Pandemic accelerates technological transformation and interest in Vietnam

Real estate further adopts digitisation, while consumers have a growing interest in digital banking payment 

As the COVID-19 pandemic continues, companies in Vietnam say that the widespread in turn has accelerated technological transformation and digitisation, reported Vietnam News.  

Angus Liew, general director of Gamuda Land HCMC, said, “Digitisation is the future of mankind, not only for real estate but also for all other business sectors, and people’s lifestyles as well. It’s an irreversible trend. Nowadays we can see everyone is talking about AI, industry 4.0, etc.” 

Gamuda Land Vietnam is an award-winning developer, having won many accolades including Best Developer at the PropertyGuru Asia Property Awards Vietnam 2020.  

Technology is the backbone nowadays, controlling various business aspects from operational systems to mechanisms to interact with customers.  

Gamuda Land Vietnam plans to launch a mobile application, ‘GL Lifestyle’, possibly in the first quarter of 2022.  

“This app is much more than just a technological product, it is itself an online ecosystem. Whatever features and services we have in our townships can be accessed through this app. It also connects our retailers and F&B, lifestyle and educational services with users,” said Liew.  

Digital platforms expanded the company’s sales soon after COVID-19 first began, in which customers could find property deals on the company’s website and the sales team assisted them in real-time. 

“Technology helps keep our operations running and allows us to achieve our goals though there are many interruptions in the supply chain,” he added. 

Additionally, a recent Visa report called ‘Consumer Payment Attitudes’ revealed a growing interest in digital banking and other new payment technologies.  

Around 77 percent of Vietnamese consumers are aware of digital banking, while 31 percent are using it.  

Meanwhile, there is growing interest in emerging payment methods (83 percent). Biometric payments using fingerprint scans, voice, facial recognition, and retina scan are particularly of appeal.  

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Numberless cards are also progressively gaining attentiveness with 62 percent of consumers now aware and 77 percent are saying they would use them.  

“The COVID-19 pandemic has given a tremendous push for all forms of cashless payments across small-ticket categories,” Đặng Tuyết Dung, country manager for Visa Vietnam and Laos, said. 

“These trends have found extremely fertile ground among Việt Nam’s young and adaptable population, with Gen Z consumers showing significant trust and excitement in new payment services and consumption channels like social commerce.”