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ECONOMYTRADE - SERVICE

Imported foods dominating Vietnam’s market

Updated at Wednesday, 08 Nov 2017, 09:47
The Hanoitimes - Customers can now easily buy products from Korea, Japan or Thailand, as Vietnam is seen as high potential market for foreign food brands.
From November 8 – 11at Hanoi International Exhibition Center, Vietfood & Beverage – Propack 2017 will be organized after the first event in Ho Chi Minh city. The appearances of more and more food enterprises from Korea, Thailand and Poland once again show the attraction of a market with more than 90 million populations to foreign companies. 
 
Foreign foods in display at AEON Mall Long Bien, Hanoi.
Foreign foods in display at AEON Mall Long Bien, Hanoi.
Statistics from Vietnam Retailers Association showed that, food consumption in Vietnam for period 2011 – 2016 reached 30 billion USD. The growth rate in food consumption is expected to increase two-digit number in the coming time with high demands, which opens new doors for both domestic and foreign enterprises, such as companies from Korea, Japan and Thailand. 

Especially, with the Free Trade Agreement between Vietnam and Korea came into effect in the end of 2015, Korean enterprises are shifting focus from the Chinese market to Vietnam’s market to expand market for exporting food products. In addition to mergers & acquisitions (M&A) activities with high value from Korean enterprises, a wave of Korean enterprises has frequently organized delegations to look for opportunities in expanding market in fields of food & beverage in Vietnam. 

Vietnam is a quick developing market and customers now easily accept new products, which is reason why more and more foreign brands from Korea and Japan are coming to Vietnam to expand market. In October, a delegation of Korean enterprises has a meeting at Ho Chi Minh to look for way introducing their products to Vietnam through Vietnamese distributors. 

Vietfood & Beverage – Propack 2017 manifests the return of local brands such as Canh Đong Vang (Golden Farm), Minh Tien Coffee, Sen Viet Company, Chinh Son’s Tea, Minh Trung’s Food, Ben Tre Imports and Exports Company, Thuc pham Xanh (Organic Food) who will present outstanding products made by local such as tea, fruit juice, dried fruit which are popular and consumed by local residents with hope to meet with foreign partners and take local products to farther markets.

Especially, organic food presented by start-up businesses such as SkyFarm (Gotula); Cau Đat Farm with vegetables, tomato, radish, carrot, banana, tea and coffee which all are certified by Global G.A.P. These products will be a spotlight to local consumers.

Participated in Ho Chi Minh City events for several times and recorded achievements, Korean Trade Promotion Center for Forestry and Agricultural Products will join Hanoi event with hope to expand business in the city. The exhibition calls for participations of 33 Korean well-known companies producing products such as ginseng and ginseng products, ganoderma, confectionary, beverage, fruit juice, milk and milk products, fresh and dried fruit, ready food, seaweed, soup, ingredients...

This year exhibition calls for participations of 150 businesses with 200 displays from 11 nations and territories such as Korea, Thailand, Russia, Malaysia, Italy, Denmark, Spain, Lithuania and China. Vietfood & Beverage – Propack 2017 is organized by Vinexad (under Ministry of Industry and Trade) with strong supports of local authorities such as Ministry of Industry and Trade, Ministry of Agriculture and Rural Development, Local and Foreign Associations of Beverages, HoChiMinh City Food Association.
Nguyen Tung
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