According to Savills Vietnam, the first commercial cold storage in Vietnam was built in 1996.
However, Vietnam’s cold storage landscape is localised and highly fragmented, with over 40 projects providing a total of 460,000 sq.m of cold chain warehouse space in 2022, it said.
In fact, the country’s fresh food sales surged from 40.4 billion USD in 2020 to 45.7 billion USD last year, a compound annual growth rate of 6.3%.
Its e-commerce market also witnessed a remarkable annual growth rate of 21.5% from 2017 to 2022, fueling the expansion of all kinds of complimentary services.
Additionally, for the sector to meet consumer demand for both efficiency and to address global disruptions, investment in technology is an increasingly important consideration for investors eyeing cold storage facilities. Advancements in automation, robotics, and energy efficiency can significantly enhance the operational efficiency of cold storage facilities and help reduce operator/occupier costs as technology improves./.
