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On August 8, nearly 1,000 Vietnamese food and foodstuff enterprises participated in trade and networking at the 28th Vietnam International Exhibition on Food and Beverages, Food and Beverage Processing and Packaging Technology Equipment, organized by the Ministry of Industry and Trade.
Speaking at the opening ceremony, Ms. Phan Thi Thang, Deputy Minister of Industry and Trade, said that Vietnam has made remarkable progress in the field of food production, especially in food processing. From an importing country, Vietnam has become the world’s leading producer and exporter of food and food with a series of leading agricultural products for export such as rice, coffee, pepper, cashew nuts, seafood, etc.
Currently, Vietnam is a country with abundant agricultural products and raw materials, which is very favorable for supplying inputs for food production and processing activities. In terms of market, with a population of nearly 100 million people, a young population structure, an increasing middle class and high income, Vietnam is considered one of the most potential food and beverage consumption markets in the region. According to the assessment, the annual consumption of Vietnam’s food and beverage industry always accounts for about 15% of GDP and tends to increase in the coming time.
In recent years, the export turnover of food and foodstuff products has been recorded to be present in over 180 markets. In July 2024 alone, the entire industry witnessed remarkable export growth in many food and foodstuff groups, especially some groups of goods with total export turnover in the first 7 months of the year exceeding 2 billion USD such as seafood, vegetables, cashews, coffee, rice, etc.
Not stopping there, the revenue of the Vietnamese food and beverage industry market will continue to grow, expected to reach more than 720,000 billion VND in 2024, an increase of 10.92% compared to 2023. After recovering and growing strongly, the food and beverage industry will continue to develop with a compound annual growth rate of 10.26% in the period 2024 – 2029 and is expected to reach a value of about 1.5 billion USD in 2029
In addition, according to experts, the Vietnamese plastic packaging market in the period 2023 – 2028 is expected to have a growth rate of The average annual growth rate is 8.44%, while paper packaging is 9.73%. At the same time, packaging for the food and beverage industry continues to account for a significant market share.
According to Ms. Phan Thi Thang, with the trend of consumers favoring sustainable green products, Vietnamese enterprises are also constantly transforming towards sustainability across the entire production value chain. Sustainable development trends in the industry are also constantly updated and developed, including aspects of food safety, ensuring sustainable greenness in the use of organic raw materials, reusing, recycling waste or surplus products from the production process to measures to limit the use of plastic and reduce packaging in general. This is clearly a challenge but should also be seen as an opportunity for Vietnamese food and beverage manufacturers and exporters to change and develop. The remaining issue is that businesses need to take advantage of opportunities to connect and access advanced science and technology from foreign partners, thereby attracting investment and promoting exports in the potential field of food and beverage production and processing.