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INSIGHTS

Milestone in Vietnam: Q&A uncovers market growth and 2024 outlook

Milestone in Vietnam: Q&A uncovers market growth and 2024 outlook
In this exclusive Q&A, asmag.com delves into the Vietnamese market with Malou Toft, Vice President of Asia Pacific for Milestone Systems to explore Milestone's experience in the country, their insights on trends and their role in Vietnam's evolving security landscape.
In this exclusive Q&A, asmag.com delves into the Vietnamese market with Malou Toft, Vice President of Asia Pacific for Milestone Systems to explore Milestone's experience in the country, their insights on trends and their role in Vietnam's evolving security landscape.


asmag: Please introduce your company to our readers. How long have you been operating in the Vietnam market?

Toft: Milestone Systems is a leading provider of data-driven video technology software. Through a combination of cameras and sensors and our open platform software and analytics, we provide actionable insights from video data which empower organizations worldwide to ensure safety, protect assets, and increase business efficiency.
 
Milestone also enables an open platform community that drives collaboration and innovation in the development and use of network video technology, with reliable and scalable solutions that are proven in more than 500,000 customer sites worldwide. We have also been a driving force in responsible technology that takes a People First approach, both in and beyond security.
 
Milestone has been present in Vietnam since 2007, and we continue to strengthen our foothold in the market.


asmag: How did the Vietnam security market and your business do in 2023? What are your expectations for 2024? Will the growth be generated more by the public or private sector?

Toft: We saw strong growth in Vietnam’s security market in 2023 and are optimistic about the market’s outlook for 2024. The market is expected to grow at a CAGR of 9.2% from 2022 to 2027 according to market research company Omdia and we have seen significant growth in certain segments of our product range exceeding 50%.
 
Malou Toft
VP Asia Pacific, Milestone Systems

In 2021, the Vietnamese government announced a plan to spend US$124.5 billion on public investment till 2025, which has culminated in various public infrastructure and urban development projects. Some examples include smart city projects such as North Hanoi Smart City and Xuan Mai Smart City, a US$19.6 million proposal laid by police in southern Binh Duong Province for the deployment of 421 cameras on major roads of the province, and recently announced plans to install surveillance cameras throughout Hanoi, including at historical sites, scenic spots, train stations, bus stops, airports and markets.


asmag: Which verticals are experiencing the most growth in Vietnam?

Toft: Smart cities are experiencing strong growth in Vietnam, as the country continues to progress in its various smart city projects. Transportation and urban development projects are also a priority for the government. Overall, from a broad perspective, we have seen good traction and potential for growth in public sector projects.


asmag: How is the Vietnam security market different to the other ASEAN markets you work in? How has this influenced your local strategy?

Toft: Compared to other ASEAN markets, the Vietnam market places a strong focus on the value proposition and performance of the technology solution and is more agnostic to the origin of the provider. This is driven by the market’s priority of driving state improvement and urban development, so local organizations place greater importance on the capability and reliability of a provider’s solutions, particularly in information security.
 
As such, Milestone Systems’ strengths in providing reliable and responsible video technology have helped us establish a strong foothold in the market. Our open platform, which allows Vietnamese organizations to integrate our solutions easily with legacy technology and infrastructure, has also given us a competitive edge and allowed easy adoption of our offerings by organizations in both the public and private sectors.


asmag: What would you describe as the biggest challenge for market growth? 

Toft: Vietnam currently has plenty of room to boost urban development, with its current urbanization rate of only 42.6%. As the country’s urbanization progresses, low to mid-market segments are currently prioritizing affordable technology solutions that meet their basic needs, rather than investing in more technologically complex or scalable options.

Click here for part 2 of this Q&A with Malou Toft to explore how AI is transforming Vietnam's security landscape.
 
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