CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam’s F&B - a magnet for foreign investors
Ngoc Thuy 12:01, 2019/08/12
The high growth rate of the F&B sector, which reaches 7% per year and accounts for 15% of the country’s GDP, is attributed to strong interest from foreign investors.
Backed by Vietnam’s rapid economic growth and a sizeable market with a population of over 96 million, the country’s food and beverage (F&B) sector is proving to be a magnet attracting foreign investors looking for business opportunities here. 
 
Illustrative photo.
Illustrative photo.
At a conference discussing the potential cooperation between enterprises from two countries in the F&B sector held recently by the Consulate General of India in Ho Chi Minh City in collaboration with the Ministry of Industry and Trade (MoIT), Indian companies commented that Vietnam is a major player in agricultural production and among the world’s largest exporters of rice, coffee, cashew and peppercorn. The country, however, is also a large importer of food stuffs. 

In 2018, India exported to Vietnam fisheries worth US$344 million, vegetables worth US$39 million and corn worth US$24.86 million, according to the General Statistics Office (GSO). Meanwhile, the former bought in Vietnam’s US$62.2 million worth of peppercorn, US$34.8 million worth of cashew nuts and coffee worth US$95.6 million. 

Ramesh Anand, chairman of the India Business Chamber in Vietnam (INCHAM), said with growing disposable income and strong growth of the tourism sector, Vietnam’s market of over 96 million users would spur higher consumption in the F&B sector, indicating strong potential for the sector’s development. 

Anand noted recent trade deals such as the Comprehensive and Progressive Trans – Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) are expected to pave the way for greater access to the Vietnam’s F&B market for foreign companies, which is one of the reasons pushing India companies to look for business opportunities in Vietnam. 

Similarly, Polish enterprises are expanding cooperation with their Vietnamese partners in agricultural trade and food processing. 

Head of Poland’s Trade and Investment Promotion Agency in Ho Chi Minh City Piotr Harasimowicz said both countries are key producers and exporters of agricultural products, a key pillar in bilateral trade relations. 

As Vietnamese companies push for modernization of the agricultural sector, Polish companies could provide them with machinery and equipment, Harasimowicz added. 

At a conference held on August 8, Vice President of the Association of Polish Butchers and Producers of Processed Meat Piotr Ziemann informed Polish companies considered Vietnam a major market, especially as Vietnam is currently its largest partner in ASEAN. 

Chairwoman of the Food and Foodstuff Association of Ho Chi Minh City Ly Kim Chi attributed the high growth rate of the F&B sector, which reaches 7% per year and accounts for 15% of the country’s GDP, to huge interest from foreign investors. 

Chi added the F&B sector is an important industrial sector in Vietnam, and one of four priority fields for development in Ho Chi Minh City with growth rate of 8.22% per year for food stuff and 5% for beverage in 2018. 
Comments
Other news
15:34, 2024/11/27
Big discounts on offer at Hanoi's November Promotion Festival
The event is part of the Hanoi Concentrated Promotion Program 2024, held in May, July, and November, attracting up to 2,000 businesses.
17:23, 2024/11/26
Hanoi unveils 150 most popular Vietnamese products and services for 2024
The "Most Popular Vietnamese Products" voting program is part of the city's broader efforts to encourage the consumption of local goods.
16:50, 2024/11/23
Hanoi hosts the Vietnam Regional Specialties Fair 2024
This year's fair will contribute to the promotion of trade and the expansion of typical regional products, especially agricultural and food products that meet export standards.
14:06, 2024/11/20
Hanoi strengthens export competitiveness and trade protection measures
Hanoi will work with the Ministry of Industry and Trade to ensure that businesses and manufacturers are ready for new challenges.
10:49, 2024/11/16
US reiterates Vietnam is not manipulating currency
The US Treasury Department’s positive evaluation underscores Vietnam’s progress in balancing its economic and monetary policies while fostering strong bilateral relations with the US.
21:14, 2024/10/31
Vietnam, Brazil: Building bridges through shared history and new partnerships
Vietnam and Brazil are forging a future of mutual development, bridging continents through their shared history and new partnerships.