles for businesses like Nha An Toan, a leading distributor of Hikvision AIoT products and solutions. Asmag.com spoke to Nguyen Xuan Son, General Director for Nha An Toan, for insights on the current climate for security solutions and emerging trends in Vietnam.

Navigating challenges and trends in the Vietnam security market

2023 presented a complex landscape for Vietnam's security market, being shaped by a confluence of global factors. The economic slowdown in North America and Europe, coupled with the Ukraine war's impact on Vietnam’s inflation and supply chains, created a challenging environment for security professionals to operate in.
 

Nha An Toan navigated the year by focusing on project sales to system integrators, serving growth sectors like government, factories and education, which proved to be a valuable company strategy.

Their strong partnership with Hikvision, an established global AIoT solution and service provider, enabled them to position themselves well in the market and consistently introduce new technologies and solutions to the market. Nguyen cited Hikvision’s reputation for quality, innovation and competitive pricing as major reasons why the brand is a major player in the Vietnamese security market.   

Among Hikvision's offerings, access control solutions, including facial recognition readers, are particularly in demand. However, IP surveillance cameras remained a core product category, with ColorVu low light technology and AI features finding traction in high-end projects.

According to Nguyen, the Vietnamese security market has been witnessing several key trends:

• Increased demand for access control solutions: Nguyen observed a significant increase in demand for access control solutions, particularly those featuring biometrics (facial and fingerprint recognition) in the enterprise and manufacturing segment. This growth is likely driven by a growing focus on physical security and access management. Additionally, barrier gates are increasingly used for access control in buildings and factories.
• Shift towards Wi-Fi cameras: Easy installation and affordability are making Wi-Fi cameras a popular choice, especially among small and medium-sized businesses and residential applications. EZVIZ cameras have garnered strong interest in the market, reflecting a growing demand among customers for accessible, user-friendly security options in the market.
• Growing demand for software and platforms: Nguyen anticipates an increase in customer interest for central management platforms that can integrate various security devices for centralized control and data analysis.
• Integration with building management systems: While not yet mainstream, Nguyen sees potential for access control systems to be integrated with other building management systems like parking, elevators and HVAC. This trend reflects a growing desire for comprehensive security and smart building solutions.

Importance of diversifying security product portfolio

Overall, is optimistic about the Vietnam security market in 2024. Investor decisions related to security solutions will likely be influenced by broader economic factors. However, he sees potential for growth in areas like factory automation and smart city projects, which require more advanced security solutions. Nguyen said, "We are looking to expand our offerings beyond traditional CCTV, such as SD cards, smart boards, smart monitors, PA systems and conference systems."

Overall, the Vietnam security market appears to be evolving towards a smarter and integrated approach to security. Customers are demanding advanced features, functionalities and platform integration, indicating a growing awareness of the importance of comprehensive end-to-end security solutions.