Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Hoang Quang Phong emphasized at the Opening Ceremony of the 10th International Exhibition on Food - Beverages & Equipment for Processing Technology, Food and Beverage Packaging in Hanoi - Vietfood & Beverage - Propack Vietnam 2024.

VCCI Vice Chairman Hoang Quang Phong. Photo: Thien Trang

According to Vice Chairman Hoang Quang Phong, in recent years, Vietnam's economy has grown strongly, contributing significantly to this growth is the food and beverage industry.

“The International Monetary Fund (IMF) forecasts that the Vietnamese F&B market will reach VND655,000 billion, with an increase of about 10.92% compared to the previous year in 2023, becoming one of the countries with the potential for outstanding development in the next 5 years,” Vice Chairman Hoang Quang Phong emphasized.

Vice Chairman Hoang Quang Phong assessed that, following the success of previous exhibitions, the 10th International Exhibition on Food and Beverages, Industrial Processing Equipment in Hanoi is expected to continue to create opportunities for domestic and foreign enterprises to explore the market, strengthen cooperation, promote trade and investment to meet the development trends of the market.

“The exhibition will help businesses and visitors grasp the trends in new products and technologies in the food and beverage industry and new approaches to the production, processing, packaging and consumption of food and beverages in the coming time,” said Vice Chairman Hoang Quang Phong.

This is also an opportunity for businesses to learn, connect and build business cooperation relationships with domestic and international businesses, manufacturers and distributors, contributing to expanding the production and supply chain on a global scale.

The trade connection programs and specialized seminars and workshops are practical activities coordinated by the exhibition organizer, which will also give businesses the opportunity to directly contact and receive information and raise awareness of standards, production processes and challenges in the management and development of production and supply chains.

“On behalf of the leaders of the Vietnam Chamber of Commerce and Industry, I welcome Vietnamese and international enterprises to actively participate in the exhibition, considering this an opportunity to expand their markets and production and business activities, contributing to the success of the Exhibition, contributing to the development of the economy in general and the food and beverage industry in Vietnam in particular,” Vice Chairman Hoang Quang Phong expressed.

Opening of Vietfood & Beverage Exhibition 2024 - ProPack Vietnam 2024. Photo: Thien Trang

According to data released by IPOS.vn, in just the first half of 2024, the revenue of the Vietnamese F&B industry reached VND403.9 trillion, equivalent to 68.46% of the revenue of the whole year of 2023. This is a very positive milestone for the F&B industry to take advantage of opportunities and key factors, accelerating in the last months of the year.

Accordingly, the customer base of the F&B market is expanding, especially the middle class and Gen Z is playing an increasingly important role. Particularly, the middle class group accounts for about 13% of the population, increasing by 4 million people in 2024, concentrated in urban areas (according to VIRAC).

The Gen Z customer group often has the habit of looking for new dining places, willing to spend money to experience innovative products. If the needs of these two groups are properly exploited at the end of the year, F&B businesses will develop a large number of potential customers.

In addition, the tourism industry also contributes to promoting the growth of the F&B industry. Specifically, according to data from the General Statistics Office, in the first 8 months of 2024, Vietnam welcomed 11.4 million international visitors, an increase of 46% over the same period in 2023.

Revenue from accommodation and catering services is estimated at VND 481.2 trillion, an increase of 14.3% over the same period last year. These positive changes bring expectations of an opportunity for the Vietnamese F&B industry to accelerate, especially during the peak spending and tourism season at the end of the year.

In addition, Vietnam's domestic and foreign policies in 2024 will also have many impacts on the economy in general and the F&B industry in particular.

Nguyen Viet (Business Forum Magazine)