The food industry of Việt Nam has significant potential for promoting international cooperation.

The food industry of Việt Nam has significant potential for rapid expansion in the domestic market and increase international cooperation thanks to efforts to improve competitiveness, Vũ Bá Phú, director of the Việt Nam Trade Promotion Agency, said.

The growth in the domestic market is being driven by the increasing incomes of local residents, Phú said, adding that Việt Nam with a population of nearly 100 million people, about 50 per cent of whom are below 35, has a huge demand for food products, such as beverages, milk, oil, flour and starch.

He cited statistics that there are about 5,083 enterprises operating in the food industry, an increase of 83.8 per cent against 2019 – a positive growth after the COVID-19 pandemic. The food industry is one among key industries prioritised by the Government to 2025.

During the past five years, the consumption of food and beverage products in Việt Nam increased on average 9.68 per cent and 6.66 per cent, respectively.

The vegetable and fruit processing industry which accounts for 24.7 per cent of the food industry’s revenue saw a growth of nearly 205 per cent and is expected to continue expanding rapidly, driven by exports and domestic consumption. Major fruits are mango, banana, dragon fruit, orange, and pineapple.

The food industry also has significant potential to increase international cooperation.

The cooperation with big companies like Lotte Mart, E – Mart, Home Plus and CJ creates an opportunity for Vietnamese firms to bring products to shelves of supermarkets and shopping centres in the Republic of Korea including Coupang and Gmarket and gradually penetrate the e-commerce market in this country.

The major food products of Việt Nam exported to Korea include fresh and frozen octopus and squid.

Source: Viet Nam News