Hanoi (VNA) – iPOS.vn and Nestlé Professional have released the 2024 Vietnam Food and Beverage (F&B) Market Report, highlighting shifts in consumer spending habits.
Conducted with Nestlé Vietnam, the report provides insights into industry performance and emerging trends, based on surveys of 4,005 restaurants and cafés, feedback from 4,453 diners, secondary data from market research firms, and interviews with nearly 100 F&B experts and business leaders.
Despite rising costs, Vietnam’s F&B sector continued to expand in 2024. Vu Thanh Hung, CEO of iPOS.vn, noted revenue growth despite narrowing profit margins. Le Quang Long from Nestlé Professional called the sector both promising and competitive.
By late 2024, an estimated 323,010 shops had been set up, up 1.8% year-on-year, with revenue projected at 688.8 trillion VND (26.96 billion USD), a 16.6% increase. However, only 25.5% of businesses reported stable revenue, while 14.7% saw growth. To counter rising costs, 49.2% plan price increases in 2025.
Consumer spending remains steady, but diners prioritise quality at reasonable prices. Weekend dining is on the rise, with nearly 70% of consumers engaging in it occasionally or frequently.
Following a trend-driven 2023, the sector is taking a more cautious approach. The report found 52.8% of businesses are avoiding short-term food trends, focusing instead on sustainable investments.
Matcha beverages are a standout trend, with 29.6% of businesses incorporating them. In contrast, strong-flavoured teas, once popular, are losing traction, with adoption falling to 21.4%. While specialty teas such as oolong, shan tuyet, and traditional brews saw previous investment, consumer interest appears to be stabilising./.
