Consumers choose their instant noodles in a supermarket in Ha Noi. (Photo: tuoitre.vn)

Hanoi (VNA) - Vietnam has a huge domestic market for instant noodles with sales of nearly 20 trillion VND (888.9million USD) per year.

According to Euromonitor, a foreign research firm, Vietnam’s instant noodle market had a value at 24.3 trillion VND in 2015, 10 percent higher than 2014.

The value was expected to grow to 25.7 trillion VND in 2016 and 26.6 trillion VND in 2017.

There are 50 enterprises engaged in producing instant noodles in Vietnam. Seventy percent of the revenue has come from Acecook, Masan Consumer and Asia Foods, the three largest instant noodles producers.

Acecook Vietnam is the largest domestic producer of instant noodles, accounting for 40 percent of the market. The company registered a revenue of 9 trillion VND in 2014 and 9.3 trillion VND in sales in 2015.

The second largest enterprise, Masan Consumer, held 25 percent of the local market share in 2015. It gained 5 trillion VND from packed instant noodle sales.

Meanwhile, the World International Noodle Association (WINA) has reported that consumption of instant noodles in Vietnam reduced over the past two years following a downtrend on the world market. Consumption dropped from 5.2 billion packets in 2013, to 5 billion in 2014, and 4.8 billion in 2015.

Inaccurate information about the product has made customers wary and resulted in reduced sales, the association reported.

However, Kajiwara Junichi, General Director of Acecook Vietnam, said consumption of instant noodles had recovered in the first half of this year.

In the first six months of this year, Acecook Vietnam sold 1.3 billion packets and exported 100 million packets, 9 percent higher than the same period last year, he said. The company expected sales of 2.9 billion packets this year.

Vietnam has the best production costs so the company produces its instant noodles here and exports it to 46 countries and territories, he said. In the future, the company would promote cup noodles due to its high demand.

Vietnam is the fourth largest consumer of instant noodles in the world, after China, Indonesia and Japan, according to the association.-VNA