A bakery and coffee shop in HCM City. (Photo: VNA) A recent report by iPOS.vn saidthat, after an impressive rebound in 2022, the F&B industry is poised toachieve “sustainable growth”.
It predicted the market to top 938 trillion VND (40 billion USD)by 2026.
It expected big players to push strongly this year to gain marketshare but smaller ones to exercise caution since the economic difficultieswould continue in 2023.
New brands like Phe La and Katinat Saigon Kafe would enter, itsaid.
It forecast some business models to struggle in 2023, includingfood delivery because sellers would have to reduce their prices to becompetitive.
The model developed strongly when the COVID-19 pandemic hit.
A representative of Golden Trust, a company in food and beveragesector, told Vietnam News thathe expected "stable development", but brands should ensure quality inall aspects from infrastructure to services.
A report from Momentum Works said Southeast Asia’s food deliveryspending grew by a modest 5% to 16.3 billion USD in 2022 after a two-yearCOVID-driven boom.
For the first time in three years, growth was driven by thesmallest markets, the Philippines, Malaysia and Vietnam.
Food delivery players in the region, including in Vietnam, exitedunprofitable businesses and markets, it said.
“Major players pivoted away from cost-intensive business modelssuch as dark stores for groceries and dark kitchens for food delivery. Thistrend is expected to continue into 2023…”
Vietnam has around 338,600 restaurants and coffee shops, with Ho ChiMinh City accounting for nearly 49% followed by Hanoi.
The food and beverage market was worth around 610 trillion VND (26billion USD) last year.
Of the 3,000 restaurants and coffee shops that took part in asurvey done by iPOS.vn for its report,over 46% said they do not have online service. But 83% of them have started todigitise and adopt technology.
Do Duy Thanh, F&B director of Horeca Business School, wasquoted by markettimes.vn assaying that when an economy faces difficulties, investors flock back toindustries that have high demand, and F&B is an example.
He expected that many new high-end restaurants to open this year.
The slump in the property market would cause people owningproperties in good locations to invest in F&B hoping that would attractcustomers and thus push up the price of their property, he said.
According to the survey, Vietnamese consumers are ready to pay40,000-70,000 VND for a beverage, and 500,000 VND on special occasions.
Over 77% of consumers said they would continue to spend at thisrate or more in 2023./.
VNA
