According to the Ministry of Industry and Trade (MoIT), Viet Nam food consumption is estimated to grow by 5.1 percent this year, reaching an estimated number of US$ 29.5 billion in 2016. Food consumption per capita is growing to US$ 276 in 2016, increasing 4.3 percent. This is due to increasing monthly incomes and the development of the retail industry.
Currently, Vietnamese consumers’ focus still lays on daily essential food. However, once the incomes of urban residents increase, they will have more opportunities to buy high quality food and beverages.
On the supply side, most of the food processing enterprises have weak competitive capacity in both the regional and global market. In order to meet the demand from local consumers, enterprises need to control their food quality carefully. Moreover, they should increase their investment in machinery & technology.
Masan Group has invested in creating a closed manufacturing chain, from breeding farm to processing factory. The Masan food industry Centre shall start operating soon in the central province, Nghe An.