WinCommerce always provides fresh, premium products to consumers. Photo: Masan Group
Masan Group and 8VC, a Silicon Valley venture capital fund, co-hosted a discussion on the theme “Application of artificial intelligence (AI) and machine learning (ML) technology” and Data Science in Consumer Retail” on November 27, 2023. Mr. Danny Le, General Director of Masan Group, Mr. Joe Lonsdale, Professor Truong Nguyen Thanh, and other prominent entrepreneurs in the Vietnamese startup community attended the event.
Vietnam is regarded as one of the countries with a high rate of Internet users, with more than 79% of the population using the Internet. According to statistics, around 70% of the population is of working age, and 50% of the population enjoys and comprehends technology. Meanwhile, the retail industry in Vietnam remains fragmented: 82% is conventional retail, 11% is modern retail, and 7% is e-commerce.
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| Speakers discussed the topic of applying AI, ML, and data science to consumption and retail. Photo: Masan Group |
Masan is Vietnam’s only offline-to-online integrated retail consumer ecosystem, with its own production and distribution platform for consumers via the WinCommerce chain. WinCommerce is the largest contemporary retail network in Vietnam in terms of point of sale scale, with over 3,600 supermarkets and WinMart/WinMart+/WIN shops.
“At Masan, we believe that technology will be the factor that transforms the consumption picture, and we regard it as one of the strategic pillars that must be prioritized. The major distinction is that we do not see technology as an independent business model but rather as a strong tool for personalizing product offers and providing a greater experience to consumers,” said Mr. Danny Le, General Director of Masan Group.
He added that using technology to meet major unmet consumer needs is the best way to grow, increase profits, and improve Vietnamese lives and spirits.
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| Mr. Danny Le shares the foundation for Masan to digitize retail consumption. Photo: Masan Group |
“Sharing about one of Masan’s technology application achievements: “Application of AI & ML, 100% of our marketing programs bring positive results,” he continued.
8VC is a venture capital firm formed by billionaire Joe Lonsdale that focuses on solutions for technological infrastructure change. The company has over $6 billion in cash and manages 173 investment portfolios, with the goal of facilitating corporate transformation. 8VC thinks that emerging platforms will replace many industries’ decades-old technology infrastructure, resulting in increased innovation and profitability.
“Masan Group has been on the right track, applying data and bringing AI into business operations like leading American companies,” Mr. Joe Lonsdale, founder of 8VC, commented on the company’s technology application strategy.
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| Mr. Joe Lonsdale, founder of 8VC, shares insights about the world macromarket. Photo: Masan Group |
In the first nine months of 2023, Masan’s business results were still positive despite the challenging macro environment. Masan’s net revenue reached VND57,470 billion, up 3.5% compared to VND55,546 billion in the first nine months of 2023. These positive results are clear evidence of the effectiveness of Masan’s technology application strategy.
In 2023 and the following years, Masan continues to expand investment in retail consumerwith a focus on applying AI and ML to maximize value for consumers, truly becoming a consumer-technology ecosystem.
