Vietnam’s food processing, packaging sector thriving
Vietnam’s food processing and packaging industry has expanded by 15-20 percent annually over the past several years and is likely to grow further in the coming years, according to the Association of Vietnam Retailers (AVR).
Rice packaging at Trung An High-tech Farming JSC (Photo: VNA)Hanoi (VNA) – Vietnam’s food processing and packaging industry has expanded by 15-20 percent annually over the past several years and is likely to grow further in the coming years, according to the Association of Vietnam Retailers (AVR).
Food and drinks currently account for the highest proportion of monthly consumer spending in Vietnam, at about 35 percent of the total and the annual consumption of food and beverages is estimated to be equivalent to 15 percent of the country’s GDP.
In 2018, the consumption of food and beverages grew by 18 percent, creating a major push for the food processing and packaging sector.
Meanwhile, IMS Health has placed Vietnam into the group of the top 17 pharmerging markets which account for a fast-rising share of global pharmaceutical sales with a market size of about 5.1 billion USD.
Vietnam will be among three countries reporting the highest growth in the pharmaceutical industry, expanding at an annual rate of 10 percent in average, according to Global Data.
In addition, supplementary food and cosmetics have also posted strong growth, making the packaging industry more promising./.
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