The “Cool Product Awards 2023” and a ceremony honoring the Top 50 cool products and services in 2023, as voted on by consumers and organized by VnEconomy / Vietnam Economic Times (VET), was held in Hanoi on December 21.

The program was attended by leaders from the Vietnam Union of Science and Technology Associations (VUSTA), the Ministry of Industry and Trade (MoIT), the Vietnam Banks Association (VNBA), the Vietnam Economic Sciences Association, and economic experts and business representatives from the retail industry as well as consumers.

The criteria for evaluating and voting on products and services focused on those that bring value to consumers’ daily lives. Emphasis was placed on products and services with high applicability, convenience, and necessity, encouraging consumers to make purchases without hesitation during times when spending needs to be tightened. Additionally, the program also honored products and services that leverage modern technology, integrate AI or augmented reality, personalize experiences, and embrace multi-channel retailing.

Mr. Dao Quang Binh, General Managing Editor of VnEconomy / VET, said that throughout the 17 years of implementing the program, VnEconomy / VET has consistently made efforts to expand channels of information connecting businesses with businesses and also businesses with consumers.

“To make these connections even more effective, this year the program is being organized for the first time at the Business Media Center within the Editorial Office of VnEconomy / VET,” Mr. Binh said. “The program marks significant changes in both quality and quantity, featuring a series of activities, such as specialized seminars, surveys, and exhibitions, along with the ceremony and honoring of the Top 50 Consumer Choice Products and Services. This transforms the event into a true consumer festival.”

In addition to exhibition booths, this will also be the first time that all honored products and services will appear in a virtual exhibition space. Customers can directly experience and interact with each brand through the online platform, aligning with digital and green trends in the retail industry.

Despite facing many challenges, Vietnam’s retail market is considered attractive with significant growth potential. The market’s current scale is estimated at $142 billion and is projected to increase to $350 billion in the years ahead. “With a population of 100 million, Vietnam ranks 15th globally in terms of population size, and over 60 per cent of its population falls within the working-age bracket,” Mr. Binh said. “Rapid urbanization further contributes to the market’s appeal. All of these factors have driven various consumer segments in recent years. In the long term, the retail industry promises to expand even further.”

According to a recent survey by CocCoc and VnEconomy, 44.6 per cent of respondents have an optimistic attitude regarding their financial situation over the next year, while 20.8 per cent hold a pessimistic view. To maintain financial stability, 54 per cent said they would cut down on luxury goods shopping for the next six months, 42 per cent will reduce their travel, and 38 per cent will spend less on electronics and entertainment devices.

Dr. Pham Ngoc Linh, Vice President of VUSTA, told the ceremony that we are living in an era of digital transformation, where technology is rapidly changing how we access and interact with the world. Digital advancements have opened up many new opportunities and challenges, not only in production and business processes but also in transforming marketing and advertising methods. “Faced with this reality, media and press entities in Vietnam also need to continually update new technologies, expand various forms of communication, and cooperate with businesses to contribute to the digitization and greening of the retail industry,” he said.

He also believes that the awards program will continue to excel in the years to come, maintaining and strengthening the retail business community. It will further contribute to fostering two-way and multi-dimensional information exchange among manufacturers, distribution channels, and consumers. This aims to create cohesion for the transparent and valuable development of Vietnam’s consumer market.