Vietnam’s F&B sector: A market on the rise

HANOI – The Vietnamese food and beverage market (F&B) is experiencing rapid development, driven by profound socioeconomic changes. A growing middle class, advancing urbanization, and a shift in consumer preferences have led to unprecedented growth. In particular, the demand for imported products has increased significantly, presenting an opportunity for international exporters.

Millennials and the urban middle class are at the heart of this development. They show an increased willingness to pay for high-quality imported foods and beverages. This includes a wide range of products such as meat, organic foods, snacks, and functional dietary supplements. The trend is clearly towards health and quality.

Vietnamese supermarkets have quickly responded to these new needs and offer a variety of imported products. Australian beef, Canadian lobster, and Norwegian salmon are just a few examples of the expanded range now found on the shelves. This development is further accelerated by the European-Vietnamese Free Trade Agreement (EVFTA), which offers European providers favorable conditions for exporting their F&B products to Vietnam.

Experts see the current development as a bilateral opportunity: Vietnamese consumers benefit from a greater variety of products and higher quality standards, while European exporters gain access to a dynamic and growing market. The strategic use of the EVFTA could thus lead to a win-win situation for both sides.

The Vietnamese government is supporting this development by creating favorable conditions for the import of food and beverages. This includes reducing tariffs and simplifying import processes, which further facilitates trade.

The future of the Vietnamese F&B market looks promising. With a young, consumption-happy population and a continuously improving economic infrastructure, the stage is set for sustained growth. For European exporters, this represents a unique opportunity to expand their presence in Asia and benefit from Vietnam’s burgeoning market. (zai)
Photo: Annam Gourmet Market