Vietnam's F&B industry to reach $29.8 billion in 2024

HANOI, 8th October, 2024 (WAM) -- Vietnam's Ministry of Industry and Trade (MoIT) forecasts that the revenue of the food and beverage (F&B) industry will grow by 10.92 percent this year, reaching more than VND720 trillion (US$29.8 billion), Vietnam News Agency (VNA) reported on Tuesday.

A survey by Vietnam Report from July - August this year shows that 62.5 percent of businesses expect the F&B industry to grow by 5-10 percent this year.

This is a sharp increase in business optimism about the prospects of the F&B market with the rate increasing from 61.6 percent to 87.6 percent.

Optimistic signals about the improvement of the F&B industry also come from the financial situation of consumers.

The survey results show that up to 52.7 percent of consumers believe that their income will improve slightly and 21.8 percent will improve significantly in the next 12 months.

The majority of consumers today, in addition to being concerned about price and product quality, also place great importance on sustainability, health safety and corporate social responsibility. They tend to prioritise green, organic products with clear origins.

At the same time, the popularity of e-commerce and online shopping trends have also changed the way products are accessed, forcing businesses to invest in digital sales channels to maintain a competitive advantage.