Food and beverage sector expected to grow further
Food and beverage sector expected to grow further
The food and beverage market is expected to see potential for further development in the 2017-18 period, according to the Viet Nam Report Company (VNR).
The company on Thursday announced the top 10 prestigious food and beverage companies in Viet Nam in 2017.
Specialists said that after a few years of stagnancy, the food and beverage sector has regained its growth.
The Business Monitor International (BMI) forecast that the growth rate of the sector would be at 10.9 per cent in the 2017-19 period, thanks to people’s increasing income and a trend of using high value products.
The latest figures from the General Statistics Office showed that food production and processing in the first nine months of the year rose by 6.6 per cent, while that of the beverage sector was 5 per cent higher than the same period last year.
With a population of more than 90 million and an increasing number of tourists, the food and beverage industry has been getting the attention of both local and foreign investors.
In the time to come, the divestment of some leading State-owed enterprises in the sector such as Vinamilk, Sabeco and Habeco would offer opportunities for foreign businesses to enter the potential market, while creating fierce competition, VNR said.
VNR’s survey revealed three trends in the food and beverage industry in the 2017-18 period, such as development of new services and sale methods, both growth potential and competition and a trend to invest in clean food.
Specialists emphasised that businesses in the sector should be active and have suitable strategies with changes in the market, while maintaining their brand names.
The ranking is based on an independent study conducted by VNR using the media coding method. It has announced the annual top 10 key sectors such as real estate, construction, banking and insurance, as well as pharmacy and listed companies since 2012.
The top 10 were built based on three main criteria - financial ability on the latest audited financial report, media prestige and an online survey on customers’ pleasure.
