Vietnam’s F&B Industry Ranks Third in ASEAN
According to Fi Vietnam 2024 (an annual exhibition for the F&B industry, part of the Fi Global exhibition series), Vietnam’s F&B industry is witnessing remarkable growth, with an impressive average annual growth rate of 10-12%.
Notably, in Southeast Asia, Vietnam’s food industry revenue in 2023 ranked third, only behind Indonesia and the Philippines.
Data from iPOS.vn shows that in the first six months of 2024, the total revenue of the F&B industry reached VND 403.9 thousand billion (equivalent to USD 16.1 billion), achieving 68.46% of the revenue of 2023. As of June 2024, there were approximately 304,700 stores nationwide, a decrease of about 3.9% compared to the previous year.
Thus, at least 30,000 stores nationwide have closed, along with a somewhat limited number of new openings. This is considered a consequence of the economic recession.
Nevertheless, the economic difficulties have not diminished the Vietnamese people’s love for cuisine. A survey by iPOS.vn found that up to 61.2% of businesses are just trying to maintain their current scale. After six months of business in 2024, 34.4% of businesses plan to expand to new locations.
The F&B industry outlook report by Kirin Capital forecasts that the F&B sector in Vietnam in 2024 will increase by 10.92% compared to 2023, reaching over VND 655,000 billion (about USD 26.2 billion). The upcoming holidays, capturing new consumption trends, and year-end consumption needs are opportunities for the industry in the coming months.
The Stirring of ‘Finance People’
The 2024 Mid-Autumn Festival is making the F&B industry vibrant again, and the market is witnessing a new shift in popularity. “Newcomer” Katinat continues to surpass “senior” brands in social media engagement.
The latest report from YouNet Media recorded more than 2.25 million interactions and 220,050 discussions created by the TOP 10 coffee chains in nearly two months (July 1 – August 22, 2024). In addition to the usual media activities, this buzz is attributed to the diverse collections of Mid-Autumn Festival cakes with different stories and concepts.
Katinat Coffee & Tea House, Phuc Long Coffee & Tea, and Highlands Coffee are the TOP 3 hottest coffee chains, generating 146,190 discussions and accounting for 66.4% of the discussion market share among the TOP 10 brands.
Notably, Katinat has surpassed “champion” Highlands, which led in the first half of Q2/2024, to become the hottest brand on social media. Katinat finished with 62,700 discussions, nearly doubling from the same period in the previous quarter.
Katinat Saigon Kafe is currently one of the fastest-growing coffee shop chains in Ho Chi Minh City. Although it started in 2016, it wasn’t until November 2020 that Katinat Cafe officially registered its establishment.
According to the National Portal on Business Registration, Katinat Cafe JSC has a charter capital of VND 38 billion, of which Ms. Truong Nguyen Thien Kim holds 84.2% of the shares, and the remaining shareholders, Le Ngoc Khanh and Chairman Dinh Viet Ha, hold nearly 7.9% of the capital.
Notably, Ms. Thien Kim is a finance professional with a master’s degree in Finance, Money and Credit Flow, and a bachelor’s degree in Finance and Banking from the University of Economics Ho Chi Minh City. She has held various positions in financial institutions such as Bao Viet Securities and Dong A Bank.
In recent years, Ms. Kim ventured into the F&B industry and achieved success with two prominent chains, Katinat and Phe La (in which she is a founding shareholder and holds 51% of the total charter capital of VND 180 billion).
Another legal entity related to Ms. Thien Kim is D1 Concepts JSC. D1 Concepts owns multiple culinary brands, including San Fu Lou, Di Mai, Sorae, CaféDa, and Sens.
The Rising Tide: Battling the Floods in Ninh Binh and Thanh Hoa
On September 12th, water levels in the Hoàng Long and Đáy rivers (Ninh Bình province) and the Bưởi, Cầu Chày, and Yên rivers (Thanh Hóa province) were rising. In response, authorities promptly initiated patrol and guard duties for the dikes, enacting appropriate alert levels.
Unlocking the Potential: Australia – The Next Frontier for Vietnam’s Fresh Dragon Fruit Exports
Dragon fruit harvested from farms in Vietnam can now enter the Australian market, but it must comply with biosecurity requirements. To minimize pests such as fruit flies, mites, mealybugs, and spider mites, growers must follow specific protocols to ensure their produce meets Australia’s strict biosecurity standards.
The Mastermind Behind the “Finance 247” Facebook Page is Finally Unveiled by the Police
Recently, the Bình Thạnh District Police Department successfully cracked down on two cases of loan sharking, putting a stop to illegal lending practices that have been plaguing the community.
“Cheer Up” Bread Packages by Elementary School Students for Flood Victims: A Heartwarming Gesture of Solidarity Among Fellow Countrymen, Regardless of Age.
“In line with the guiding principle of ‘small deeds for small children’, these youngsters have wrapped gifts of love and support for their fellow citizens affected by the floods. Their actions embody the spirit of compassion and solidarity, contributing in their own unique way.”
Indictment Sought for Former Deputy Minister of Industry and Trade Hoang Quoc Vuong
The Investigative Security Agency (Ministry of Public Security) has completed an additional investigation into a case of “Abuse of Power and Negligence with Serious Consequences” involving the Ministry of Industry and Trade and several provinces and cities.
