Vietnam's security market is poised for significant growth in 2024. Fueled by government investments, demand for smart security solutions and an increasingly technology-savvy customer base, the Vietnam security industry presents both opportunities and unique challenges for security solution providers. Asmag.com spoke to Tran Trong Vinh, President of Silver Sea and President of the Asia Pacific Security Association (APSA) Vietnam chapter, on the topic.
Vietnam's security market is poised for significant growth in 2024. Fueled by government investments, demand for smart security solutions and an increasingly technology-savvy customer base, the Vietnam security industry presents both opportunities and unique challenges for security solution providers.
Asmag.com spoke to Tran Trong Vinh, President of Silver Sea and President of the Asia Pacific Security Association (APSA) Vietnam chapter, on the topic. Silver Sea is one of Vietnam’s largest security and surveillance equipment distributors and integrators, carrying global brands including Panasonic, Avigilon, FLIR, LILIN, Vicon and Optex.
AI and smart cities to drive demand for smart security solutions
Tran Trong Vinh
President, Silver Sea and President, APSA Vietnam
The most striking trend in the Vietnamese market is the rapid shift towards AI-powered security solutions. Customers are seeking advanced features like facial recognition, anomaly detection, and automated alerts. This demand aligns perfectly with the government's ambitious smart city initiatives, which require integrated security systems for traffic management, parking, public safety as well as verticals such as education and healthcare.
Tran emphasized this shift: "People are looking for new technologies - AI applications as well as advancements in telecommunication. We intend to transition from 4G to 5G and beyond.” This transition necessitates a move away from traditional analog cameras towards IP cameras, which provide the necessary bandwidth and processing power for AI functionalities.
Beyond cameras: a multifaceted approach to security
Security goes beyond video surveillance cameras. Tran highlighted the growing interest in integrating robots and drones into security systems in Vietnam. These solutions offer enhanced perimeter security, improve response times, and automate tasks for better operational efficiency. This holistic approach to security, encompassing cameras, AI, robotics and data analytics, presents new opportunities for vendors offering end-to-end security solutions.
Keeping pace with the market: challenge for Vietnamese vendors and clients
While these advancements are exciting, they also pose challenges. The rapid evolution of technology forces both vendors and clients to constantly adapt. Security professionals need access to ongoing training and education to stay informed about the latest solutions and ensure optimal system integration, especially since most would have to develop their own AI applications for the local market. Bridging this knowledge gap will be crucial for the successful implementation of new technologies.
Also notable at this point is that although the Vietnamese security market is still pretty dominated by established Chinese brands, a growing number of local Vietnamese players are emerging, aiming to capture market share with “Made-in-Vietnam” security solutions. Success would depend on their ability to match on pricing and product quality. Building brand recognition and establishing a reputation for reliability would be critical for these new players.
Building a sustainable security ecosystem
To ensure further growth of Vietnam's security market, education and training is essential. Collaborations between security vendors, government agencies, and educational institutions can equip security professionals with the knowledge and skills necessary to navigate the evolving technology landscape. This will be crucial for maximizing the effectiveness of security solutions and ensuring a secure future for Vietnam's cities and infrastructure.
A look ahead: opportunities for growth
Despite these challenges, Vietnam's security market presents a compelling opportunity for growth. The government's commitment to smart cities, the increasing adoption of AI solutions and the rise of local players are all positive indicators. Security solution providers who can offer innovative technology, easy integration with existing systems, and prioritize education and training will be well-positioned in the Vietnam security market.
As Tran concludes, "The market demand is very huge. But we need to look into how these technologies can be practically used and applied in real-life scenarios. This is very difficult because technology continues to mature and evolve every single day.” Navigating this complexity demands adaptability and continuous learning, but the rewards for success in Vietnam's growing security market are substantial.