International Exhibition on Food and Beverage Ingredients (F&B) in Vietnam 2024 is set to take place at the Saigon Exhibition and Convention Center (SECC) from October 9-11, 2024, bringing together over 150 exhibitors from 30 countries and territories.
At the press conference introducing the exhibition, the organizers stated that Fi Vietnam 2024 focuses on innovation and sustainability to deliver the best products and services in the region regarding ingredients, flavors, spices, and technology in the F&B industry. The event also aims to showcase a diverse range of products, from traditional Vietnamese ingredients to those from around the world.
Ms. Rose Chitanuwat, Regional Project Chain Director for ASEAN at Fi Global – Informa Markets, highlighted the impressive growth of Vietnam’s F&B industry, with an average annual growth rate of approximately 10-12%. Notably, within Southeast Asia, Vietnam’s F&B revenue in 2023 ranked third, after Indonesia and the Philippines.
The food processing industry has become one of Vietnam’s key industries, accounting for a significant 19.1% within the manufacturing sector. This percentage not only reflects the current strength of the industry but also hints at its enormous growth potential in the future.
Moreover, new consumer trends are presenting significant opportunities for the industry. Vietnamese consumers are demanding more diverse F&B options, leading to an increased need for a wide range of unique and distinctive ingredients and flavors.
Especially post-Covid-19, consumer trends towards green consumption, clean and safe food with traceable origins, organic food, and functional foods are opening up new and promising markets for the industry.
In addition to the domestic market, free trade agreements (FTAs) such as the Vietnam-EU Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have opened up vast opportunities for Vietnam to export F&B ingredients to potential international markets. Vietnam also boasts natural advantages in agriculture, with diverse regions for cultivation, livestock farming, and aquaculture, ensuring a plentiful supply of F&B ingredients.
According to Ms. Ly Kim Chi, Chairwoman of the Ho Chi Minh City Food and Foodstuff Association (FFA), a co-organizer of Fi Vietnam 2024, Vietnam’s F&B market is expected to grow in the coming years. Retail revenue in the first eight months of 2024 increased by 7.3% compared to the same period in 2023, reaching nearly VND 3.2 million billion; with the food group increasing by 10.2%.
FFA also believes that Vietnam is recognized as one of the world’s five “food baskets,” attracting significant foreign investment in the F&B sector. This has laid a solid foundation for the development of the F&B ingredients industry to serve the production of food and beverages.
However, according to FFA, Vietnam’s F&B industry faces numerous challenges in the global value chain. Specifically, the quality of raw materials is often limited and unstable due to small-scale and fragmented production processes and outdated technology.
Climate change, drought, and increasing salinity intrusion also significantly impact agricultural yield and quality. Additionally, the lack of linkage between stages in the value chain poses a complex problem, making it challenging to access markets, negotiate prices, and ensure product quality compared to foreign competitors.
Therefore, focusing on enhancing product quality, diversifying ingredient sources, adopting modern technology, and building a sustainable supply chain will be crucial for Vietnam’s F&B industry to elevate its position on the international F&B map. Simultaneously, investing in research and development of novel ingredients, flavors, and spices will enable the industry to keep up with consumer trends and captivate the hearts of today’s discerning diners.
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