A survey by Viet Nam Report from July to August this year reported that 62.5% of businesses expect the F&B industry to grow by 5% to 10% this year. — Bloomberg
HANOI: The Industry and Trade Ministry forecasts that the revenue of the food and beverage (F&B) industry will grow by 10.92% this year, reaching more than 720 trillion dong (US$29.8bil or RM127.8bil).
A survey by Viet Nam Report from July to August this year reported that 62.5% of businesses expect the F&B industry to grow by 5% to 10% this year.
This is a sharp increase in business optimism about the prospects of the F&B market with the rate increasing from 61.6% to 87.6%. Optimistic signals about the improvement of the F&B industry also come from the financial situation of consumers.
The survey results showed that up to 52.7% of consumers believe that their income will improve slightly and 21.8% will improve significantly in the next 12 months.
In addition, Decree No. 74/2024/ND-CP regulating the regional minimum wage, effective from July this year will continue to contribute to the growth of the F&B industry in the coming time when the year-end spending season is approaching.
Compared to a year ago, concerns about weak purchasing power or rising inflation have cooled down significantly. This has given way to concerns related to changes in consumer behaviour and large inventories.
F&B firms said that changes in consumer behaviour were difficult this year. — Viet Nam News/ANN
