Traditional wet markets, deeply woven into the fabric of Vietnamese society, are facing significant challenges as e-commerce platforms have surged and consumer behaviors have changed tremendously. These markets, established as hubs of cultural exchange, must emphasize their heritage to rekindle their allure.

Seeking solutions In late November 2023, the HCMC Department of Industry and Trade expressed grave concerns over the dire state of traditional markets in the city. Prominent markets such as Ben Thanh, Kim Bien, and An Dong have become lackluster, even during peak shopping seasons. Many vendors have been forced to transfer their stall leasing contracts while others have had no choice but to shut down. The dwindling sales in these markets can be attributed to the shift in consumer behavior from physical store to online shopping. Nowadays, people can effortlessly place online orders for a wide range of products, from sticky rice and vegetables to televisions, all delivered to their doorstep. Moreover, suppliers often find greater profitability in distributing goods through supermarket chains and convenience stores rather than traditional markets. Consequently, traditional markets are no longer the sole shopping destinations for consumers and are now grappling with existential challenges. Tran Phuong Quynh, deputy head of the Trade Management Division at the HCMC Department of Industry and Trade, has emphasized that local authorities are actively devising a strategic plan for the development of traditional markets that aligns with current trends. This underscores the significance of traditional markets in both cultural and commercial aspects receiving considerable attention from authorities. It is imperative to establish criteria for revitalizing these markets in society, along with strategies to enhance their competitiveness and profitability. Flexible management and adaptation to fast-changing consumer behaviors should not be overlooked. However, a pressing question remains: Can the vendors who rely on traditional markets for their livelihoods afford to wait for a viable and effective solution to materialize? Revitalizing traditional markets HCMC boasts an impressive array of over 230 traditional markets, each with its unique specialty. Addressing the multifaceted challenges that these markets face necessitates a comprehensive solution tailored to their diverse needs. Traditional markets have long thrived as hubs of cultural and commercial exchange, fostering direct interactions between buyers and sellers. However, to remain relevant in today’s ever-changing landscape, adaptation is key. Several vendors in traditional markets have embraced hybrid selling methods, combining physical store and online approaches to boost sales. Notably, some sellers have ventured into live streaming to promote their products during off-peak hours. Market management boards have encouraged vendors to showcase their offerings on market websites. Moreover, stall owners have harnessed the power of social media platforms like TikTok and Instagram for marketing. These initiatives reflect the joint efforts of vendors and management boards to use technology and e-commerce platforms for reinvigorating traditional markets. Integrating online stores with their brick-and-mortar counterparts emerges as a compelling solution for traditional market stalls, enabling them not only to survive but thrive. Physical stalls provide an immersive shopping experience, allowing customers to explore, interact with products, and engage in direct transactions. Meanwhile, online platforms broaden their reach to a wider customer base. While some traditional markets in HCMC already have websites, many of them appear outdated and lack the features and functionality found in modern e-commerce platforms. For instance, the benthanhmarket.vn website, managed by the Ben Thanh Market board, primarily focuses on citywide activities and youth unions rather than showcasing product categories. Several major markets have yet to establish even a basic website to promote their offerings, let alone develop efficient e-commerce platforms or a unified online marketplace that connects products from different markets. To revive traditional markets, it is imperative to formulate specific policies that support vendors. Additionally, restructuring market management models, enhancing safety and hygiene standards, and establishing transparent pricing systems are essential steps to enhance the appeal and sustainability of traditional markets in the digital age. Leveraging cultural significance Revitalizing traditional markets hinges on enhancing the value of unique products and celebrating the local community’s distinctiveness. One effective approach is through branding and storytelling that highlights the history, culture, and specialties of the market’s locale. By sharing stories about long-established stalls, their products can be transformed into unique tourism offerings and special souvenirs for travelers. The Tiong Bahru Market in Singapore stands as a shining example of connecting traditional markets with the broader tourism experience. It is imperative to address issues of price gouging in traditional markets, especially in cities like HCMC. This not only rebuilds trust among local residents but also attracts domestic and international tourists seeking a fair shopping experience. Business strategies and market revitalization efforts must be firmly grounded in contemporary cultural criteria, aligning with the evolving consumer behaviors of both residents and tourists. Only through a comprehensive and systematic approach can traditional markets be effectively revitalized. These markets were originally established on the bedrock of cultural exchange, underscoring the importance of prioritizing this aspect in their revival endeavors in today’s context.