Hanoi (VNA) – Vietnam, amarket of 93 million people, is seeing rapidly growing consumer demand for foodand beverage (F&B) products, offering ample space for the F&B sector toexpand.
The Ministry of Industry and Tradeestimated Vietnam’s annual consumption of food and drink products accounts forabout 15 percent of Gross Domestic Products (GDP) and this rate will rise inthe future. Plus, Vietnam is expected to enter the Top 3 Asian countriesposting the highest growth rate of the F&B industry by 2020
The Business Monitor International (BMI)forecasts that the sector will be one of the strongest growers in Asia and willgrow by 16.1 percent between 2016 and 2019 thanks to increasing income and atrend of using high-value products.
People living in big cities have greaterand more diverse demand for food and drink products, from healthy and naturalproducts to fast foods, making the F&B sector more appealing to bothdomestic and foreign investors.
Today, consumers are willing to pay morefor products that are healthy, have natural origins and are environmentallyfriendly, said Ly Kim Chi, President of the Food and Foodstuff Association ofHo Chi Minh City.
In addition, Vietnam is a tropicalagricultural country able to provide a wide range of ingredients for the localfood and drink industry while the robust expansion of convenience store chainshas been facilitating the distribution and consumption.
According to Chi, Vietnam has adoptedvarious policies to develop the F&B sector by improving business climatefor producers, public administration reforms and offering soft loans and demandstimulus programmes. PR and marketing campaigns have been launched over recentyears to help domestic producers promote their brands and gain strongerfootholds in the local market.
As a result, consumers have become moreconfident in made-in-Vietnam F&B products and at the same time, theproducts have obtained better access to foreign markets.
Vietnam holds many advantages indeveloping the F&B industry locally and increasing exports of the products,said Rungphech Chitanuwat, Director of Thailand-based UBM Asia, a leading eventorganiser in the region.
With a thriving economy and people’simproving income, the country can become one of the largest markets of food anddrink products in Southeast Asia.-VNA
The Ministry of Industry and Tradeestimated Vietnam’s annual consumption of food and drink products accounts forabout 15 percent of Gross Domestic Products (GDP) and this rate will rise inthe future. Plus, Vietnam is expected to enter the Top 3 Asian countriesposting the highest growth rate of the F&B industry by 2020
The Business Monitor International (BMI)forecasts that the sector will be one of the strongest growers in Asia and willgrow by 16.1 percent between 2016 and 2019 thanks to increasing income and atrend of using high-value products.
People living in big cities have greaterand more diverse demand for food and drink products, from healthy and naturalproducts to fast foods, making the F&B sector more appealing to bothdomestic and foreign investors.
Today, consumers are willing to pay morefor products that are healthy, have natural origins and are environmentallyfriendly, said Ly Kim Chi, President of the Food and Foodstuff Association ofHo Chi Minh City.
In addition, Vietnam is a tropicalagricultural country able to provide a wide range of ingredients for the localfood and drink industry while the robust expansion of convenience store chainshas been facilitating the distribution and consumption.
According to Chi, Vietnam has adoptedvarious policies to develop the F&B sector by improving business climatefor producers, public administration reforms and offering soft loans and demandstimulus programmes. PR and marketing campaigns have been launched over recentyears to help domestic producers promote their brands and gain strongerfootholds in the local market.
As a result, consumers have become moreconfident in made-in-Vietnam F&B products and at the same time, theproducts have obtained better access to foreign markets.
Vietnam holds many advantages indeveloping the F&B industry locally and increasing exports of the products,said Rungphech Chitanuwat, Director of Thailand-based UBM Asia, a leading eventorganiser in the region.
With a thriving economy and people’simproving income, the country can become one of the largest markets of food anddrink products in Southeast Asia.-VNA
VNA
