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VIETNAM: The Rising Star of Asia’s F&D Industry
31 July 2024At a time when the global economy is languishing in the doldrums it comes as exciting news that Vietnam is bucking the trend for future growth. The latest F&B Market Report shows that despite economic challenges faced in 2023, the value of the Vietnamese F&B market is expected to grow by 10.92%, generating revenues of over VND655 trillion (US$26.1 billion). This optimism is borne out by a report predicting that around 80% of Vietnamese businesses have the resources for future growth, with nearly 52% planning to expand.
Increasingly regarded as a key global player in food production, the growth of Vietnam’s plant-based agriculture has been greatly assisted by Overseas Direct Assistance (ODA), together with the support of the Ministry of Agriculture and Rural Development. Effective ways to attract major investment into agricultural and rural development remain at the forefront of government policy. Technologies to deal with droughts, floods and other climate related factors are also under review.
As a result of fifteen free trade agreements that have been secured, Vietnam currently exports a broad range of agricultural products worldwide. These include walnuts, coffee, pepper, fruit and rice, with the largest source of cashew nuts exported to the EU, valued at US$699 million. Other trading arrangements have opened markets for Vietnam to become the third largest mango supplier to South Korea.
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Fresh fruits and vegetables are abundant in Vietnam including bananas, bean sprouts, coconut, dragon fruit, aubergine (eggplant), jackfruit, mango and mung beans. As a result, Vietnamese cuisine is renowned for its fresh ingredients and bold flavours, with rice integral to most recipes, along with noodles, herbs, spices and fresh vegetables. As well as the benefits of traditional home cooking, statistics also reveal that Vietnamese consumers are increasing their outlay on dining out, as well as 6.1% of respondents saying that they now go out daily for coffee. Above all consumers have an expectation of high quality and good value across all food and beverage products purchased.
A highly effective way for Vietnamese food manufacturers to address consumer concerns on food safety is to obtain Ortho-K certification for their products. As Europe’s largest Kosher certification agency, the distinctive Ortho-K symbol on food products and food ingredients provides an instantly recognisable sign that production standards have met the most stringent food safety regulations. It also means that transparency of quality control will enhance marketing opportunities throughout the world.
Located in Ben Tre Province is Betrimex (Ben Tre Import and Export Joint Stock Corporation), prolific producers and exporters of a comprehensive range of coconut products, including original coconut water, coconut milk, virgin coconut oil and desiccated coconut. They offer both a private label service for retail and industrial client.
At the forefront of Vietnam’s edible oil industry is Vietnam Vegetable Oils Corporation (Vocarimex) responsible for the prolific production of palm oil soybean and sesame oil amongst its many ranges. Producing a huge capacity of 300 tonnes per day, including Voca, their edible oil brand, the company is certified by Ortho-K for the ultimate sign of quality assurance. Also boasting Ortho-K certification is the leading manufacturer of basic inorganic chemicals, South Basic Chemicals JSC, under the Vietnam Chemical Group, trading under the Vinachem brand.
One of the most prestigious brands in Vietnam is Intimex. Tracing its roots back to 1995 they are specialists in product processing and exportation of green coffee beans, pepper rice and cashew nuts. Ortho-K kosher certifies their cashew production. Additionally the company operates 14 coffee processing factories across key regions, imports frozen food and operates five wholesaling outlets.
Guava, banana and lychee purees comprise just some of the mouthwatering ranges offered by highly innovative fruit and vegetable growers and processors Nafoods Group. Consumers can enjoy fresh fruit, fruit juices, puree and concentrate as part of their health-conscious diets, assured by the presence of the Ortho-K symbol across various product ranges. The Group in 2023 was in the Top 50 in the Top 500 Fastest Growth Enterprises in Vietnam (FAST 500).
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As the name suggests Tay Ninh Tapioca JSC is a manufacturer of organic rice flour and starch and tapioca starch and syrup products. The company has earned its strong reputation for producing food ingredient ranges with natural health benefits, enhanced by adhering to the requirements of Ortho-K certification. In 2023 it exhibited at BioFach, in Germany. Another leading certified brand is C J Foods Milling Vietnam LLC, specialising in the milling of wheat and the manufacture of flours for all occasions including for bread, steam bun and all purpose.
Last year Vietnam was chosen by the United Nations to host the prestigious 4th Global Conference of the One Planet Network’s Sustainable Food Systems Programme. This coincided with another accolade when the World Economic Forum picked Vietnam as one of the first three countries to pilot the Food Innovation Hub, a flagship initiative to improve sustainability in food production.
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Looking ahead to October, the strategically important FI Vietnam Vietnam’s leading ingredients event promises to advance the success of the country’s thriving F&D market. Attendees can expect a host of innovation and inspiration, a packed programme of activities and the perfect platform to interact with like-minded professionals across the globe. Billed as ‘Tomorrow’s Taste Today’, the showpiece reflects Vietnam’s meteoric rise in the F&B world.
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