Investment promotion activities in the food processing industry are set to be the key theme for discussion during a conference, scheduled to take place in Ho Chi Minh City on November 14.

Illustrative image (Source: Internet) 

The event is expected to attract the attendance of over 200 local and foreign businesses.

During the conference, domestic businesses will be given the opportunity to meet with foreign businesses and discuss future investment co-operation and product development.

Organisers said that the occasion will provide an overall picture of the food processing industry with a specific focus on discussions involving investment trends, opportunities for investment co-operation, and technology transfer between foreign enterprises and local firms.

According to experts, the food processing industry has seen robust growth trends following the gradual launch of highly competitive products that dominate the domestic market and have served to boost exports.

At present, food and beverages account for the highest proportion in terms of the monthly expenditure of Vietnamese consumers, holding approximately 35 per cent of the spending level.

Annual food consumption value stands at an estimated 15 per cent of GDP and is expected to continue to rise in the near future.

The nation is thought to have plenty of room to boost consumption of food and drink in the years ahead. Despite this, the  food processing industry faces a number of challenges in technology, value chain, and food safety, which could all serve to open up a window of opportunity for foreign investors.

Tran Kim Oanh, director of the Investment Promotion Center, noted that although food businesses account for only 2.1 per cent of the total number of enterprises, their revenue makes up 7.3 per cent of the entire country’s proportion.

Several sectors, including the processing of aquatic, milk and dairy products, and agricultural products, are predicted to enjoy strong growth in the future, she added.