Newsletter 2023/3

⚡Focus Topic: Changes in Vietnam's F&B industry in 2023

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2023 is likely to be a year with many interesting innovations in the F&B market in Vietnam. While smaller investors tend to act cautiously and defensively, giants like Highlands Coffee, The Coffee House and Golden Gate are still on the path to expanding their chains. In addition, there is increasingly tough competition from new brands such as Phe La, Katinat,...

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Expected growth of 18%

Although the Vietnamese economy is still under great pressure, the growth of the F&B industry is forecast to reach 18% in 2023 (according to the Vietnam Culinary Business Market Report 2022 by iPOS.vn). The report also pointed out that Vietnam had about 338,600 restaurants in 2022, an increase of 39% compared to 2021.

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In general, the Vietnamese F&B market is still thriving despite many difficulties, including people tightening their wallets.

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82.8% of companies have started their digital transformation journey
Digital transformation seems to be an inevitable trend. The Covid-19 pandemic has highlighted the urgency of digital transformation. F&B companies in Vietnam are learning about this trend and using it to retain customers and gain more competitive advantage. According to statistics in 2022, 82.8% of F&B companies have undergone digital transformation, with the majority of companies having deployed sales software. In addition, companies with a higher level of investment are gradually getting used to other software such as inventory management, customer management, accounting, etc.

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Vietnamese consumers love discount vouchers

Statistics based on 3,940 participants in a survey on purchasing behavior in the F&B industry show that the two most popular forms of advertising among customers are “x% off” and “Buy X, get Y free”, with rates of 70, 1% and 52.3% respectively. Next comes the form of purchasing goods at the same price at the rate of 37.1%. The forms of “x% discount on special holidays” and “voucher for invoices over a certain value” are equally preferred by customers with rates of 28.9% and 28% respectively.

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