Shrimp processing for export (Source: VNA) HCM City (VNA) – Attracting investment to expand production andupgrade technology is crucial in developing food processing, heard a workshopto promote investment in the industry held in Ho Chi Minh City on November 15by the Ministry of Industry and Trade.
Vietnam’s food processing industry hasdeveloped strongly in recent years. The country’s annual food consumption valueis estimated at about 15 percent of the GDP, and in the last five years,processed food consumption has increased by 9.68 percent a year, and 6.66percent for the consumption of beverages.
In the first 10 months of 2018, theproduction index of processed food and beverage industry had a year-on-yeargrowth rate of some 8 percent.
Food and beverages account for the highestproportion in Vietnamese consumers’ monthly spending, at 35 percent.
These figures show Vietnam is a highpotential consumer market for processed food and beverages.
Deputy Minister of Industry and Trade DoThang Hai said the Government has prioritised the processing ofagro-fishery-forestry products, with the focus on increasing the proportion ofkey farm produce and seafood and applying international standards in the productionand processing.
Vietnam has also participated ininternational integration via the signing of economic deals with othercountries, which have opened up a broad market for local enterprises, includingthose operating in food processing, Hai noted.
He added that agreements which soon comeinto effect such as the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) will helpVietnam’s products expand around the world.
Regarding investment policies, Vu Van Chung,deputy head of the Foreign Investment Department, stated that Vietnam hadissued the Investment Law with numerous incentives for foreign investors.
The Ministry of Industry and Trade has workedwith the Ministries of Planning and Investment, and Agriculture and RuralDevelopment, as well as local agencies to support investors who want to pourcapital into the country’s food processing industry, Chung affirmed.-VNA
VNA
