Nearly 60 Vietnamese F&B firms are expected to participate in the THAIFEX-World of Asia fair in Bangkok this year, an increase of 16 per cent over last year (Photo: VNA) HCM City (VNA) - With a market of 93million people, Vietnam has seen rapidly growing consumer demand for food andbeverage (F&B) products, offering great opportunities for the sector to expand,experts have said.
Vietnam’s annual consumption of food and drinkproducts accounts for about 15 percent of the Gross Domestic Product (GDP), andthis rate will rise in the future, according to the Ministry of Industry andTrade.
The country is expected to enter the top threeAsian countries posting the highest growth rate of the F&B industry by2020.
Ly Kim Chi, President of the HCM City Food andFoodstuff Association, said that today’s consumers were willing to pay more forhealthy and natural products.
As a country with a strong agricultural sector, Vietnamis able to provide a wide range of ingredients for the local food and drinkindustry, while the robust expansion of convenience store chains has beenfacilitating distribution and consumption, she said.
On May 29, the Vietnamese High Quality BusinessAssociation will, for the first time, take part in THAIFEX-World of Food Asia,the leading F&B trade fair in Asia, according to Vu Kim Hanh, chairwoman ofthe association.
Around 60 of the country’s leading F&Bcompanies, an increase of 16 over last year, will be on hand to promote theirproducts at the fair, to be held in Bangkok from May 29-June 2.
Hanh said that participation in trade shows wasone of many ways to promote Vietnamese products.
“However, it takes time and effort forenterprises to get their products known by buyers worldwide,” she said. “Ifexporters want to expand their markets, they need to take note of food safetystandards.”
“Ensuring food safety and hygiene will open upmany opportunities in the local market, as well as in strict markets like theUS, the EU, and Japan,” she added.
“Given that most countries are strengtheningprotection barriers, Vietnamese products will have access to huge markets ifthey meet international standards and regulations.”
However, Vietnamese businesses must continue tolearn more about regulations and improve product quality, according to Hanh.
Mathias Kuepper, managingdirector of Koelnmesse Pte Ltd, the trade fair organiser, said that “With Vietnam’sthriving economy and increasing incomes, we think the country has the potentialto become one of the largest F&B markets in Southeast Asia.”
The country has adopted policies to develop theF&B sector by improving the business climate for producers, reformingpublic administration, and offering soft loans and demand stimulus programmes.
PR and marketing campaigns have been launched inrecent years to help local producers promote their brands and gain a strongerfoothold in the local market, Chi said.-VNA
VNA
