Fresh Food in Vietnam

Euromonitor International
December 2023
FRESH FOOD IN VIETNAM Passport i

LIST OF CONTENTS AND TABLES

Fresh Food in Vietnam - Industry Overview ................................................................................. 1
EXECUTIVE SUMMARY .............................................................................................................. 1
Fresh food in 2023: The big picture .......................................................................................... 1
2023 key trends ........................................................................................................................ 1
Retailing developments ............................................................................................................ 2
What next for fresh food? ......................................................................................................... 2
MARKET DATA ............................................................................................................................ 3
Table 1 Total Sales of Fresh Food by Category: Total Volume 2018-2023............... 3
Table 2 Total Sales of Fresh Food by Category: % Total Volume Growth
2018-2023 .................................................................................................... 3
Table 3 Retail Sales of Fresh Food by Category: Volume 2018-2023 ...................... 3
Table 4 Retail Sales of Fresh Food by Category: % Volume Growth 2018-
2023 ............................................................................................................. 4
Table 5 Retail Sales of Fresh Food by Category: Value 2018-2023 ......................... 4
Table 6 Retail Sales of Fresh Food by Category: % Value Growth 2018-2023 ......... 4
Table 7 Retail Sales of Fresh Food by Packaged vs Unpackaged: % Volume
2018-2023 .................................................................................................... 5
Table 8 Retail Distribution of Fresh Food by Format: % Volume 2018-2023 ............ 5
Table 9 Forecast Total Sales of Fresh Food by Category: Total Volume 2023-
2028 ............................................................................................................. 6
Table 10 Forecast Total Sales of Fresh Food by Category: % Total Volume
Growth 2023-2028 ....................................................................................... 6
Table 11 Forecast Retail Sales of Fresh Food by Category: Volume 2023-2028........ 6
Table 12 Forecast Retail Sales of Fresh Food by Category: % Volume Growth
2023-2028 .................................................................................................... 7
Table 13 Forecast Retail Sales of Fresh Food by Category: Value 2023-2028 .......... 7
Table 14 Forecast Retail Sales of Fresh Food by Category: % Value Growth
2023-2028 .................................................................................................... 7
DISCLAIMER ............................................................................................................................... 8
SOURCES.................................................................................................................................... 8
Summary 1 Research Sources ........................................................................................ 8
Eggs in Vietnam - Category Analysis ......................................................................................... 10
KEY DATA FINDINGS................................................................................................................ 10
2023 DEVELOPMENTS ............................................................................................................. 10
Inflation limits the growth rate of eggs in 2023 ........................................................................ 10
Retail e-commerce is increasing in vietnam ........................................................................... 10
PROSPECTS AND OPPORTUNITIES....................................................................................... 11
Eggs expected to register growth on back of economic improvement and recovery of tourism11
Eggs produced with humane models to gain in popularity over the forecast period ............... 11
Summary 2 Major Processors of Eggs 2023 ................................................................. 12
CATEGORY DATA ..................................................................................................................... 12
Table 15 Total Sales of Eggs: Total Volume 2018-2023 ........................................... 12
Table 16 Total Sales of Eggs: % Total Volume Growth 2018-2023 .......................... 12
Table 17 Retail Sales of Eggs: Volume 2018-2023 ................................................... 12
Table 18 Retail Sales of Eggs: % Volume Growth 2018-2023 .................................. 12

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Table 19 Retail Sales of Eggs: Value 2018-2023 ...................................................... 13

Table 20 Retail Sales of Eggs: % Value Growth 2018-2023 ..................................... 13
Table 21 Retail Sales of Eggs by Packaged vs Unpackaged: % Volume 2018-
2023 ........................................................................................................... 13
Table 22 Forecast Total Sales of Eggs: Total Volume 2023-2028 ............................ 13
Table 23 Forecast Total Sales of Eggs: % Total Volume Growth 2023-2028 ........... 13
Table 24 Forecast Retail Sales of Eggs: Volume 2023-2028 .................................... 14
Table 25 Forecast Retail Sales of Eggs: % Volume Growth 2023-2028 ................... 14
Table 26 Forecast Retail Sales of Eggs: Value 2023-2028 ....................................... 14
Table 27 Forecast Retail Sales of Eggs: % Value Growth 2023-2028 ...................... 14
Fish and Seafood in Vietnam - Category Analysis ..................................................................... 15
KEY DATA FINDINGS................................................................................................................ 15
2023 DEVELOPMENTS ............................................................................................................. 15
Fish and seafood sees growth in value and volume ............................................................... 15
Exporting enterprises find foothold in the domestic market .................................................... 15
PROSPECTS AND OPPORTUNITIES....................................................................................... 15
Fish and seafood is expected to grow healthily over the forecast period ................................ 16
Increasing export volume might affect consumer choice in fish and seafood ......................... 16
Summary 3 Major Processors of Fish and Seafood 2023 ............................................. 16
CATEGORY DATA ..................................................................................................................... 16
Table 28 Total Sales of Fish and Seafood by Category: Total Volume 2018-
2023 ........................................................................................................... 17
Table 29 Total Sales of Fish and Seafood by Category: % Total Volume
Growth 2018-2023 ..................................................................................... 17
Table 30 Retail Sales of Fish and Seafood by Category: Volume 2018-2023 ........... 17
Table 31 Retail Sales of Fish and Seafood by Category: % Volume Growth
2018-2023 .................................................................................................. 17
Table 32 Retail Sales of Fish and Seafood by Category: Value 2018-2023.............. 17
Table 33 Retail Sales of Fish and Seafood by Category: % Value Growth 2018-
2023 ........................................................................................................... 18
Table 34 Retail Sales of Fish and Seafood by Packaged vs Unpackaged: %
Volume 2018-2023 ..................................................................................... 18
Table 35 Forecast Total Sales of Fish and Seafood by Category: Total Volume
2023-2028 .................................................................................................. 18
Table 36 Forecast Total Sales of Fish and Seafood by Category: % Total
Volume Growth 2023-2028 ........................................................................ 18
Table 37 Forecast Retail Sales of Fish and Seafood by Category: Volume
2023-2028 .................................................................................................. 19
Table 38 Forecast Retail Sales of Fish and Seafood by Category: % Volume
Growth 2023-2028 ..................................................................................... 19
Table 39 Forecast Retail Sales of Fish and Seafood by Category: Value 2023-
2028 ........................................................................................................... 19
Table 40 Forecast Retail Sales of Fish and Seafood by Category: % Value
Growth 2023-2028 ..................................................................................... 19
Fruits in Vietnam - Category Analysis ........................................................................................ 21
KEY DATA FINDINGS................................................................................................................ 21
2023 DEVELOPMENTS ............................................................................................................. 21
Inflation influences the consumption of fruits in 2023 ............................................................. 21

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Imported fruits continue to gain favour amongst consumers. ................................................. 21

PROSPECTS AND OPPORTUNITIES....................................................................................... 21
Further growth expected for fruits in the forecast period ......................................................... 22
Expansion of e-commerce ...................................................................................................... 22
Summary 4 Major Processors of Fruits 2023 ................................................................ 22
CATEGORY DATA ..................................................................................................................... 23
Table 41 Total Sales of Fruits by Category: Total Volume 2018-2023 ...................... 23
Table 42 Total Sales of Fruits by Category: % Total Volume Growth 2018-2023 ..... 23
Table 43 Retail Sales of Fruits by Category: Volume 2018-2023 .............................. 23
Table 44 Retail Sales of Fruits by Category: % Volume Growth 2018-2023 ............. 24
Table 45 Retail Sales of Fruits by Category: Value 2018-2023 ................................. 24
Table 46 Retail Sales of Fruits by Category: % Value Growth 2018-2023 ................ 25
Table 47 Retail Sales of Fruits by Packaged vs Unpackaged: % Volume 2018-
2023 ........................................................................................................... 25
Table 48 Forecast Total Sales of Fruits by Category: Total Volume 2023-2028 ....... 25
Table 49 Forecast Total Sales of Fruits by Category: % Total Volume Growth
2023-2028 .................................................................................................. 26
Table 50 Forecast Retail Sales of Fruits by Category: Volume 2023-2028 ............... 26
Table 51 Forecast Retail Sales of Fruits by Category: % Volume Growth 2023-
2028 ........................................................................................................... 27
Table 52 Forecast Retail Sales of Fruits by Category: Value 2023-2028 .................. 27
Table 53 Forecast Retail Sales of Fruits by Category: % Value Growth 2023-
2028 ........................................................................................................... 28
Meat in Vietnam - Category Analysis ......................................................................................... 29
KEY DATA FINDINGS................................................................................................................ 29
2023 DEVELOPMENTS ............................................................................................................. 29
Inflation and economic slowdown affect consumers’ behaviour and the growth of meat ........ 29
Rising health consciousness and fitness trend boost the growth of beef and chicken ............ 29
PROSPECTS AND OPPORTUNITIES....................................................................................... 30
Meat is expected to show healthier growth due to economic improvement and the recovery of
tourism .................................................................................................................................... 30
Frozen meat is expected to increase gradually over the forecast period. ............................... 30
Summary 5 Major Processors of Meat 2023 ................................................................. 31
CATEGORY DATA ..................................................................................................................... 31
Table 54 Total Sales of Meat by Category: Total Volume 2018-2023 ....................... 31
Table 55 Total Sales of Meat by Category: % Total Volume Growth 2018-2023 ...... 31
Table 56 Retail Sales of Meat by Category: Volume 2018-2023 ............................... 31
Table 57 Retail Sales of Meat by Category: % Volume Growth 2018-2023 .............. 32
Table 58 Retail Sales of Meat by Category: Value 2018-2023 .................................. 32
Table 59 Retail Sales of Meat by Category: % Value Growth 2018-2023 ................. 32
Table 60 Retail Sales of Meat by Packaged vs Unpackaged: % Volume 2018-
2023 ........................................................................................................... 32
Table 61 Forecast Sales of Meat by Category: Total Volume 2023-2028 ................. 33
Table 62 Forecast Sales of Meat by Category: % Total Volume Growth 2023-
2028 ........................................................................................................... 33
Table 63 Forecast Retail Sales of Meat by Category: Volume 2023-2028 ................ 33
Table 64 Forecast Retail Sales of Meat by Category: % Volume Growth 2023-
2028 ........................................................................................................... 33

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Table 65 Forecast Retail Sales of Meat by Category: Value 2023-2028 ................... 34

Table 66 Forecast Retail Sales of Meat by Category: % Value Growth 2023-
2028 ........................................................................................................... 34
Nuts in Vietnam - Category Analysis .......................................................................................... 35
KEY DATA FINDINGS................................................................................................................ 35
2023 DEVELOPMENTS ............................................................................................................. 35
Nuts records healthy volume growth in 2023. ......................................................................... 35
Online purchases draw in more customers and increase e-commerce's share ...................... 35
PROSPECTS AND OPPORTUNITIES....................................................................................... 36
Nuts is expected to grow gradually over the forecast period .................................................. 36
Health and wellness consciousness will boost growth of nuts in the future. ........................... 36
Summary 6 Major Processors of Nuts 2023 .................................................................. 37
CATEGORY DATA ..................................................................................................................... 37
Table 67 Total Sales of Nuts by Category: Total Volume 2018-2023........................ 37
Table 68 Total Sales of Nuts by Category: % Total Volume Growth 2018-2023 ....... 37
Table 69 Retail Sales of Nuts by Category: Volume 2018-2023 ............................... 38
Table 70 Retail Sales of Nuts by Category: % Volume Growth 2018-2023 ............... 38
Table 71 Retail Sales of Nuts by Category: Value 2018-2023 .................................. 38
Table 72 Retail Sales of Nuts by Category: % Value Growth 2018-2023 .................. 38
Table 73 Retail Sales of Nuts by Packaged vs Unpackaged: % Volume 2018-
2023 ........................................................................................................... 39
Table 74 Forecast Total Sales of Nuts by Category: Total Volume 2023-2028 ......... 39
Table 75 Forecast Total Sales of Nuts by Category: % Total Volume Growth
2023-2028 .................................................................................................. 39
Table 76 Forecast Retail Sales of Nuts by Category: Volume 2023-2028 ................ 39
Table 77 Forecast Retail Sales of Nuts by Category: % Volume Growth 2023-
2028 ........................................................................................................... 40
Table 78 Forecast Retail Sales of Nuts by Category: Value 2023-2028 ................... 40
Table 79 Forecast Retail Sales of Nuts by Category: % Value Growth 2023-
2028 ........................................................................................................... 40
Pulses in Vietnam - Category Analysis ....................................................................................... 42
KEY DATA FINDINGS................................................................................................................ 42
2023 DEVELOPMENTS ............................................................................................................. 42
Pulses witnesses positive volume growth in 2023. ................................................................. 42
Packaged pulses continue to generate interest amongst consumers. .................................... 42
PROSPECTS AND OPPORTUNITIES....................................................................................... 43
Pulses is expected to see healthy growth over the forecast period ........................................ 43
Online sales to gain share within pulses over the forecast period .......................................... 43
Summary 7 Major Processors of Pulses 2023 ............................................................... 43
CATEGORY DATA ..................................................................................................................... 44
Table 80 Total Sales of Pulses by Category: Total Volume 2018-2023 .................... 44
Table 81 Total Sales of Pulses by Category: % Total Volume Growth 2018-
2023 ........................................................................................................... 44
Table 82 Retail Sales of Pulses by Category: Volume 2018-2023 ............................ 44
Table 83 Retail Sales of Pulses by Category: % Volume Growth 2018-2023 ........... 44
Table 84 Retail Sales of Pulses by Category: Value 2018-2023 ............................... 45
Table 85 Retail Sales of Pulses by Category: % Value Growth 2018-2023 .............. 45

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Table 86 Retail Sales of Pulses by Packaged vs Unpackaged: % Volume 2018-

2023 ........................................................................................................... 45
Table 87 Forecast Total Sales of Pulses by Category: Total Volume 2023-2028 ..... 45
Table 88 Forecast Total Sales of Pulses by Category: % Total Volume Growth
2023-2028 .................................................................................................. 45
Table 89 Forecast Retail Sales of Pulses by Category: Volume 2023-2028 ............. 46
Table 90 Forecast Retail Sales of Pulses by Category: % Volume Growth
2023-2028 .................................................................................................. 46
Table 91 Forecast Retail Sales of Pulses by Category: Value 2023-2028 ................ 46
Table 92 Forecast Retail Sales of Pulses by Category: % Value Growth 2023-
2028 ........................................................................................................... 46
Starchy Roots in Vietnam - Category Analysis ........................................................................... 48
KEY DATA FINDINGS................................................................................................................ 48
2023 DEVELOPMENTS ............................................................................................................. 48
Starchy roots category enjoys benefits from rising health awareness in vietnam ................... 48
Unit price of starchy roots increases in 2023 .......................................................................... 48
PROSPECTS AND OPPORTUNITIES....................................................................................... 48
Starchy roots expected to see rising sales over the forecast period. ...................................... 48
Increasing production volumes will help to stabilise the unit price in the potatoes category ... 49
Summary 8 Major Processors of Starchy Roots 2023 ................................................... 49
CATEGORY DATA ..................................................................................................................... 50
Table 93 Total Sales of Starchy Roots by Category: Total Volume 2018-2023 ........ 50
Table 94 Total Sales of Starchy Roots by Category: % Total Volume Growth
2018-2023 .................................................................................................. 50
Table 95 Retail Sales of Starchy Roots by Category: Volume 2018-2023 ................ 50
Table 96 Retail Sales of Starchy Roots by Category: % Volume Growth 2018-
2023 ........................................................................................................... 50
Table 97 Retail Sales of Starchy Roots by Category: Value 2018-2023 ................... 51
Table 98 Retail Sales of Starchy Roots by Category: % Value Growth 2018-
2023 ........................................................................................................... 51
Table 99 Retail Sales of Starchy Roots by Packaged vs Unpackaged: %
Volume 2018-2023 ..................................................................................... 51
Table 100 Forecast Total Sales of Starchy Roots by Category: Total Volume
2023-2028 .................................................................................................. 51
Table 101 Forecast Total Sales of Starchy Roots by Category: % Total Volume
Growth 2023-2028 ..................................................................................... 52
Table 102 Forecast Retail Sales of Starchy Roots by Category: Volume 2023-
2028 ........................................................................................................... 52
Table 103 Forecast Retail Sales of Starchy Roots by Category: % Volume
Growth 2023-2028 ..................................................................................... 52
Table 104 Forecast Retail Sales of Starchy Roots by Category: Value 2023-
2028 ........................................................................................................... 52
Table 105 Forecast Retail Sales of Starchy Roots by Category: % Value Growth
2023-2028 .................................................................................................. 53
Sugar and Sweeteners in Vietnam - Category Analysis ............................................................. 54
KEY DATA FINDINGS................................................................................................................ 54
2023 DEVELOPMENTS ............................................................................................................. 54
Sugar and sweeteners category grows well in 2023. .............................................................. 54

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Online channel helps to boost sales of sugar and sweeteners. .............................................. 55

PROSPECTS AND OPPORTUNITIES....................................................................................... 55
Sugar and sweeteners expected to see further growth........................................................... 55
Higher levels of health consciousness might dampen growth of sugar and sweeteners over
the forecast period .................................................................................................................. 55
Summary 9 Major Processors of Sugar and Sweeteners 2023 ..................................... 56
CATEGORY DATA ..................................................................................................................... 56
Table 106 Total Sales of Sugar and Sweeteners: Total Volume 2018-2023 ............... 56
Table 107 Total Sales of Sugar and Sweeteners: % Total Volume Growth 2018-
2023 ........................................................................................................... 56
Table 108 Retail Sales of Sugar and Sweeteners: Volume 2018-2023....................... 56
Table 109 Retail Sales of Sugar and Sweeteners: % Volume Growth 2018-2023 ...... 57
Table 110 Retail Sales of Sugar and Sweeteners: Value 2018-2023.......................... 57
Table 111 Retail Sales of Sugar and Sweeteners: % Value Growth 2018-2023 ......... 57
Table 112 Retail Sales of Sugar and Sweeteners by Packaged vs Unpackaged:
% Volume 2018-2023................................................................................. 57
Table 113 Forecast Total Sales of Sugar and Sweeteners: Total Volume 2023-
2028 ........................................................................................................... 57
Table 114 Forecast Total Sales of Sugar and Sweeteners: % Total Volume
Growth 2023-2028 ..................................................................................... 58
Table 115 Forecast Retail Sales of Sugar and Sweeteners: Volume 2023-2028 ........ 58
Table 116 Forecast Retail Sales of Sugar and Sweeteners: % Volume Growth
2023-2028 .................................................................................................. 58
Table 117 Forecast Retail Sales of Sugar and Sweeteners: Value 2023-2028 ........... 58
Table 118 Forecast Retail Sales of Sugar and Sweeteners: % Value Growth
2023-2028 .................................................................................................. 58
Vegetables in Vietnam - Category Analysis................................................................................ 59
KEY DATA FINDINGS................................................................................................................ 59
2023 DEVELOPMENTS ............................................................................................................. 59
Vegetables category sees volumes rise ................................................................................. 59
Packaged vegetables with qr code continue to gain favour from consumers ......................... 59
PROSPECTS AND OPPORTUNITIES....................................................................................... 60
Vegetables category is expected to see further expansion over the forecast period. ............. 60
Organic vegetables expected to see sales increase gradually. .............................................. 60
Summary 10 Major Processors of Vegetables 2023........................................................ 60
CATEGORY DATA ..................................................................................................................... 61
Table 119 Total Sales of Vegetables by Category: Total Volume 2018-2023 ............. 61
Table 120 Total Sales of Vegetables by Category: % Total Volume Growth
2018-2023 .................................................................................................. 61
Table 121 Retail Sales of Vegetables by Category: Volume 2018-2023 ..................... 61
Table 122 Retail Sales of Vegetables by Category: % Volume Growth 2018-
2023 ........................................................................................................... 61
Table 123 Retail Sales of Vegetables by Category: Value 2018-2023 ........................ 62
Table 124 Retail Sales of Vegetables by Category: % Value Growth 2018-2023 ....... 62
Table 125 Retail Sales of Vegetables by Packaged vs Unpackaged: % Volume
2018-2023 .................................................................................................. 62
Table 126 Forecast Total Sales of Vegetables by Category: Total Volume 2023-
2028 ........................................................................................................... 62

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Table 127 Forecast Total Sales of Vegetables by Category: % Total Volume

Growth 2023-2028 ..................................................................................... 63
Table 128 Forecast Retail Sales of Vegetables by Category: Volume 2023-2028 ...... 63
Table 129 Forecast Retail Sales of Vegetables by Category: % Volume Growth
2023-2028 .................................................................................................. 63
Table 130 Forecast Retail Sales of Vegetables by Category: Value 2023-2028 ......... 64
Table 131 Forecast Retail Sales of Vegetables by Category: % Value Growth
2023-2028 .................................................................................................. 64

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FRESH FOOD IN VIETNAM -

INDUSTRY OVERVIEW
EXECUTIVE SUMMARY

Fresh food in 2023: The big picture

In 2023, inflation had a considerable impact on consumer behaviour and purchasing patterns,
which affected the performance of the fresh food industry in Vietnam. Some categories, such as
fruits and vegetables, felt the impact of inflation less than others. Moreover, the government and
manufacturers tried to control the price of products through moves such as reducing the VAT
rate from 10% to 8% from June 2023. However, inflation still had a significant impact on
consumers’ decision making and people tended to be more frugal with their spending.
Meanwhile, both companies and distributors continuously focused on improving their
sustainable agricultural methods together with the government in order to boost production
volumes and match the higher expectations of Vietnamese consumers relating to fresh foods in
terms of quality and safety. Moreover, the fact that more international tourists travelled to
Vietnam in 2023 provided a boost to sales of fresh food, especially in the foodservice sector.

2023 key trends

In Vietnam, domestic produce is preferred by consumers for a couple of reasons. The main
factor is that domestic produce, from vegetables to meat to fruits, is generally more affordable
than imported products. However, in addition, domestic produce is promoted as a source of
national pride by the government, which encourages consumers to buy local products to support
the economy. Nevertheless, domestic produce cannot compete in sugar and sweeteners, as,
since the signing of trade agreements, Vietnamese products are not as competitive, and some
players have gone out of business. In this commoditised category, consumers are also happy to
purchase whatever is available, rather than seeking out local products.
In 2023, consumers prioritised healthy eating due to the experiences of the COVID-19 crisis,
which raised concerns about the functioning of the immune system and generated awareness of
the potential health impacts of the sedentary lifestyles and poor diets associated with periods of
lockdown. Consumers have reduced the frequency of eating out, and are cooking at home more
often and being more selective when choosing fresh foods for family meals. Thus, the fresh food
market in 2023 experienced three significant key trends.
Firstly, consumers preferred packaged fresh food with QR codes due to increased trust in the
quality of such products. This is because QR codes provide valuable information about the
product, including its origin, production date, and the producers involved.
Secondly, people prefer fresh food that is produced sustainably, using methods that are
considered "green and clean." This is because they have a higher belief in the quality of such
food and want to avoid the consumption of artificial chemicals in their daily meals.
Lastly, consumers are increasingly focused on health and wellness, particularly after the
COVID-19 lockdown. As a result, they are paying more attention to fitness and weight loss. This
has led to a decrease in the consumption of fatty foods like pork, and a preference for meats
such as beef and chicken, as well as plant-based alternatives like pulses and starchy roots for
daily meals. Greater numbers of consumers are making more considered purchasing decisions
in terms of prioritising fresh food over processed options. In addition, more consumers are
seeking fresh foods that they perceive to be healthier, such as vitamin-rich fruits, which are

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believed to positively impact the immune system, while more affluent consumers are starting to
choose organic vegetables.

Retailing developments
In 2023, the fact that more citizens and foreign visitors began to venture outside and explore
Vietnam following an extended period of lockdown contributed to the acceleration of the growth
rate of foodservice in terms of volume.
In retail, branded butchers such as G Kitchen, Meat Master and MeatDeli are increasingly
popular in Vietnam. These points of sale help consumers to access branded meat, attracting the
large target group of consumers who do not shop in modern stores such as supermarkets or
minimarts. These stores are also a way for players to enhance awareness of their brands.
Moreover, these stores are leveraged to cross-sell other food products besides fresh food,
which ultimately brings more sales and profit for brand owners.
Retail e-commerce remains very small in Vietnam. However, Vietnamese consumers have
become more acquainted with online shopping as a result of the COVID-19 pandemic, and
many have maintained this habit. There has been a noticeable increase in the number of
Vietnamese consumers who are opting to purchase fresh food through online channels. These
channels include the websites of supermarkets and hypermarkets such as Coopmart, BigC, and
Bach Hoa Xanh, social networks like Facebook and Zalo, and popular e-commerce sites such
as Shopee and Lazada. In addition, Grab Mart has also emerged as a popular platform for
purchasing fresh food online. The e-commerce market in Vietnam gained share in 2023, which
can be attributed to several factors, including the increasing penetration of internet usage, the
convenience offered by online shopping, and an increasing number of discounting events.

What next for fresh food?

The fresh food market in Vietnam is expected to experience gradual growth over the forecast
period. This can be attributed to several factors, including an improvement in the overall
economy, a growing awareness of health and wellness amongst consumers, and an increase in
the number of tourists visiting Vietnam. Based on data from the General Statistics Office,
Vietnam is projected to achieve a stronger GDP growth rate over the first three years of the
forecast period. This positive economic outlook is expected to result in higher disposable
incomes for consumers, which in turn will likely lead to increased spending on fresh food from
regular to premium products.
Furthermore, there is a growing trend amongst Vietnamese consumers to prioritise their
health and show a heightened sense of responsibility towards environmental issues. As a result,
they are increasingly seeking out products that are both environmentally sustainable and
promote a healthy lifestyle. In the forecast period, product quality is expected to improve in fresh
food. This will mainly be due to higher requirements from consumers who are increasingly
aware of the huge impact of daily food consumption on their health. Meanwhile, government
regulation on food safety is also expected to be stricter to ensure the healthy development of the
industry. Also, the government is now promoting sustainable development, including in
agricultural production, so domestic agricultural products are expected to not just be safer, but
also higher quality.
Although imported products have a rising presence in the market, domestic produce
continues to account for the biggest share of fresh food consumption in Vietnam. Vietnam is
now more deeply integrated in world trade, so imported products find it easier to approach
Vietnamese consumers, and the prices are now also more affordable due to lower tariffs.
However, domestic produce is partly protected by the government, with a supportive policy for
farmers and domestic agriculture. Besides, the production of fresh foods such as fruits and

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vegetables is increasingly being modernised and seeing improvements in terms of productivity

and volumes, so prices are still generally lower than for imported products. Consumer habits
also play an important role in the use of domestic produce. For example, pork slaughtered within
a day is strongly preferred to chilled or frozen pork, even if it is more expensive.
According to the Ministry of Tourism, Vietnam is expected to experience substantial growth in
the number of foreign tourists visiting the country in the first half of the forecast period. This
anticipated increase in tourism will have a positive impact on the demand for fresh food in the
foodservice sector, in particular.

MARKET DATA
Table 1 Total Sales of Fresh Food by Category: Total Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Eggs 529.4 668.8 719.1 747.8 787.8 845.5

Fish and Seafood 2,465.2 2,673.9 2,812.3 2,863.9 2,979.4 3,276.8
Fruits 6,188.8 6,818.3 7,232.6 7,190.8 7,725.8 8,265.0
Meat 4,143.8 4,198.7 4,191.3 3,981.6 4,355.4 4,642.8
Nuts 824.2 875.2 884.0 825.4 894.6 958.1
Pulses 147.3 149.8 151.6 150.2 153.6 157.3
Starchy Roots 1,702.6 1,728.7 1,721.4 1,634.3 1,666.4 1,687.8
Sugar and Sweeteners 968.4 1,002.3 970.9 968.4 1,021.9 1,057.6
Vegetables 13,062.7 13,762.4 13,938.9 12,929.3 14,296.3 15,439.9
Fresh Food 30,032.5 31,878.1 32,621.9 31,291.7 33,881.3 36,330.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 2 Total Sales of Fresh Food by Category: % Total Volume Growth 2018-2023

% total volume growth

2022/23 2018-23 CAGR 2018/23 Total

Eggs 7.3 9.8 59.7

Fish and Seafood 10.0 5.9 32.9
Fruits 7.0 6.0 33.5
Meat 6.6 2.3 12.0
Nuts 7.1 3.1 16.2
Pulses 2.4 1.3 6.8
Starchy Roots 1.3 -0.2 -0.9
Sugar and Sweeteners 3.5 1.8 9.2
Vegetables 8.0 3.4 18.2
Fresh Food 7.2 3.9 21.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 3 Retail Sales of Fresh Food by Category: Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Eggs 368.7 465.3 528.6 613.2 609.6 643.1

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Fish and Seafood 1,115.9 1,222.3 1,408.7 1,624.5 1,621.8 1,741.6

Fruits 4,304.5 4,707.1 5,403.8 5,600.2 5,868.2 6,176.4
Meat 2,429.9 2,413.4 2,589.0 2,624.8 2,684.5 2,754.5
Nuts 455.2 481.3 510.7 526.2 547.0 570.4
Pulses 133.0 135.0 138.3 139.3 141.0 143.2
Starchy Roots 1,091.9 1,122.1 1,180.9 1,188.2 1,200.7 1,218.4
Sugar and Sweeteners 654.7 674.3 706.0 727.2 741.7 754.3
Vegetables 7,238.9 7,658.2 8,461.2 8,437.2 8,824.8 9,260.7
Fresh Food 17,792.6 18,878.9 20,927.1 21,480.7 22,239.4 23,262.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 4 Retail Sales of Fresh Food by Category: % Volume Growth 2018-2023

% volume growth
2022/23 2018-23 CAGR 2018/23 Total

Eggs 5.5 11.8 74.4

Fish and Seafood 7.4 9.3 56.1
Fruits 5.3 7.5 43.5
Meat 2.6 2.5 13.4
Nuts 4.3 4.6 25.3
Pulses 1.6 1.5 7.7
Starchy Roots 1.5 2.2 11.6
Sugar and Sweeteners 1.7 2.9 15.2
Vegetables 4.9 5.0 27.9
Fresh Food 4.6 5.5 30.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 5 Retail Sales of Fresh Food by Category: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Eggs 16,249.7 20,734.2 22,132.9 25,706.8 26,602.8 29,167.9

Fish and Seafood 153,504.4 172,669.4 199,220.3 234,678.6 246,503.7 260,226.2
Fruits 133,448.5 155,051.7 182,958.4 192,704.3 209,815.7 225,487.6
Meat 251,220.8 290,256.0 294,902.3 283,333.7 308,291.0 325,676.5
Nuts 25,168.8 27,767.9 30,011.2 31,544.7 34,526.7 36,813.0
Pulses 6,980.6 7,364.6 7,806.5 8,079.7 8,645.3 9,118.8
Starchy Roots 26,392.8 28,414.0 31,470.4 32,596.4 35,335.7 37,333.0
Sugar and Sweeteners 11,635.7 12,915.7 14,465.5 16,030.4 16,511.3 18,707.4
Vegetables 113,429.5 125,534.5 142,585.3 145,067.1 145,516.0 155,877.3
Fresh Food 738,030.9 840,707.9 925,552.8 969,741.5 1,031,748.1 1,098,407.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 6 Retail Sales of Fresh Food by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Eggs 9.6 12.4 79.5

Fish and Seafood 5.6 11.1 69.5

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Fruits 7.5 11.1 69.0

Meat 5.6 5.3 29.6
Nuts 6.6 7.9 46.3
Pulses 5.5 5.5 30.6
Starchy Roots 5.7 7.2 41.5
Sugar and Sweeteners 13.3 10.0 60.8
Vegetables 7.1 6.6 37.4
Fresh Food 6.5 8.3 48.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 7 Retail Sales of Fresh Food by Packaged vs Unpackaged: % Volume 2018-2023

% retail volume
2018 2019 2020 2021 2022 2023

Packaged 18.6 18.1 16.8 17.4 18.0 18.8

Unpackaged 81.4 81.9 83.2 82.6 82.0 81.2
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 8 Retail Distribution of Fresh Food by Format: % Volume 2018-2023

% retail volume
2018 2019 2020 2021 2022 2023

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 100.0 100.0 99.9 99.9 99.9 99.9
-- Grocery Retailers 100.0 100.0 99.9 99.9 99.9 99.9
--- Convenience Retail - - - - - -
---- Convenience Stores - - - - - -
---- Forecourt Retailers - - - - - -
--- Discounters - - - - - -
--- Hypermarkets 3.0 2.8 3.4 4.0 4.5 4.5
--- Supermarkets 9.8 10.5 12.0 15.0 16.0 16.4
--- Warehouse Clubs - - - - - -
--- Food/drink/tobacco - - - - - -
specialists
--- Small Local Grocers 87.2 86.7 84.5 80.9 79.4 79.0
-- Non-Grocery Retailers - - - - - -
--- General Merchandise - - - - - -
Stores
--- Apparel and - - - - - -
Footwear Specialists
--- Appliances and - - - - - -
Electronics Specialists
--- Home Products - - - - - -
Specialists
--- Health and Beauty - - - - - -
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
--- Other Non-Grocery - - - - - -
Retailers
-- Direct Selling - - - - - -

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-- Vending - - - - - -
- Retail E-Commerce - 0.0 0.1 0.1 0.1 0.1
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 9 Forecast Total Sales of Fresh Food by Category: Total Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Eggs 845.5 903.7 962.2 1,021.1 1,080.4 1,139.1

Fish and Seafood 3,276.8 3,578.9 3,887.7 4,210.2 4,545.1 4,896.6
Fruits 8,265.0 8,821.4 9,391.9 10,003.2 10,654.6 11,335.7
Meat 4,642.8 4,878.0 5,104.0 5,327.4 5,545.7 5,750.4
Nuts 958.1 1,019.8 1,082.9 1,146.8 1,212.5 1,278.1
Pulses 157.3 161.3 165.8 170.9 176.7 183.1
Starchy Roots 1,687.8 1,704.4 1,721.3 1,737.9 1,757.7 1,785.5
Sugar and Sweeteners 1,057.6 1,089.5 1,118.2 1,143.1 1,164.4 1,181.0
Vegetables 15,439.9 16,529.7 17,659.1 18,784.3 19,947.3 21,105.1
Fresh Food 36,330.7 38,686.7 41,093.0 43,545.0 46,084.2 48,654.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 10 Forecast Total Sales of Fresh Food by Category: % Total Volume Growth 2023-
2028

% total volume growth

2023/24 2023-28 CAGR 2023/28 Total

Eggs 6.9 6.1 34.7

Fish and Seafood 9.2 8.4 49.4
Fruits 6.7 6.5 37.2
Meat 5.1 4.4 23.9
Nuts 6.4 5.9 33.4
Pulses 2.5 3.1 16.4
Starchy Roots 1.0 1.1 5.8
Sugar and Sweeteners 3.0 2.2 11.7
Vegetables 7.1 6.5 36.7
Fresh Food 6.5 6.0 33.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 11 Forecast Retail Sales of Fresh Food by Category: Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Eggs 643.1 681.7 724.6 772.5 825.0 877.7

Fish and Seafood 1,741.6 1,882.8 2,039.6 2,214.0 2,408.3 2,625.1
Fruits 6,176.4 6,527.2 6,926.5 7,379.7 7,888.7 8,467.7
Meat 2,754.5 2,834.4 2,925.2 3,027.6 3,142.6 3,271.3
Nuts 570.4 596.3 625.4 657.8 694.1 734.7
Pulses 143.2 146.1 149.6 153.8 158.7 164.4
Starchy Roots 1,218.4 1,242.0 1,271.7 1,308.1 1,351.0 1,401.8

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Sugar and Sweeteners 754.3 765.6 775.6 784.1 791.2 796.7

Vegetables 9,260.7 9,749.5 10,297.2 10,910.5 11,597.0 12,365.6
Fresh Food 23,262.6 24,425.8 25,735.5 27,208.1 28,856.5 30,705.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 12 Forecast Retail Sales of Fresh Food by Category: % Volume Growth 2023-2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Eggs 6.0 6.4 36.5

Fish and Seafood 8.1 8.6 50.7
Fruits 5.7 6.5 37.1
Meat 2.9 3.5 18.8
Nuts 4.6 5.2 28.8
Pulses 2.0 2.8 14.8
Starchy Roots 1.9 2.8 15.1
Sugar and Sweeteners 1.5 1.1 5.6
Vegetables 5.3 6.0 33.5
Fresh Food 5.0 5.7 32.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 13 Forecast Retail Sales of Fresh Food by Category: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Eggs 29,167.9 30,772.1 32,526.1 34,445.2 36,546.3 38,589.9

Fish and Seafood 260,226.2 282,055.9 306,972.8 335,346.8 367,737.8 404,206.3
Fruits 225,487.6 233,814.0 243,572.2 254,855.5 267,832.5 282,560.1
Meat 325,676.5 336,533.5 349,047.9 363,374.2 379,694.4 398,213.3
Nuts 36,813.0 37,836.3 39,032.7 40,417.1 41,989.3 43,786.3
Pulses 9,118.8 9,264.7 9,440.7 9,648.4 9,889.6 10,156.6
Starchy Roots 37,333.0 38,040.5 38,924.3 39,995.8 41,268.6 42,772.9
Sugar and Sweeteners 18,707.4 18,857.1 18,970.2 19,046.1 19,084.2 19,084.2
Vegetables 155,877.3 161,028.2 167,025.3 173,946.7 181,879.0 190,938.4
Fresh Food 1,098,407.6 1,148,202.3 1,205,512.4 1,271,075.7 1,345,921.8 1,430,308.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 14 Forecast Retail Sales of Fresh Food by Category: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Eggs 5.5 5.8 32.3

Fish and Seafood 8.4 9.2 55.3
Fruits 3.7 4.6 25.3
Meat 3.3 4.1 22.3
Nuts 2.8 3.5 18.9
Pulses 1.6 2.2 11.4
Starchy Roots 1.9 2.8 14.6
Sugar and Sweeteners 0.8 0.4 2.0

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Vegetables 3.3 4.1 22.5

Fresh Food 4.5 5.4 30.2
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

DISCLAIMER
Forecast closing date: 6 November 2023
Report closing date: 19 December 2023
Analysis and data in this report give full consideration to consumer behaviour and market
performance in 2023 and beyond as of the dates above. For the very latest insight on this
industry and consumer behaviour, at both global and national level, readers can access
strategic analysis and updates on www.euromonitor.com and via the Passport system, where
new content is being added on a systematic basis.

SOURCES
Sources used during the research included the following:

Summary 1 Research Sources

Official Sources Agro Processing & Market Development
Authority - Ministry of Agriculture & Rural
Development

Department of crop production

Directorate of Fisheries

General Department of Vietnam Customs

General Statistics Office of Vietnam

Institute for Policy & Strategy or Agriculture &

Rural Development

Ministry of Industry & Trade

Southern Center of Agricultural Policy &

Strategy (SCAP)

Trade Associations Association of South East Poultry

Fruit & Vegetable Association (VINAFRUIT)

Vietnam Association of Seafood

Vietnam Fruit & Vegetables Association

Vietnam Pangasius Association

Trade Press BBC

Nguoi Lao Dong News

Nong Nghiep News

People's News

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People's Police Press

Sai Gon Giai Phong Online

Tuoi Tre News

Vietnam Government Press

Vietnam News Agency

Vietnamnet

VnExpress

Source: Euromonitor International

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EGGS IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS

▪ Total volume sales grow by 7% in 2023 to 846,000 tonnes

▪ Total volume sales are set to increase at a CAGR of 6% over the forecast period to 1.1 million
tonnes

2023 DEVELOPMENTS

Inflation limits the growth rate of eggs in 2023

Eggs are very popular in Vietnamese cuisine, and they appear in meals consumed by all
consumer groups, regardless of their income level. Because of the low price per piece, which
ensures that eggs remain more affordable than other fresh foods, and wide availability across
the country, eggs tend to be most popular in the daily meals of low- or middle-income
households. Indeed, these groups are more price sensitive, as the budget for food occupies a
large proportion of their overall income.
In 2023, inflation and a weak economy significantly influenced consumer behaviour and
purchasing habits, impacting the performance of the Vietnamese egg industry. During the year,
the Vietnamese Government reduced the VAT rate from 10% to 8% in June 2023 and
implemented price controls on eggs. However, despite these measures, the price of eggs
continued to rise due to increasing transportation and production costs. Moreover, Vietnamese
consumers focused more on saving money and eating out less frequently during the year.
Nonetheless, overall, egg consumption still grew due, in part, to a rise in the number of
international tourists travelling to Vietnam in the final year of the review period.

Retail e-commerce is increasing in vietnam

Following the COVID-19 crisis, Vietnamese consumers' willingness to shop online was still
growing in 2023, supported by the fact that, in the wake of the pandemic, the channel is offering
greater accessibility, convenience, audience reach, and competitive pricing. This trend boosted
retail e-commerce’s share of eggs in Vietnam. Leading players and distributors typically offer
monthly discount campaigns of up to 15% on various e-commerce platforms such as Shopee,
Lazada and Grab, and the websites of supermarkets such as Coopmart, BigC, WinMart.
Moreover, they even provide free shipping options for consumers in major cities such as Hanoi
and Ho Chi Minh City. As a result, more people tend to purchase products through the online
channel due to its lower pricing and convenience amidst hectic modern lifestyles.
In Vietnam, traditional channels remain key for the retail distribution of fresh food. Across the
country, eggs in traditional channels such as wet markets or small local grocers are mostly sold
loose. The price of unpackaged eggs is generally lower than for packaged and branded eggs,
so these are preferred by price sensitive consumers, particularly at a time when food prices are
generally increasing and incomes have declined. It is also hard for consumers to see any
notable difference between the quality of packaged and unpackaged eggs, and there is a lack of
communication from brand owners of eggs to raise consumer awareness. Therefore, there is
little incentive to pay more for packaged branded eggs. Nevertheless, manufacturers such as Ba

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Huan, VFood, Dabaco and DTK Corp are ramping up their branding efforts. At the same time, e-
commerce is playing a more significant role in the retail distribution of eggs. As e-commerce is
dominated by the online business arms of existing modern grocery retailers, such as
supermarkets, or packaged fresh food companies via online platforms, this channel could
support the retail volume growth of branded, packaged eggs in Vietnam moving forward.

PROSPECTS AND OPPORTUNITIES

Eggs expected to register growth on back of economic improvement

and recovery of tourism
With Vietnam projected to achieve GDP growth in the first three years of the forecast period, it
is anticipated that consumers will have higher disposable incomes. They are likely, therefore, to
be willing to eat out more frequently in the context of lifestyles that are becoming busier and
more social. As a result, it is anticipated that the volume sales of the retail and foodservice
segments of the egg category will see a faster growth rate during the forecast period than over
2018-2023. In addition, the Ministry of Tourism forecasts that Vietnam will see a significant rise
in the number of international tourists visiting the country during the first half of the forecast
period, which will contribute to an increase in the consumption of eggs in the country.
Eggs are seen as an affordable alternative source of protein for many consumers, particularly
when compared with meat, in addition to offering versatility for many local dishes. One way of
boosting value sales in retail is likely to be through offering value-added products. This is a
favourite source of growth for companies, because they can increase their revenue and
effectively compete with their rivals. Currently, value-added products include local speciality
eggs, vitamin-enhanced eggs, and organic eggs. These products tend to receive a positive
response from consumers, so players are expected to invest more in these kinds of eggs.
Besides, manufacturers could add more value for consumers by developing processed eggs
that are ready to eat, and therefore more convenient for consumers. Therefore, the fresh eggs
category is expected to face more competition from processed eggs in the forecast period.

Eggs produced with humane models to gain in popularity over the

forecast period
Egg production, and indeed livestock production in general, is under the control of
government agencies. In the forecast period, improvements in domestic livestock production are
expected to be a focus of the government. The current domestic production capability is
expected to remain high enough to provide for the domestic market in the forecast period.
Indeed, some players even plan to improve their capacity in order to be able to export eggs.
Because eggs are provided mostly by domestic manufacturers, prices are expected to remain
stable, as the impact of international market changes can be avoided. Besides, eggs are a
common food for daily consumption, and are therefore carefully watched by the market
regulator. Therefore, the consumption of domestic eggs will be encouraged by the government
in the forecast period.
Vietnam is witnessing an increase in the adoption of more humane models for livestock and
poultry farming by local producers and companies. During the forecast period, animals will
increasingly be grazed in natural environments instead of being kept in cages. Natural farming
improves the quality of poultry meat and eggs compared to industrial methods. However,
despite the small market size and high investment costs, the profitability of selling these eggs
remains viable due to a selling price that is approximately 30% higher than regular chicken and
duck eggs. As a result, companies primarily sell these products to restaurants, hotels in Ho Chi

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Minh City, and high-end resorts and there is still a potential for profitability in this venture. This
can be attributed to the growing demand from discerning consumers, particularly tourists, who
specifically seek out humanely raised eggs and poultry meat. The sales volume of poultry
products and humanely treated livestock is expected to gradually increase in the future due to
the current consumer trend favouring these products. This trend is set to be further driven by the
growing number of international tourists visiting Vietnam.

Summary 2 Major Processors of Eggs 2023

Company name Product type Rank

Ba Huan Corp Eggs 1

Vinh Thanh Dat Co Ltd Eggs 2

C.P. Vietnam Corp Eggs 3

Source: Euromonitor International from company reports, company research, trade press, trade sources

CATEGORY DATA
Table 15 Total Sales of Eggs: Total Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Eggs 529.4 668.8 719.1 747.8 787.8 845.5

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 16 Total Sales of Eggs: % Total Volume Growth 2018-2023

% total volume growth

2022/23 2018-23 CAGR 2018/23 Total

Eggs 7.3 9.8 59.7

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 17 Retail Sales of Eggs: Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Eggs 368.7 465.3 528.6 613.2 609.6 643.1

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 18 Retail Sales of Eggs: % Volume Growth 2018-2023

% volume growth
2022/23 2018-23 CAGR 2018/23 Total

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Eggs 5.5 11.8 74.4

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 19 Retail Sales of Eggs: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Eggs 16,249.7 20,734.2 22,132.9 25,706.8 26,602.8 29,167.9

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 20 Retail Sales of Eggs: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Eggs 9.6 12.4 79.5

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 21 Retail Sales of Eggs by Packaged vs Unpackaged: % Volume 2018-2023

% retail volume
2018 2019 2020 2021 2022 2023

Packaged 14.8 14.5 15.2 15.1 15.0 14.6

Unpackaged 85.2 85.5 84.8 84.8 85.0 85.4
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 22 Forecast Total Sales of Eggs: Total Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Eggs 845.5 903.7 962.2 1,021.1 1,080.4 1,139.1

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 23 Forecast Total Sales of Eggs: % Total Volume Growth 2023-2028

% total volume growth

2023/24 2023-28 CAGR 2023/28 Total

Eggs 6.9 6.1 34.7

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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Table 24 Forecast Retail Sales of Eggs: Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Eggs 643.1 681.7 724.6 772.5 825.0 877.7

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 25 Forecast Retail Sales of Eggs: % Volume Growth 2023-2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Eggs 6.0 6.4 36.5

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 26 Forecast Retail Sales of Eggs: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Eggs 29,167.9 30,772.1 32,526.1 34,445.2 36,546.3 38,589.9

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 27 Forecast Retail Sales of Eggs: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Eggs 5.5 5.8 32.3

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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FISH AND SEAFOOD IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Total volume sales rise by 10% in 2023 to 3.3 million tonnes

▪ Crustaceans is the best performing category in 2023, with total volume sales growing by 14%
to 483,000 tonnes
▪ Total volume sales are set to rise at a CAGR of 8% over the forecast period to 4.9 million
tonnes

2023 DEVELOPMENTS

Fish and seafood sees growth in value and volume

In 2023, inflation and a gloomy economy negatively impacted the growth of fresh food overall.
However, the demand for fish and seafood still experienced a positive growth rate in both value
and volume terms. This can be attributed to an increase in international tourism and people
eating out more than they did in the immediate past. Moreover, the growing popularity of fitness
and increased awareness of nutrition and health through traditional media, such as TV
channels, and social media, such as Facebook and TikTok, are supporting demand for fish and
seafood in Vietnam. The unit price of seafood products decreased in 2023 compared to the
previous year due to a decline in exports caused by weakened global purchasing power. This
factor expanded the range of consumer choice and increased the demand for fish and seafood
for daily meals. In addition, while most of Vietnam’s seafood imports are raw material for local
processing plants that are re-exported, a growing volume of premium seafood from the US,
Canada, Norway, and Ireland is consumed domestically in foodservice outlets.

Exporting enterprises find foothold in the domestic market

There was a decline in exports in 2023, primarily attributable to the global decline in
purchasing power. As a result, numerous Vietnamese seafood enterprises shifted their focus
towards the domestic market in search of new opportunities. This strategic move was driven by
the growing demand for fish and seafood within Vietnam, which can be attributed to the
increasing awareness of health and fitness amongst the Vietnamese population. In order to
meet their annual goals, businesses have adopted various strategies. These include diversifying
their product offerings, placing a strong emphasis on intensive processing, and investing in
value chains. Particularly, they have focused on modern retailing and online platforms like
Facebook, Grab, and popular e-commerce sites such as Shopee and Lazada. The increasing
popularity of online shopping in Vietnam, together with the busy lifestyles of consumers, has led
to a greater investment in the online channel by local players.

PROSPECTS AND OPPORTUNITIES

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Fish and seafood is expected to grow healthily over the forecast period
Over the forecast period, the fish and seafood category is anticipated to experience consistent
growth, primarily attributable to economic advancements in Vietnam. The country is expected to
achieve a robust GDP growth rate over the next five years. This growth can be attributed to
various factors, including improved economic performance, an increase in disposable incomes,
evolving health conscious lifestyles, and a growing preference for high-quality seafood products.
In addition, a predicted rise in international tourists visiting Vietnam, according to estimates by
the Ministry of Tourism, will also boost the demand for fish and seafood sales in the future.
Furthermore, as e-commerce sites typically run monthly sales and provide free shipping to
entice clients, the growing popularity of online channels is contributing to the market’s growth.
However, although fresh fish and seafood remains popular in Vietnam, and indeed is
expected to maintain dynamic total volume growth, sales of frozen fish and seafood are also set
to grow. This is partly because the penetration of refrigeration appliances such as fridge
freezers is rising, not just in high-income households, but also in low- and middle-income
households, and in both rural and urban areas. Fridge freezers and freezers are also more
commonly found in retail stores. Frozen products are also usually considered more convenient
than fresh fish and seafood by consumers, because they are already cut/trimmed. As people are
becoming busier and want to spend less time cooking, such convenient options are preferred.
Meanwhile, the big manufacturers can add more value and earn more profit from frozen
products, whilst the transportation and preservation of frozen products is easier than for
live/fresh fish and seafood. All these factors are expected to prevent stronger growth for fresh
fish and seafood in the forecast period, as consumers see the several benefits of the frozen
format.

Increasing export volume might affect consumer choice in fish and

seafood
The General Statistics Office predicts that export volumes of fish and seafood will rise steadily
and surpass 2023 as, by the end of this year, global fish and seafood consumption began to
show signs of improvement. Therefore, this factor has the potential to raise the unit price of fish
and seafood, which could impact people's decision making when it comes to purchasing items in
this category. Local industries are projected to maintain their emphasis on the domestic market
by enhancing their production of local goods through sustainable methods. They aim to enhance
the quality of seafood and introduce a wider range of new seafood products in the Vietnamese
market throughout the forecast period.

Summary 3 Major Processors of Fish and Seafood 2023

Company name Product type Rank

Minh Phu Seafood Corp Shrimps 1

Tan Hai Hoa Co Ltd Seafood 2

An Vinh Trading Service Co Seafood 3

Ltd

Source: Euromonitor International from company reports, company research, trade press, trade sources

CATEGORY DATA

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Table 28 Total Sales of Fish and Seafood by Category: Total Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Crustaceans 296.7 324.7 342.2 369.3 425.1 483.5

Fish 1,777.2 1,928.3 2,036.2 2,051.0 2,092.1 2,276.7
Molluscs and Cephalopods 391.3 420.9 433.8 443.6 462.2 516.6
Fish and Seafood 2,465.2 2,673.9 2,812.3 2,863.9 2,979.4 3,276.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 29 Total Sales of Fish and Seafood by Category: % Total Volume Growth 2018-
2023

% total volume growth

2022/23 2018-23 CAGR 2018/23 Total

Crustaceans 13.7 10.3 62.9

Fish 8.8 5.1 28.1
Molluscs and Cephalopods 11.8 5.7 32.0
Fish and Seafood 10.0 5.9 32.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 30 Retail Sales of Fish and Seafood by Category: Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Crustaceans 133.8 147.2 166.0 202.3 221.5 243.6

Fish 804.9 883.0 1,023.9 1,167.8 1,137.9 1,221.0
Molluscs and Cephalopods 177.2 192.1 218.8 254.4 262.4 277.0
Fish and Seafood 1,115.9 1,222.3 1,408.7 1,624.5 1,621.8 1,741.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 31 Retail Sales of Fish and Seafood by Category: % Volume Growth 2018-2023

% volume growth
2022/23 2018-23 CAGR 2018/23 Total

Crustaceans 10.0 12.7 82.1

Fish 7.3 8.7 51.7
Molluscs and Cephalopods 5.6 9.3 56.3
Fish and Seafood 7.4 9.3 56.1
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 32 Retail Sales of Fish and Seafood by Category: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

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FRESH FOOD IN VIETNAM Passport 18

Crustaceans 38,360.7 43,347.6 49,358.4 60,228.4 67,629.2 73,090.3

Fish 72,180.2 81,202.7 93,311.0 107,438.2 108,144.7 113,503.6
Molluscs and Cephalopods 42,963.5 48,119.1 56,550.9 67,011.9 70,729.7 73,632.3
Fish and Seafood 153,504.4 172,669.4 199,220.3 234,678.6 246,503.7 260,226.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 33 Retail Sales of Fish and Seafood by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Crustaceans 8.1 13.8 90.5

Fish 5.0 9.5 57.3
Molluscs and Cephalopods 4.1 11.4 71.4
Fish and Seafood 5.6 11.1 69.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 34 Retail Sales of Fish and Seafood by Packaged vs Unpackaged: % Volume

2018-2023

% retail volume
2018 2019 2020 2021 2022 2023

Packaged 22.3 21.5 20.0 20.3 20.5 20.8

Unpackaged 77.7 78.5 80.0 79.7 79.5 79.2
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 35 Forecast Total Sales of Fish and Seafood by Category: Total Volume 2023-
2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Crustaceans 483.5 542.5 601.6 663.1 726.7 794.4

Fish 2,276.7 2,465.7 2,661.6 2,867.2 3,082.3 3,307.2
Molluscs and Cephalopods 516.6 570.7 624.5 679.8 736.0 794.9
Fish and Seafood 3,276.8 3,578.9 3,887.7 4,210.2 4,545.1 4,896.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 36 Forecast Total Sales of Fish and Seafood by Category: % Total Volume Growth
2023-2028

% total volume growth

2023/24 2023-28 CAGR 2023/28 Total

Crustaceans 12.2 10.4 64.3

Fish 8.3 7.8 45.3

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FRESH FOOD IN VIETNAM Passport 19

Molluscs and Cephalopods 10.5 9.0 53.9

Fish and Seafood 9.2 8.4 49.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 37 Forecast Retail Sales of Fish and Seafood by Category: Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Crustaceans 243.6 268.7 297.2 329.6 366.5 408.0

Fish 1,221.0 1,313.8 1,416.3 1,529.6 1,655.0 1,794.0
Molluscs and Cephalopods 277.0 300.3 326.1 354.8 386.7 423.1
Fish and Seafood 1,741.6 1,882.8 2,039.6 2,214.0 2,408.3 2,625.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 38 Forecast Retail Sales of Fish and Seafood by Category: % Volume Growth
2023-2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Crustaceans 10.3 10.9 67.4

Fish 7.6 8.0 46.9
Molluscs and Cephalopods 8.4 8.8 52.7
Fish and Seafood 8.1 8.6 50.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 39 Forecast Retail Sales of Fish and Seafood by Category: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Crustaceans 73,090.3 81,495.7 91,275.1 102,684.5 116,033.5 131,346.8

Fish 113,503.6 122,141.8 131,790.0 142,461.4 154,287.5 167,162.2
Molluscs and Cephalopods 73,632.3 78,418.4 83,907.7 90,200.8 97,416.9 105,697.3
Fish and Seafood 260,226.2 282,055.9 306,972.8 335,346.8 367,737.8 404,206.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 40 Forecast Retail Sales of Fish and Seafood by Category: % Value Growth 2023-
2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Crustaceans 11.5 12.4 79.7

Fish 7.6 8.1 47.3
Molluscs and Cephalopods 6.5 7.5 43.5
Fish and Seafood 8.4 9.2 55.3

© Euromonitor International
FRESH FOOD IN VIETNAM Passport 20

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

© Euromonitor International
FRESH FOOD IN VIETNAM Passport 21

FRUITS IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS

▪ Total volume sales increase by 7% in 2023 to 8.3 million tonnes

▪ Cranberries/blueberries is the best performing category in 2023, with total volume sales rising
by 15% to 0,000 tonnes
▪ Total volume sales are set to rise at a CAGR of 7% over the forecast period to 11 million
tonnes

2023 DEVELOPMENTS

Inflation influences the consumption of fruits in 2023

In 2023, the fruits category in Vietnam was adversely affected by inflation and an economic
slowdown. Total volume sales of fruits saw slower growth than in the previous year. In the last
year of the review period, Vietnamese consumers became more focused on saving money and
reducing the frequency with which they ate out, as well as cutting back on spending on daily
meals or worshiping activities. Despite the fact that retailers and distributors launched regular
discount campaigns, there was no noticeable improvement in the demand for fruits during the
discount period. However, the fruits category still recorded positive volume growth due to the
rise of international tourists arriving in the country in 2023 and higher levels of health
consciousness amounts locals, who showed a growing interest in nutrition and the benefits of
eating fruits or drinking juice in their diets. Vietnamese consumers have been becoming more
health conscious as a result of the COVID-19 crisis, and they want to consume nutritious food
on a daily basis. Therefore, fruits, which are packed with essential vitamins, minerals and
antioxidants, have attracted more attention from consumers, and have become a regular
dessert after meals for many consumers.

Imported fruits continue to gain favour amongst consumers.

In 2023, Vietnamese consumers showed increased interest in imported fruits. This can be
attributed to the efforts of retailers and distributors, which launched promotional activities and
offered lower prices. Fruit products imported to Vietnam from countries such as New Zealand,
Australia, and the US were exempt from taxes due to trading agreements. As a result of tax
exemptions and reductions from trading agreements, the price of imported fruits is decreasing.
Apples and grapes, in particular, are now available at half the price they were in previous years.
In addition, imported fruits are being actively promoted by distributors and modern retailers,
which are emphasising the health benefits of including fruits in daily meals, in addition to offering
lower prices such as launching regular discounts throughout the year.

PROSPECTS AND OPPORTUNITIES

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FRESH FOOD IN VIETNAM Passport 22

Further growth expected for fruits in the forecast period

Government efforts to drive economic growth are expected to contribute to a rise in
consumers’ disposable income in the first half of the forecast period. The fruits category is
expected to grow steadily due to rising consumer demand for healthy meals. In the future, the
government, retailers, and distributors will actively promote the benefits of eating fruits and raise
awareness about health through offline and online channels. One example is by organising fruit
festivals or fairs in public spaces or supermarkets. At the same time, the Ministry of Tourism
forecasts a rise in the number of international tourists visiting Vietnam, which will lead to
increased sales of fruits, particularly through the foodservice channel.
One of the factors driving growth in fruits will be the widening product range in the category.
Vietnam is opening up more to the global market and joining more free trade agreements, which
will make foreign fruits easier to import, and at a lower price. Meanwhile, thanks to the
development of the internet and public communication, Vietnamese consumers are increasingly
aware of many different types of fruits from around the world, and are becoming increasingly
willing to try them, with the expansion of demand therefore expected to encourage more players
to offer a wider product range. In addition, the supply chain for fruits is expected to become
more efficient in the forecast period, which will maintain the quality of products when
transporting them across regions. This will not just increase the presence of imported fruits, but
also enhance the availability of different fruits in different regions within the country. These
factors are expected to drive total volume growth across all fruits categories in the forecast
period.
Vietnamese consumers usually use fruits fresh, rather than cooking them or carrying out other
further processing after purchasing them from stores. This is driving demand for higher-quality
fruits. In contrast to other fresh food categories, there are stores which specialise in imported
fruits or organic fruits. Thanks to the encouragement and strict control by the government of
domestic production, the quality of fruits is expected to improve in the forecast period. As a
result, there will be higher-quality products available in the market, and consumers will benefit
from this improvement and be more likely to purchase fruits.

Expansion of e-commerce
Over the forecast period, the e-commerce channel is expected to witness steady growth. This
trend can be attributed to consumers becoming increasingly familiar with online shopping.
Furthermore, the growing interest in online shopping will be supported by the consistent
discounts provided by both producers and internet retailers, which typically range from 30% to
50%. In addition, e-commerce platforms, such Lazada and Shopee, and the websites of
supermarkets, such as BigC, Coopmart, WinMart, will provide free shipping to stimulate
demand. Furthermore, consumers living in big cities such as Hanoi and Ho Chi Minh will even
be able to obtain the products that they purchase online within a day, which is extremely
convenient and particularly appeals to consumers leading hectic urban lifestyles.

Summary 4 Major Processors of Fruits 2023

Company name Product type Rank

Meko Star Co Ltd Domestic fruits 1

U&I Agriculture Corp Domestic fruits 2

Tu Phuong Service Trading Fruits 3

Production Private Enterprise

Source: Euromonitor International from company reports, company research, trade press, trade sources

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CATEGORY DATA
Table 41 Total Sales of Fruits by Category: Total Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Apples 130.8 151.1 150.7 149.7 158.9 169.6

Banana 1,417.7 1,583.5 1,708.8 1,713.5 1,807.1 1,904.6
Cherries 6.8 8.2 7.0 6.6 7.8 8.9
Cranberries/Blueberries 0.0 0.1 0.0 0.0 0.1 0.1
Grapefruit/Pomelo 642.9 728.0 786.0 769.6 811.0 849.3
Grapes 66.3 74.5 74.3 72.2 79.6 86.2
Kiwi Fruit 4.3 4.4 4.4 4.4 4.7 5.0
Lemon and Limes 193.4 215.3 207.5 197.4 218.6 239.2
Oranges, Tangerines and 1,167.6 1,319.4 1,403.7 1,424.8 1,524.1 1,628.9
Mandarins
Peaches/Nectarines 23.1 24.2 25.0 24.1 24.9 25.8
Pears/Quinces 54.5 64.3 69.8 71.8 75.5 79.5
Pineapple 274.2 283.8 294.4 297.1 308.2 320.5
Plums/Sloes 33.0 35.1 36.5 37.1 38.9 40.9
Strawberries 1.4 1.6 1.7 1.7 1.9 2.1
Other Fruits 2,172.8 2,324.9 2,462.8 2,420.6 2,664.5 2,904.3
Fruits 6,188.8 6,818.3 7,232.6 7,190.8 7,725.8 8,265.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 42 Total Sales of Fruits by Category: % Total Volume Growth 2018-2023

% total volume growth

2022/23 2018-23 CAGR 2018/23 Total

Apples 6.7 5.3 29.7

Banana 5.4 6.1 34.3
Cherries 14.4 5.6 31.5
Cranberries/Blueberries 14.6 4.3 23.6
Grapefruit/Pomelo 4.7 5.7 32.1
Grapes 8.3 5.4 30.0
Kiwi Fruit 6.7 2.8 15.1
Lemon and Limes 9.4 4.3 23.7
Oranges, Tangerines and Mandarins 6.9 6.9 39.5
Peaches/Nectarines 3.6 2.3 11.8
Pears/Quinces 5.3 7.9 46.0
Pineapple 4.0 3.2 16.9
Plums/Sloes 5.0 4.4 24.1
Strawberries 9.8 9.2 55.4
Other Fruits 9.0 6.0 33.7
Fruits 7.0 6.0 33.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 43 Retail Sales of Fruits by Category: Volume 2018-2023

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FRESH FOOD IN VIETNAM Passport 24

'000 tonnes
2018 2019 2020 2021 2022 2023

Apples 116.6 134.1 137.4 137.7 144.6 153.3

Banana 1,063.3 1,190.9 1,369.5 1,412.1 1,461.5 1,517.1
Cherries 1.4 1.8 2.1 2.3 2.5 2.6
Cranberries/Blueberries 0.0 0.0 0.0 0.0 0.0 0.0
Grapefruit/Pomelo 441.3 496.5 571.0 582.4 599.9 620.9
Grapes 36.7 41.1 45.6 47.5 49.8 52.6
Kiwi Fruit 3.9 4.0 4.1 4.1 4.3 4.6
Lemon and Limes 74.1 81.5 92.5 96.2 101.0 106.6
Oranges, Tangerines and 913.9 1,000.7 1,165.9 1,212.5 1,267.0 1,327.9
Mandarins
Peaches/Nectarines 20.3 21.1 22.3 21.8 22.2 22.8
Pears/Quinces 48.6 56.9 63.7 66.3 69.1 72.3
Pineapple 254.2 261.8 274.9 280.4 288.8 298.6
Plums/Sloes 28.1 29.9 32.3 33.3 34.4 35.7
Strawberries 0.8 0.9 1.1 1.2 1.3 1.4
Other Fruits 1,301.2 1,385.8 1,621.4 1,702.5 1,821.7 1,960.1
Fruits 4,304.5 4,707.1 5,403.8 5,600.2 5,868.2 6,176.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 44 Retail Sales of Fruits by Category: % Volume Growth 2018-2023

% volume growth
2022/23 2018-23 CAGR 2018/23 Total

Apples 6.0 5.6 31.4

Banana 3.8 7.4 42.7
Cherries 8.0 13.0 84.2
Cranberries/Blueberries 5.5 6.7 38.1
Grapefruit/Pomelo 3.5 7.1 40.7
Grapes 5.5 7.5 43.3
Kiwi Fruit 6.0 3.4 18.5
Lemon and Limes 5.5 7.6 43.9
Oranges, Tangerines and Mandarins 4.8 7.8 45.3
Peaches/Nectarines 2.5 2.3 12.3
Pears/Quinces 4.6 8.3 48.7
Pineapple 3.4 3.3 17.5
Plums/Sloes 3.7 4.9 27.2
Strawberries 7.5 10.8 66.9
Other Fruits 7.6 8.5 50.6
Fruits 5.3 7.5 43.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 45 Retail Sales of Fruits by Category: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Apples 6,415.3 7,698.4 8,391.2 8,726.9 9,690.7 10,493.9

Banana 15,949.2 18,022.6 21,266.7 22,590.9 24,269.2 26,028.0
Cherries 544.2 707.5 799.5 872.4 985.4 1,087.6
Cranberries/Blueberries 8.0 8.4 8.8 9.1 10.0 10.7
Grapefruit/Pomelo 22,067.2 27,308.2 33,316.0 35,388.9 38,375.7 40,757.3

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FRESH FOOD IN VIETNAM Passport 25

Grapes 3,235.3 3,720.6 4,204.2 4,383.8 4,788.5 5,185.3

Kiwi Fruit 475.1 508.4 536.3 552.4 613.4 664.3
Lemon and Limes 1,634.8 1,861.9 2,135.6 2,257.9 2,466.4 2,645.1
Oranges, Tangerines and 32,571.7 36,806.0 42,327.0 44,443.3 48,055.1 51,537.8
Mandarins
Peaches/Nectarines 756.5 803.4 875.7 885.8 941.0 989.7
Pears/Quinces 3,647.5 4,304.0 4,949.6 5,197.1 5,662.4 6,072.8
Pineapple 4,321.0 4,472.2 4,718.2 4,859.7 5,181.8 5,557.3
Plums/Sloes 1,017.6 1,083.7 1,181.2 1,228.5 1,319.7 1,408.5
Strawberries 89.6 109.3 131.2 144.5 163.3 178.5
Other Fruits 40,715.6 47,637.2 58,117.4 61,163.2 67,293.1 72,870.7
Fruits 133,448.5 155,051.7 182,958.4 192,704.3 209,815.7 225,487.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 46 Retail Sales of Fruits by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Apples 8.3 10.3 63.6

Banana 7.2 10.3 63.2
Cherries 10.4 14.9 99.8
Cranberries/Blueberries 7.2 5.9 33.1
Grapefruit/Pomelo 6.2 13.1 84.7
Grapes 8.3 9.9 60.3
Kiwi Fruit 8.3 6.9 39.8
Lemon and Limes 7.2 10.1 61.8
Oranges, Tangerines and Mandarins 7.2 9.6 58.2
Peaches/Nectarines 5.2 5.5 30.8
Pears/Quinces 7.2 10.7 66.5
Pineapple 7.2 5.2 28.6
Plums/Sloes 6.7 6.7 38.4
Strawberries 9.3 14.8 99.2
Other Fruits 8.3 12.3 79.0
Fruits 7.5 11.1 69.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 47 Retail Sales of Fruits by Packaged vs Unpackaged: % Volume 2018-2023

% retail volume
2018 2019 2020 2021 2022 2023

Packaged 17.5 16.7 15.0 15.2 15.4 15.7

Unpackaged 82.5 83.3 85.0 84.8 84.6 84.3
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 48 Forecast Total Sales of Fruits by Category: Total Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

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Apples 169.6 181.5 194.8 209.7 226.4 245.2

Banana 1,904.6 2,002.4 2,101.8 2,205.3 2,312.6 2,421.5
Cherries 8.9 10.0 11.0 12.0 12.9 13.6
Cranberries/Blueberries 0.1 0.1 0.1 0.1 0.1 0.1
Grapefruit/Pomelo 849.3 890.6 934.4 981.4 1,031.9 1,085.7
Grapes 86.2 92.6 99.4 106.5 114.2 122.3
Kiwi Fruit 5.0 5.3 5.7 6.1 6.6 7.2
Lemon and Limes 239.2 258.3 276.9 296.0 315.4 334.2
Oranges, Tangerines and 1,628.9 1,736.1 1,842.0 1,953.6 2,072.7 2,192.0
Mandarins
Peaches/Nectarines 25.8 26.8 27.9 29.2 30.6 32.2
Pears/Quinces 79.5 83.9 88.7 94.2 100.4 107.3
Pineapple 320.5 333.6 347.8 364.4 382.8 403.4
Plums/Sloes 40.9 42.9 45.0 47.1 49.4 51.7
Strawberries 2.1 2.3 2.5 2.7 2.9 3.2
Other Fruits 2,904.3 3,154.9 3,414.0 3,694.9 3,995.7 4,316.1
Fruits 8,265.0 8,821.4 9,391.9 10,003.2 10,654.6 11,335.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 49 Forecast Total Sales of Fruits by Category: % Total Volume Growth 2023-2028

% total volume growth

2023/24 2023-28 CAGR 2023/28 Total

Apples 7.0 7.7 44.6

Banana 5.1 4.9 27.1
Cherries 11.5 8.8 52.6
Cranberries/Blueberries 12.0 9.3 55.8
Grapefruit/Pomelo 4.9 5.0 27.8
Grapes 7.4 7.2 41.8
Kiwi Fruit 7.0 7.7 44.9
Lemon and Limes 8.0 6.9 39.7
Oranges, Tangerines and Mandarins 6.6 6.1 34.6
Peaches/Nectarines 3.9 4.5 24.5
Pears/Quinces 5.4 6.2 34.9
Pineapple 4.1 4.7 25.9
Plums/Sloes 4.8 4.8 26.4
Strawberries 8.9 8.6 51.1
Other Fruits 8.6 8.2 48.6
Fruits 6.7 6.5 37.2
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 50 Forecast Retail Sales of Fruits by Category: Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Apples 153.3 163.3 174.7 187.8 202.8 220.0

Banana 1,517.1 1,577.7 1,644.0 1,716.3 1,795.3 1,881.5
Cherries 2.6 2.9 3.1 3.3 3.5 3.7
Cranberries/Blueberries 0.0 0.0 0.0 0.0 0.0 0.0
Grapefruit/Pomelo 620.9 645.7 674.8 708.5 747.5 792.3
Grapes 52.6 55.7 59.3 63.5 68.3 73.7
Kiwi Fruit 4.6 4.9 5.2 5.6 6.1 6.6
Lemon and Limes 106.6 113.0 120.3 128.8 138.4 149.5

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Oranges, Tangerines and 1,327.9 1,395.6 1,471.0 1,554.8 1,648.1 1,751.9

Mandarins
Peaches/Nectarines 22.8 23.4 24.3 25.2 26.4 27.7
Pears/Quinces 72.3 75.9 80.1 84.9 90.4 96.8
Pineapple 298.6 309.7 322.1 336.9 353.7 373.0
Plums/Sloes 35.7 37.1 38.7 40.3 42.1 44.1
Strawberries 1.4 1.5 1.6 1.7 1.9 2.1
Other Fruits 1,960.1 2,120.8 2,307.5 2,522.1 2,764.2 3,044.7
Fruits 6,176.4 6,527.2 6,926.5 7,379.7 7,888.7 8,467.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 51 Forecast Retail Sales of Fruits by Category: % Volume Growth 2023-2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Apples 6.5 7.5 43.5

Banana 4.0 4.4 24.0
Cherries 7.7 7.1 40.9
Cranberries/Blueberries 6.0 7.0 40.2
Grapefruit/Pomelo 4.0 5.0 27.6
Grapes 6.0 7.0 40.2
Kiwi Fruit 6.5 7.5 43.5
Lemon and Limes 6.0 7.0 40.2
Oranges, Tangerines and Mandarins 5.1 5.7 31.9
Peaches/Nectarines 3.0 4.0 21.7
Pears/Quinces 5.0 6.0 33.8
Pineapple 3.7 4.5 24.9
Plums/Sloes 3.9 4.3 23.5
Strawberries 8.0 9.0 53.8
Other Fruits 8.2 9.2 55.3
Fruits 5.7 6.5 37.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 52 Forecast Retail Sales of Fruits by Category: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Apples 10,493.9 11,018.6 11,679.7 12,438.9 13,309.6 14,307.9

Banana 26,028.0 26,887.0 27,854.9 28,941.2 30,156.8 31,514.1
Cherries 1,087.6 1,150.7 1,215.1 1,280.7 1,347.3 1,414.7
Cranberries/Blueberries 10.7 11.1 11.7 12.4 13.2 14.3
Grapefruit/Pomelo 40,757.3 41,735.5 42,904.1 44,277.0 45,871.0 47,479.8
Grapes 5,185.3 5,418.7 5,689.6 6,002.5 6,362.7 6,776.3
Kiwi Fruit 664.3 694.2 728.9 768.9 815.1 868.1
Lemon and Limes 2,645.1 2,737.7 2,847.2 2,975.3 3,124.1 3,295.9
Oranges, Tangerines and 51,537.8 53,341.6 55,475.3 57,971.6 60,870.2 64,219.9
Mandarins
Peaches/Nectarines 989.7 1,004.5 1,024.6 1,050.2 1,081.7 1,119.6
Pears/Quinces 6,072.8 6,285.4 6,536.8 6,830.9 7,172.5 7,567.0
Pineapple 5,557.3 5,740.7 5,947.4 6,179.3 6,438.8 6,728.4
Plums/Sloes 1,408.5 1,449.4 1,497.2 1,552.6 1,614.7 1,683.3
Strawberries 178.5 189.2 202.5 218.7 238.4 262.2
Other Fruits 72,870.7 76,149.9 79,957.4 84,355.0 89,416.4 95,308.7

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Fruits 225,487.6 233,814.0 243,572.2 254,855.5 267,832.5 282,560.1

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 53 Forecast Retail Sales of Fruits by Category: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Apples 5.0 6.4 36.3

Banana 3.3 3.9 21.1
Cherries 5.8 5.4 30.1
Cranberries/Blueberries 4.0 6.0 33.8
Grapefruit/Pomelo 2.4 3.1 16.5
Grapes 4.5 5.5 30.7
Kiwi Fruit 4.5 5.5 30.7
Lemon and Limes 3.5 4.5 24.6
Oranges, Tangerines and Mandarins 3.5 4.5 24.6
Peaches/Nectarines 1.5 2.5 13.1
Pears/Quinces 3.5 4.5 24.6
Pineapple 3.3 3.9 21.1
Plums/Sloes 2.9 3.6 19.5
Strawberries 6.0 8.0 46.9
Other Fruits 4.5 5.5 30.8
Fruits 3.7 4.6 25.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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MEAT IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS

▪ Total volume sales grow by 7% in 2023 to 4.6 million tonnes

▪ Lamb, mutton and goat is the best performing category in 2023, with total volume sales
increasing by 9% to 28,000 tonnes
▪ Total volume sales are set to grow at a CAGR of 4% over the forecast period to 5.8 million
tonnes

2023 DEVELOPMENTS

Inflation and economic slowdown affect consumers’ behaviour and the

growth of meat
In 2023, the meat category in Vietnam was negatively affected by inflation and an economic
slowdown. Sales value and volume displayed slower growth than in the previous year. In this
year, Vietnamese consumers were more focused on saving money and reducing their frequency
of eating out than before. This had a considerable impact on overall meat consumption,
particularly in the lamb, mutton, and goat category, which is primarily served by the foodservice
sector.

Rising health consciousness and fitness trend boost the growth of beef
and chicken
In 2023, consumers exhibited a growing concern for health and wellness, with people paying
more attention to fitness and losing weight after the long periods of lockdown during the COVID-
19 crisis. Consumers tended to reduce their consumption of foods containing more fat like pork
and preferred meats such as beef and chicken. As a result, beef and chicken recorded stronger
growth rates in value and volume terms than pork and other meats.
The price of meat is carefully managed by the government to better control the market. The
price of domestic meat is generally lower than that of imported meat, with domestic beef being
less expensive than imported beef, for instance. This ensures the continued dominance of
domestic meat. In addition, the consumer preference is for “hot meat”, which is slaughtered
within a day, rather than chilled or frozen imported meat, which also continues to ensure the
popularity of domestic fresh meat. Although some consumers turned to chilled and frozen
products during the pandemic, due to a lack of fresh products, they have started to switch back
to fresh.
Although branded meat accounts for only a small share of sales in Vietnam, it gained in
popularity towards the end of the review period. People are learning more about branded meat
thanks to the availability of more brands at points of sale, especially in urban areas, such as
Vissan, CP, G Kitchen and MeatDeli. In addition, branded meat is seeing more investment by
brand owners, including in above-the-line marketing activities, such as TV commercials and in-
store marketing, and in the expansion of distribution – such as the opening of butchers in
residential areas. Branded meat is communicated to be safer and higher-quality than regular
meat, which consumers appreciate more since the emergence and spread of COVID-19.

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An increasing number of consumers are opting for branded products that featured a QR code.
For example, MeatDeli, a brand from Masan Group, has gained in popularity amongst
Vietnamese consumers by introducing fresh meats with QR codes on the packaging. This
allows people to easily verify the origin and date of the products, leading to increased trust in
their quality. Besides producers, more retailers, such as Mega Market, are also attracting
customers by guaranteeing that each meat product sold at their outlets will allow customers to
check the origin of the product (farm information, slaughter place and time, VietGAP certification
information, and so on) through the QR code. These codes are printed on the packaging and
offer valuable information about the product, such as its origin, production date, and the
producers involved. This trend can be attributed to the increased publicity about low-quality
meat used in restaurants and traditional markets through newspapers and other media in the
review period. As a result, people are increasingly opting for branded products, despite their
slightly higher price, because they perceive them to be safer and more reliable.

PROSPECTS AND OPPORTUNITIES

Meat is expected to show healthier growth due to economic

improvement and the recovery of tourism
Vietnam is expected to see GDP rise over the first three years of the forecast period. This is
expected to result in increased disposable incomes for people, which will encourage them to eat
out more often, especially in the context of busier and more social lifestyles. As a result, meat is
expected to witness faster value and volume growth in both the retail and foodservice channels
over the forecast period. In addition, the Ministry of Tourism expects that Vietnam will welcome
a strong increase in the number of international tourists arriving in the early part of the forecast
period, which will contribute to an increase in the consumption of meat in the future.
During the pandemic lockdowns and movement restrictions, when many traditional grocery
retailers such as wet markets were closed, some consumers switched to e-commerce as an
alternative distribution channel. Shopee revamped its Now Delivery app – a subsidiary which
used to be a food review platform that made recommendations – into ShopeeFood for grocery
deliveries in August 2021. Other e-commerce platforms also offered services such as one hour
order-to-delivery for consumers, which helped to ease supply chain disruptions during the worst
of the pandemic. Over the forecast period, with heightened demand to purchase fresh food such
as meat via e-commerce, the logistics are expected to improve in this channel, which is likely to
result in the further penetration of sales of meat via e-commerce. However, limiting factors for
fresh food e-commerce are storage and transportation capable of ensuring the freshness of
perishable goods. Products such as frozen or chilled fresh meat, which tend to be delivered in
chilled boxes, are likely to perform better via e-commerce than fresh, room temperature meat,
where freshness might be compromised.

Frozen meat is expected to increase gradually over the forecast period.

Following the COVID-19 crisis, more young consumers are opting for imported frozen beef
from Australia and the US over fresh local options. This trend is the result of such goods being
more affordable following numerous free trade agreements (FTAs) with nations and
organisations such as the US, Australia, and the EU, with some of these products being even
less expensive than freshly produced beef. Aside from lower prices, some consumers are more
confident in the quality of these imported meats following many scandals involving unsafe meat
sold and used in Vietnam. As a result, branded frozen food in premium packaging has gained in
popularity amongst Vietnamese consumers and is predicted to grow further over the forecast

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period. The presence of stores and wholesalers selling frozen meat is experiencing rapid growth
in Vietnam, specifically in major cities such as Hanoi and Ho Chi Minh City. Furthermore, in
recent years, an increasing number of companies have embraced the trend of selling their
products online through various platforms such as Facebook, Shopee, Lazada, and Grab.

Summary 5 Major Processors of Meat 2023

Company name Product type Rank

CP Vietnam Corp Pork, poultry 1

Vissan JSC Pork, beef 2

San Ha Co Ltd Poultry 3

Source: Euromonitor International from company reports, company research, trade press, trade sources

CATEGORY DATA
Table 54 Total Sales of Meat by Category: Total Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Beef and Veal 341.2 360.0 353.7 338.6 374.8 405.3

Lamb, Mutton and Goat 22.7 27.3 26.1 25.2 25.6 28.0
Pork 2,741.7 2,688.7 2,661.3 2,500.0 2,748.5 2,924.1
Poultry 947.3 1,029.5 1,062.5 1,032.4 1,115.6 1,189.7
Other Meat 90.9 93.2 87.6 85.5 90.9 95.7
Meat 4,143.8 4,198.7 4,191.3 3,981.6 4,355.4 4,642.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 55 Total Sales of Meat by Category: % Total Volume Growth 2018-2023

% total volume growth

2022/23 2018-23 CAGR 2018/23 Total

Beef and Veal 8.1 3.5 18.8

Lamb, Mutton and Goat 9.1 4.2 23.0
Pork 6.4 1.3 6.7
Poultry 6.6 4.7 25.6
Other Meat 5.4 1.0 5.3
Meat 6.6 2.3 12.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 56 Retail Sales of Meat by Category: Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Beef and Veal 198.8 208.7 217.1 225.1 234.8 245.3

Lamb, Mutton and Goat 7.2 8.4 9.1 9.8 9.6 10.3

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Pork 1,599.4 1,519.5 1,610.6 1,623.3 1,655.8 1,693.9

Poultry 569.4 620.7 695.2 709.1 726.1 745.7
Other Meat 55.0 56.2 57.1 57.6 58.4 59.3
Meat 2,429.9 2,413.4 2,589.0 2,624.8 2,684.5 2,754.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 57 Retail Sales of Meat by Category: % Volume Growth 2018-2023

% volume growth
2022/23 2018-23 CAGR 2018/23 Total

Beef and Veal 4.5 4.3 23.4

Lamb, Mutton and Goat 7.8 7.4 42.8
Pork 2.3 1.2 5.9
Poultry 2.7 5.5 31.0
Other Meat 1.6 1.5 7.8
Meat 2.6 2.5 13.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 58 Retail Sales of Meat by Category: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Beef and Veal 47,235.3 53,848.3 58,694.6 61,922.8 67,805.5 73,425.6

Lamb, Mutton and Goat 1,643.9 1,923.3 2,154.1 2,687.4 2,887.7 3,187.2
Pork 143,308.4 169,104.0 161,325.2 143,086.0 156,307.1 162,838.1
Poultry 48,093.5 53,864.7 60,867.1 63,301.8 68,091.4 72,317.2
Other Meat 10,939.7 11,515.8 11,861.2 12,335.7 13,199.2 13,908.4
Meat 251,220.8 290,256.0 294,902.3 283,333.7 308,291.0 325,676.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 59 Retail Sales of Meat by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Beef and Veal 8.3 9.2 55.4

Lamb, Mutton and Goat 10.4 14.2 93.9
Pork 4.2 2.6 13.6
Poultry 6.2 8.5 50.4
Other Meat 5.4 4.9 27.1
Meat 5.6 5.3 29.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 60 Retail Sales of Meat by Packaged vs Unpackaged: % Volume 2018-2023

% retail volume
2018 2019 2020 2021 2022 2023

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Packaged 8.2 8.5 8.7 8.8 8.9 9.0

Unpackaged 91.8 91.5 91.3 91.2 91.1 91.0
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 61 Forecast Sales of Meat by Category: Total Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Beef and Veal 405.3 436.7 466.5 495.5 523.0 547.2

Lamb, Mutton and Goat 28.0 30.4 32.9 35.5 38.2 41.0
Pork 2,924.1 3,055.9 3,187.2 3,316.3 3,441.8 3,562.5
Poultry 1,189.7 1,254.7 1,313.5 1,372.5 1,431.4 1,484.6
Other Meat 95.7 100.4 104.0 107.6 111.3 115.0
Meat 4,642.8 4,878.0 5,104.0 5,327.4 5,545.7 5,750.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 62 Forecast Sales of Meat by Category: % Total Volume Growth 2023-2028

% total volume growth

2023/24 2023-28 CAGR 2023/28 Total

Beef and Veal 7.7 6.2 35.0

Lamb, Mutton and Goat 8.5 8.0 46.7
Pork 4.5 4.0 21.8
Poultry 5.5 4.5 24.8
Other Meat 4.9 3.7 20.1
Meat 5.1 4.4 23.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 63 Forecast Retail Sales of Meat by Category: Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Beef and Veal 245.3 256.8 269.4 283.2 298.2 314.6

Lamb, Mutton and Goat 10.3 11.1 12.0 13.1 14.2 15.3
Pork 1,693.9 1,737.9 1,788.3 1,845.5 1,910.1 1,982.7
Poultry 745.7 768.0 793.4 822.0 854.0 889.9
Other Meat 59.3 60.5 62.0 63.9 66.1 68.7
Meat 2,754.5 2,834.4 2,925.2 3,027.6 3,142.6 3,271.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 64 Forecast Retail Sales of Meat by Category: % Volume Growth 2023-2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

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Beef and Veal 4.7 5.1 28.2

Lamb, Mutton and Goat 8.0 8.3 49.0
Pork 2.6 3.2 17.1
Poultry 3.0 3.6 19.3
Other Meat 2.0 3.0 15.9
Meat 2.9 3.5 18.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 65 Forecast Retail Sales of Meat by Category: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Beef and Veal 73,425.6 76,729.7 80,566.2 84,997.3 90,097.2 95,953.5

Lamb, Mutton and Goat 3,187.2 3,394.4 3,632.0 3,904.4 4,216.7 4,566.7
Pork 162,838.1 168,211.7 174,267.3 181,063.8 188,668.5 197,158.5
Poultry 72,317.2 74,052.8 76,126.3 78,562.4 81,390.6 84,646.2
Other Meat 13,908.4 14,144.8 14,456.0 14,846.3 15,321.4 15,888.3
Meat 325,676.5 336,533.5 349,047.9 363,374.2 379,694.4 398,213.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 66 Forecast Retail Sales of Meat by Category: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Beef and Veal 4.5 5.5 30.7

Lamb, Mutton and Goat 6.5 7.5 43.3
Pork 3.3 3.9 21.1
Poultry 2.4 3.2 17.0
Other Meat 1.7 2.7 14.2
Meat 3.3 4.1 22.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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NUTS IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS

▪ Total volume sales rise by 7% in 2023 to 958,000 tonnes

▪ Almonds is the best performing category in 2023, with total volume sales growing by 11% to
6,000 tonnes
▪ Total volume sales are set to increase at a CAGR of 6% over the forecast period to 1.3 million
tonnes

2023 DEVELOPMENTS

Nuts records healthy volume growth in 2023.

In 2023, nuts recorded a significant rate of volume growth, particularly in the foodservice
sector, driven by the increasing number of tourists visiting Vietnam. The impact of inflation and a
sluggish economy led to changes in people's spending habits, particularly in terms of reducing
expenses on dining out. However, there was a noticeable increase in the demand for products
that include nuts, driven by a growing awareness of and emphasis on health and wellness.
Amongst nuts, almonds and coconuts witnessed notable volume growth, which can be attributed
to the widespread usage of these products in various areas of foodservice, as well as
institutional, establishments. Moreover, these nuts have also gained significant attention from
Vietnamese consumers due to their health benefits and were being actively promoted by
companies in the review period.

Online purchases draw in more customers and increase e-commerce's

share
Vietnamese customers' willingness to shop online continued to increase in 2023 on the back
of the experiences of the COVID-19 crisis. This trend was driven by factors such as improved
accessibility, convenience, wider audience reach, and competitive pricing. The trend increased
the market share of e-commerce in Vietnam's juice market and also had a notable impact on the
growth of the nuts market in the country. Local producers, companies, and distributors
frequently run monthly discount campaigns of up to 15% on popular e-commerce platforms such
as Shopee, Lazada, and Tiki. They also offer free shipping to consumers in major cities such as
Hanoi and Ho Chi Minh City. For instance, a workshop on sustainable coconut development in
Vietnam until 2030 and the project “Developing key industrial crops until 2030 - coconut trees"
took place in New Ben Tre. The workshop recommended supporting businesses in utilising e-
commerce exchanges and cross-border platforms to expand export markets for coconut
products as a long-term strategy.
Common imported nuts in Vietnam include almonds, walnuts and pistachios. However,
although walnuts and pistachios are available in Vietnam, sales were expected to remain
negligible in 2023. Despite low sales, these types of nuts are increasingly popular amongst
young middle-income consumers, especially those who enjoy keeping fit and following a healthy
diet which is recommended by foreign nutritionists. Indeed, young people in Vietnam are tending
to invest more in their health and beauty. Besides, people who enjoy baking are aware of and

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sometimes use imported nuts in recipes. These types of nuts are also highlighted via public
media and social networks, communicating that they are nutritious and rich in vitamins and
minerals. As many consumers are becoming more health conscious, it is often easy to attract
their attention and encourage trials. Nevertheless, a large proportion of the population still know
very little about these types of nuts. Fresh imported nuts are not widely distributed across
distribution channels in the country, and the prices of imported products are relatively high for
average consumers. Therefore, total volume consumption of such products is limited. Most
sales of nuts are of local products such as coconuts, cashews or peanuts.

PROSPECTS AND OPPORTUNITIES

Nuts is expected to grow gradually over the forecast period

The disposable income of Vietnamese consumers is expected to increase in the first half of
the forecast period, supported by the efforts of the government to drive economic growth. As a
result, the nuts category is expected to see a gradual growth rate in value and volume as people
prove willing to spend more on healthy snacks such as nuts. Moreover, companies and
distributors are expected to be very active in promoting the benefits of eating nuts and
increasing consumers’ awareness of health and wellness, especially through online platforms
such as Facebook and TikTok. Furthermore, companies will also usually launch discount
campaigns through e-commerce to stimulate customers.in the future. Meanwhile, a predicted
increase in the number of international tourists visiting Vietnam will also serve to boost demand
for nuts as gifts in the forecast period.
Despite the rising presence of imported nuts, it is domestic products which are expected to
continue to dominate the category in the forecast period. Domestic nuts such as peanuts or
cashew nuts are more affordable than imported products, which is an important factor. Imported
nuts are not affordable to most people, especially those in the low- and middle-income groups.
In addition, imported nuts are not yet as widely distributed as local nuts – they are mostly seen
in urban areas or in bakery specialist shops. Indeed, many people are not even familiar with
foods made with imported nuts, and do not know many dishes which contain imported nuts,
while nuts such as coconuts, cashew nuts and groundnuts are often used in local dishes.
Supplies of domestic nuts are also easily obtainable and plentiful. Thanks to the efforts of
agricultural scientists and government agencies, new nuts are now being grown domestically,
such as macadamias. In the forecast period, the range of domestic nuts available is expected to
become more diverse, and will increasingly match consumer demand.

Health and wellness consciousness will boost growth of nuts in the

future.
During the forecast period, the volume of nuts is expected to grow at a healthier rate than that
seen during the review period. The expected growth in this industry can be attributed to two
main factors: the increasing awareness of health and wellness amongst consumers, and the
overall improvement in economic conditions.
Consumers are expected to care more about their health, and invest more in healthy foods in
the forecast period, partly as a result of COVID-19. With people more aware of the importance
of maintaining good health to avoid falling ill, they are likely to invest more in their health. Nuts
are strongly associated with health, because it is widely communicated on social networks and
public media that nuts provide a good source of nutrition and have a positive impact on health.
Nuts are usually recommended as part of a healthy diet for keeping fit and losing weight, or in
the diet of pregnant women to ensure the consumption of sufficient vitamins and minerals. In

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general, such health-led occasions are expected to help the nuts category to continue to grow in
the forecast period. The increasing focus on health and wellness is anticipated to have a
positive impact on the growth of the nuts industry, driving demand for nut-based products, as
more Vietnamese consumers prioritise nutrition and look to incorporate healthy foods, such as
nuts, into their diets.
Meanwhile, a wider range of nuts, including almonds, which tend to be imported, and
therefore carry a much higher than average unit price, are likely to be purchased by more
affluent consumers via retail. These will be increasingly popular as a low calorie snack or as an
ingredient in dairy free milk alternatives, riding the wave of plant-based eating being witnessed
at a global level. Furthermore, the General Statistics Office projects that Vietnam's economy will
expand dramatically over the first three years of the forecast period, which will encourage
people to buy nuts for health reasons even though they may cost more than alternative options.

Summary 6 Major Processors of Nuts 2023

Company name Product type Rank

Viet San Foods Co Ltd Groundnuts 1

PMT TS Co Ltd Groundnuts 2

Dat Lanh Co Ltd Coconuts 3

Source: Euromonitor International from company reports, company research, trade press, trade sources

CATEGORY DATA
Table 67 Total Sales of Nuts by Category: Total Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Almonds 4.4 5.2 5.0 4.7 5.3 5.9

Coconuts 363.6 389.6 396.2 364.0 401.1 434.7
Peanuts (Groundnuts) 350.4 368.3 367.2 342.8 369.3 393.6
Pistachio - - - - - -
Walnuts - - - - - -
Other Nuts 105.9 112.1 115.6 113.9 118.9 123.8
Nuts 824.2 875.2 884.0 825.4 894.6 958.1
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 68 Total Sales of Nuts by Category: % Total Volume Growth 2018-2023

% total volume growth

2022/23 2018-23 CAGR 2018/23 Total

Almonds 11.0 6.2 35.2

Coconuts 8.4 3.6 19.6
Peanuts (Groundnuts) 6.6 2.4 12.3
Pistachio - - -
Walnuts - - -
Other Nuts 4.1 3.2 16.9
Nuts 7.1 3.1 16.2

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Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 69 Retail Sales of Nuts by Category: Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Almonds 1.8 2.2 2.4 2.6 2.8 3.0

Coconuts 179.3 190.9 205.3 214.1 227.0 241.3
Peanuts (Groundnuts) 189.4 198.3 208.3 212.6 218.0 224.1
Pistachio - - - - - -
Walnuts - - - - - -
Other Nuts 84.7 89.8 94.7 96.8 99.2 102.0
Nuts 455.2 481.3 510.7 526.2 547.0 570.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 70 Retail Sales of Nuts by Category: % Volume Growth 2018-2023

% volume growth
2022/23 2018-23 CAGR 2018/23 Total

Almonds 8.0 11.1 69.5

Coconuts 6.3 6.1 34.6
Peanuts (Groundnuts) 2.8 3.4 18.3
Pistachio - - -
Walnuts - - -
Other Nuts 2.8 3.8 20.4
Nuts 4.3 4.6 25.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 71 Retail Sales of Nuts by Category: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Almonds 683.3 820.0 943.0 1,051.1 1,208.8 1,334.1

Coconuts 1,828.8 2,212.9 2,478.4 2,664.3 2,984.0 3,262.4
Peanuts (Groundnuts) 11,645.0 12,401.9 13,270.1 13,843.5 15,089.5 16,025.9
Pistachio - - - - - -
Walnuts - - - - - -
Other Nuts 11,011.7 12,333.1 13,319.7 13,985.7 15,244.4 16,190.5
Nuts 25,168.8 27,767.9 30,011.2 31,544.7 34,526.7 36,813.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 72 Retail Sales of Nuts by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Almonds 10.4 14.3 95.2

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Coconuts 9.3 12.3 78.4

Peanuts (Groundnuts) 6.2 6.6 37.6
Pistachio - - -
Walnuts - - -
Other Nuts 6.2 8.0 47.0
Nuts 6.6 7.9 46.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 73 Retail Sales of Nuts by Packaged vs Unpackaged: % Volume 2018-2023

% retail volume
2018 2019 2020 2021 2022 2023

Packaged 77.2 77.5 75.3 75.5 75.8 76.4

Unpackaged 22.8 22.5 24.7 24.5 24.2 23.6
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 74 Forecast Total Sales of Nuts by Category: Total Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Almonds 5.9 6.5 7.1 7.7 8.4 9.0

Coconuts 434.7 468.9 505.1 543.3 583.4 625.5
Peanuts (Groundnuts) 393.6 415.7 436.7 456.4 475.8 493.0
Pistachio - - - - - -
Walnuts - - - - - -
Other Nuts 123.8 128.7 133.9 139.3 144.9 150.6
Nuts 958.1 1,019.8 1,082.9 1,146.8 1,212.5 1,278.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 75 Forecast Total Sales of Nuts by Category: % Total Volume Growth 2023-2028

% total volume growth

2023/24 2023-28 CAGR 2023/28 Total

Almonds 9.9 8.9 52.9

Coconuts 7.9 7.5 43.9
Peanuts (Groundnuts) 5.6 4.6 25.2
Pistachio - - -
Walnuts - - -
Other Nuts 4.0 4.0 21.7
Nuts 6.4 5.9 33.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 76 Forecast Retail Sales of Nuts by Category: Volume 2023-2028

'000 tonnes

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2023 2024 2025 2026 2027 2028

Almonds 3.0 3.3 3.5 3.9 4.2 4.5

Coconuts 241.3 257.2 275.2 295.6 318.6 344.8
Peanuts (Groundnuts) 224.1 230.8 238.2 246.3 255.1 264.8
Pistachio - - - - - -
Walnuts - - - - - -
Other Nuts 102.0 105.1 108.4 112.1 116.2 120.6
Nuts 570.4 596.3 625.4 657.8 694.1 734.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 77 Forecast Retail Sales of Nuts by Category: % Volume Growth 2023-2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Almonds 8.3 8.5 50.4

Coconuts 6.6 7.4 42.9
Peanuts (Groundnuts) 3.0 3.4 18.2
Pistachio - - -
Walnuts - - -
Other Nuts 3.0 3.4 18.2
Nuts 4.6 5.2 28.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 78 Forecast Retail Sales of Nuts by Category: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Almonds 1,334.1 1,420.9 1,520.3 1,634.3 1,765.1 1,915.1

Coconuts 3,262.4 3,441.8 3,648.3 3,885.5 4,157.5 4,469.3
Peanuts (Groundnuts) 16,025.9 16,394.5 16,820.8 17,308.6 17,862.5 18,487.6
Pistachio - - - - - -
Walnuts - - - - - -
Other Nuts 16,190.5 16,579.1 17,043.3 17,588.7 18,204.3 18,914.3
Nuts 36,813.0 37,836.3 39,032.7 40,417.1 41,989.3 43,786.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 79 Forecast Retail Sales of Nuts by Category: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Almonds 6.5 7.5 43.5

Coconuts 5.5 6.5 37.0
Peanuts (Groundnuts) 2.3 2.9 15.4
Pistachio - - -
Walnuts - - -
Other Nuts 2.4 3.2 16.8
Nuts 2.8 3.5 18.9

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Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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PULSES IN VIETNAM - CATEGORY

ANALYSIS
KEY DATA FINDINGS

▪ Total volume sales increase by 2% in 2023 to 157,000 tonnes

▪ Total volume sales are set to grow at a CAGR of 3% over the forecast period to 183,000
tonnes

2023 DEVELOPMENTS

Pulses witnesses positive volume growth in 2023.

Although peas and other pulses have a presence in Vietnam, availability is low and sales are
still very small. The use of peas and other pulses is limited to a few dishes, and these products
do not have wide consumer awareness. By contrast, beans are a familiar food in Vietnamese
cuisine, with various applications in the daily cooking of meals and light snacking, and are also
increasingly used to make a number of fashionable new dishes, such as milk tea with red
beans. They are also regarded as a healthy and affordable foodstuff by local consumers. At the
same time, beans such as mung beans can be farmed domestically. Therefore, supply sources
are available domestically, and the prices are relatively affordable for the average consumer.
Volume sales of pulses increased notably in 2023, which can be attributed to two main
factors. Firstly, there was a rise in the number of international tourists visiting Vietnam, leading
to a surge in demand for pulses. As a result, the foodservice sector experienced the highest
growth rate in terms of volume. Secondly, there was a growing awareness amongst individuals
of the importance of health and nutrition, which further contributed to the increased consumption
of pulses. 2023 saw a continued increase in consumer interest in health and wellness, which
can be attributed to the fact that people became more focused on fitness and weight loss
following the extended period of COVID-19 lockdown. As a result, consumers are incorporating
more foods that are rich in healthy proteins, such as pulses, into their daily meals. The
promotion of this trend has been significantly enhanced by popular social networking platforms
such as Facebook and TikTok, as well as by coverage on television channels.

Packaged pulses continue to generate interest amongst consumers.

In 2023, packaged pulses continued to gain share in Vietnam, not just in modern grocery
retailing channels such as hypermarkets and supermarkets, but also in traditional channels such
as local markets and small grocery stores. Packaged pulses have become increasingly popular
amongst Vietnamese consumers, as well as sellers. This is primarily due to the ease of carrying
and convenience they offer. Additionally, packaged pulses are able to protect the quality of the
product for a longer period of time than unpackaged options. Packaged pulses also have an
advantage in terms of online sales, as they can be easily marketed and sold through e-
commerce platforms, while this is not possible with unpackaged pulses. Furthermore,
consumers tend to have a greater level of trust in packaged pulses due to the ability to read the
origin and date of these pulses, despite the higher price.

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PROSPECTS AND OPPORTUNITIES

Pulses is expected to see healthy growth over the forecast period

The Vietnamese Government aims to achieve economic growth in the first three years of the
forecast period, which is expected to result in increased disposable incomes for Vietnamese
consumers. As a result, the pulses category is expected to experience steady growth in volumes
due to increasing consumer demand for healthy meals. Pulses are considered good for health
by Vietnamese consumers. In the media, pulses are highlighted as helping to maintain
cardiovascular health, as being good for keeping fit, and as being beneficial for beauty due to
their antioxidant content. Therefore, pulses are expected to be a popular part of a healthy diet in
the country. In addition, people are becoming more health conscious, with this being especially
evident since the COVID-19 pandemic. In addition, the benefits of eating pulses and awareness
about health are being actively promoted, particularly through online platforms, such as
Facebook and TikTok, as part of the government’s strategy to improve people’s health after the
COVID-19 crisis. Consumers are therefore increasingly willing to purchase foods that support
their health, be it for physical outer beauty or general health and wellbeing. With higher
disposable incomes expected over the forecast period, the consumption of pulses is expected to
see healthy growth.
Furthermore, producers and sellers often use e-commerce platforms to launch discount
campaigns in order to stimulate customer engagement and sales. Moreover, the Ministry of
Tourism predicts an increase in international tourists visiting Vietnam, which will drive up sale of
pulses, especially in the foodservice sector.
Packaged pulses account for only a small share of retail volume sales. However, modern
trade distribution channels are set to see notable growth in the forecast period, which will drive
the growth of packaged products. Indeed, the pulses available in modern trade channels are
mostly packaged. Over the forecast period, e-commerce is expected to play an increasingly
important role in distributing fresh food, in line with improving logistics and demand for
convenient options for purchasing groceries. This is also set to help drive growth in packaged
pulses, although the contribution of e-commerce within overall sales is likely to remain small. In
addition, many consumers prefer packaged pulses because they are seen as more reliable.
They clearly state the product origin, the production location and the manufacturer, which gives
them an image of safety. Meanwhile, more players are expected to join the category and
introduce more new packaged products in the forecast period.

Online sales to gain share within pulses over the forecast period
The trend towards online shopping is expected to witness steady progression throughout the
forecast period. This trend can be attributed to consumers becoming increasingly familiar with
this method of shopping. Furthermore, the substantial impact of online sales can largely be
attributed to the consistent discounts provided by both manufacturers and e-commerce players,
which typically range from 30% to 50%. In addition, free shipping vouchers from e-commerce
platforms like Lazada and Shopee and the websites of supermarkets such as BigC, Coopmart,
WinMart and even Grab are further encouraging consumers to turn to e-commerce.
Furthermore, consumers living in big cities such as Hanoi and Ho Chi Minh can even obtain the
products within a day, which is very handy for customers

Summary 7 Major Processors of Pulses 2023

Company name Product type Rank

Viet San Foods Co Ltd Beans 1

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Phu Minh Tam TS Co Ltd Beans 2

Source: Euromonitor International from company reports, company research, trade press, trade sources

CATEGORY DATA
Table 80 Total Sales of Pulses by Category: Total Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Beans 147.3 149.8 151.6 150.2 153.6 157.3

Peas - - - - - -
Other Pulses - - - - - -
Pulses 147.3 149.8 151.6 150.2 153.6 157.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 81 Total Sales of Pulses by Category: % Total Volume Growth 2018-2023

% total volume growth

2022/23 2018-23 CAGR 2018/23 Total

Beans 2.4 1.3 6.8

Peas - - -
Other Pulses - - -
Pulses 2.4 1.3 6.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 82 Retail Sales of Pulses by Category: Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Beans 133.0 135.0 138.3 139.3 141.0 143.2

Peas - - - - - -
Other Pulses - - - - - -
Pulses 133.0 135.0 138.3 139.3 141.0 143.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 83 Retail Sales of Pulses by Category: % Volume Growth 2018-2023

% volume growth
2022/23 2018-23 CAGR 2018/23 Total

Beans 1.6 1.5 7.7

Peas - - -
Other Pulses - - -
Pulses 1.6 1.5 7.7

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Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 84 Retail Sales of Pulses by Category: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Beans 6,980.6 7,364.6 7,806.5 8,079.7 8,645.3 9,118.8

Peas - - - - - -
Other Pulses - - - - - -
Pulses 6,980.6 7,364.6 7,806.5 8,079.7 8,645.3 9,118.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 85 Retail Sales of Pulses by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Beans 5.5 5.5 30.6

Peas - - -
Other Pulses - - -
Pulses 5.5 5.5 30.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 86 Retail Sales of Pulses by Packaged vs Unpackaged: % Volume 2018-2023

% retail volume
2018 2019 2020 2021 2022 2023

Packaged 5.5 6.0 5.5 5.5 5.7 5.9

Unpackaged 94.5 94.0 94.5 94.5 94.3 94.1
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 87 Forecast Total Sales of Pulses by Category: Total Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Beans 157.3 161.3 165.8 170.9 176.7 183.1

Peas - - - - - -
Other Pulses - - - - - -
Pulses 157.3 161.3 165.8 170.9 176.7 183.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 88 Forecast Total Sales of Pulses by Category: % Total Volume Growth 2023-2028

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% total volume growth

2023/24 2023-28 CAGR 2023/28 Total

Beans 2.5 3.1 16.4

Peas - - -
Other Pulses - - -
Pulses 2.5 3.1 16.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 89 Forecast Retail Sales of Pulses by Category: Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Beans 143.2 146.1 149.6 153.8 158.7 164.4

Peas - - - - - -
Other Pulses - - - - - -
Pulses 143.2 146.1 149.6 153.8 158.7 164.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 90 Forecast Retail Sales of Pulses by Category: % Volume Growth 2023-2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Beans 2.0 2.8 14.8

Peas - - -
Other Pulses - - -
Pulses 2.0 2.8 14.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 91 Forecast Retail Sales of Pulses by Category: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Beans 9,118.8 9,264.7 9,440.7 9,648.4 9,889.6 10,156.6

Peas - - - - - -
Other Pulses - - - - - -
Pulses 9,118.8 9,264.7 9,440.7 9,648.4 9,889.6 10,156.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 92 Forecast Retail Sales of Pulses by Category: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Beans 1.6 2.2 11.4

Peas - - -

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Other Pulses - - -
Pulses 1.6 2.2 11.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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STARCHY ROOTS IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Total volume sales grow by 1% in 2023 to 1.7 million tonnes

▪ Other roots is the best performing category in 2023, with total volume sales increasing by 6%
to 127,000 tonnes
▪ Total volume sales are set to grow at a CAGR of 1% over the forecast period to 1.8 million
tonnes

2023 DEVELOPMENTS

Starchy roots category enjoys benefits from rising health awareness in

vietnam
In 2023, an increased awareness of the importance of health and wellness contributed to the
rise in demand for starchy roots in Vietnam. The nutritional advantages of eating these foods,
such as high-quality carbs, dietary fibre, and crucial minerals, are starting to garner more
attention amongst the general public, especially for those who want to maintain a healthy and
well balanced diet. Moreover, the rising trend towards eating vegetarian meals in Vietnam on
special days such as the first and the fifteenth lunar day in a month, which is a Buddhist
tradition, also contributes to the increasing consumption of starchy roots.
Sweet potatoes is by far the largest category within starchy roots in Vietnam in total volume
terms. These products are mostly domestically produced, which means that the retail price
tends to be fairly stable and affordable for the average consumer, regardless of volatilities
around the world. Sweet potatoes also have various applications in Vietnamese cuisine, and are
commonly used to prepare local dishes. They can be used for baking, cooking soups, or making
snacks. Sweet potatoes are widely available in all retail channels throughout the year, with most
products sold unpackaged in traditional grocery retailers.

Unit price of starchy roots increases in 2023

Unit prices of starchy roots rose considerably in 2023 as a result of ongoing rises in
production costs and bad weather conditions throughout the year. The continued rises in the
cost of fertiliser and gasoline had a significant influence on the growing and production of
starchy roots. Inconsistent weather also lowered total yield and increased the cost of cultivating
starchy roots. In fact, drought and flooding have devastated a lot of agricultural land.

PROSPECTS AND OPPORTUNITIES

Starchy roots expected to see rising sales over the forecast period.
The Vietnamese Government’s efforts to drive economic growth in the first three years of the
forecast period are expected to contribute to a rise in consumers’ disposable income. As a
result, the starchy roots category is expected to see value and volume growth, with people

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opting to eat starchy roots more during their daily meals not only to lose weight after the COVID-
19 pandemic, but also to provide clean nutrition for their bodies. This trend is predicted to gain
momentum in the future through online media. At the same time, a predicted rise in the number
of international tourists visiting Vietnam, according to estimates by the Ministry of Tourism, will
also boost demand for eating starchy roots in the future, especially in the foodservice sector.
Furthermore, due to the pandemic, people have become more aware of the foods that they
eat and their impact on health. In the forecast period, therefore, there are expected to be a rising
number of health conscious consumers and greater attention paid to product safety and quality.
Meanwhile, starchy roots are considered by Vietnamese consumers to be fairly safe and harder
to contaminate, as these products grow under the ground and are therefore believed to be less
likely to be directly affected by the use of pesticides. Therefore, starchy roots are still considered
as on the “safe food” list by consumers. Some types of starchy roots, such as sweet potatoes
and cocoyam (taro) are also suggested as part of a healthy diet. This is expected to lead more
people to purchase such products in the forecast period.
However, overall growth in starchy roots is expected to be dragged down by the poor
performance of cassava, which is set to decline across all channels. Cassava is only used in a
few dishes, such as sweet cassava soup, or boiled cassava for breakfast, which people are
consuming less frequently due to the availability of various other breakfast and snacking options
in the market. Moreover, cassava is not widely distributed in modern retail channels such as
supermarkets. Even in traditional retail channels such as wet markets it is not always available.
In addition, the government and manufacturers mainly pay attention to the industrial processing
of cassava, and cassava for export. Therefore, there is a lack of sources of growth for domestic
consumption.

Increasing production volumes will help to stabilise the unit price in the
potatoes category
Over the forecast period, potato cultivation in Vietnam is projected to increase in response to
growing domestic demand, reducing the need for imported potatoes. For instance: The public-
private partnership model has been implemented for four years in an effort to develop
sustainable potato production in the Central Highlands provinces. The model is a collaboration
between the Department of Crop Production, PepsiCo Food Co Ltd and Syngenta Vietnam Co
Ltd. Farmers receive support in the form of seeds, fertilisers, and techniques. Potato output and
farmers' profits significantly increased in just four years. Reduced use of fertilisers and
pesticides helps to decrease environmental pollution. Due to stable prices, potato consumption
is projected to rise in the forecast period.

Summary 8 Major Processors of Starchy Roots 2023

Company name Product type Rank

Vietnam National Vegetable, Starchy Roots 1

Fruit and Agricultural Product
Corporation JSC

Dalat GAP Company Starchy Roots 2

VinEco Agricultural Starchy Roots 3

Investment, Development and
Productions LLC

Source: Euromonitor International from company reports, company research, trade press, trade sources

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CATEGORY DATA
Table 93 Total Sales of Starchy Roots by Category: Total Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Cassava 504.4 503.1 453.8 371.0 351.1 323.3

Potatoes 270.0 278.1 285.1 289.3 301.5 313.6
Sweet Potatoes 821.2 837.6 869.3 860.8 894.2 924.3
Other Roots 107.0 109.9 113.2 113.2 119.7 126.6
Starchy Roots 1,702.6 1,728.7 1,721.4 1,634.3 1,666.4 1,687.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 94 Total Sales of Starchy Roots by Category: % Total Volume Growth 2018-2023

% total volume growth

2022/23 2018-23 CAGR 2018/23 Total

Cassava -7.9 -8.5 -35.9

Potatoes 4.0 3.0 16.1
Sweet Potatoes 3.4 2.4 12.6
Other Roots 5.8 3.4 18.3
Starchy Roots 1.3 -0.2 -0.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 95 Retail Sales of Starchy Roots by Category: Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Cassava 75.3 71.5 66.5 61.2 55.7 50.1

Potatoes 243.0 250.3 260.3 266.8 274.3 282.5
Sweet Potatoes 685.8 709.8 759.5 763.3 770.9 782.5
Other Roots 87.8 90.5 94.6 96.9 99.8 103.3
Starchy Roots 1,091.9 1,122.1 1,180.9 1,188.2 1,200.7 1,218.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 96 Retail Sales of Starchy Roots by Category: % Volume Growth 2018-2023

% volume growth
2022/23 2018-23 CAGR 2018/23 Total

Cassava -10.0 -7.8 -33.4

Potatoes 3.0 3.1 16.3
Sweet Potatoes 1.5 2.7 14.1
Other Roots 3.5 3.3 17.6
Starchy Roots 1.5 2.2 11.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

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Table 97 Retail Sales of Starchy Roots by Category: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Cassava 381.3 420.3 432.9 406.9 390.7 362.0

Potatoes 8,505.0 8,930.3 9,734.0 10,220.7 11,191.6 11,944.5
Sweet Potatoes 15,310.4 16,688.3 18,690.9 19,251.6 20,791.7 21,865.6
Other Roots 2,196.1 2,375.1 2,612.6 2,717.1 2,961.7 3,160.9
Starchy Roots 26,392.8 28,414.0 31,470.4 32,596.4 35,335.7 37,333.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 98 Retail Sales of Starchy Roots by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Cassava -7.3 -1.0 -5.1

Potatoes 6.7 7.0 40.4
Sweet Potatoes 5.2 7.4 42.8
Other Roots 6.7 7.6 43.9
Starchy Roots 5.7 7.2 41.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 99 Retail Sales of Starchy Roots by Packaged vs Unpackaged: % Volume 2018-

2023

% retail volume
2018 2019 2020 2021 2022 2023

Packaged 0.6 0.8 0.5 0.7 0.8 0.9

Unpackaged 99.4 99.2 99.5 99.3 99.2 99.1
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 100 Forecast Total Sales of Starchy Roots by Category: Total Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Cassava 323.3 287.1 247.0 202.4 157.6 117.8

Potatoes 313.6 326.5 340.3 355.4 371.1 387.9
Sweet Potatoes 924.3 956.6 991.9 1,030.0 1,070.6 1,113.2
Other Roots 126.6 134.2 142.0 150.1 158.3 166.6
Starchy Roots 1,687.8 1,704.4 1,721.3 1,737.9 1,757.7 1,785.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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Table 101 Forecast Total Sales of Starchy Roots by Category: % Total Volume Growth
2023-2028

% total volume growth

2023/24 2023-28 CAGR 2023/28 Total

Cassava -11.2 -18.3 -63.6

Potatoes 4.1 4.3 23.7
Sweet Potatoes 3.5 3.8 20.4
Other Roots 6.0 5.6 31.6
Starchy Roots 1.0 1.1 5.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 102 Forecast Retail Sales of Starchy Roots by Category: Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Cassava 50.1 44.6 39.3 34.2 29.4 25.0

Potatoes 282.5 291.8 302.3 314.1 326.7 340.7
Sweet Potatoes 782.5 798.1 818.1 842.6 872.1 907.0
Other Roots 103.3 107.4 112.1 117.2 122.8 129.1
Starchy Roots 1,218.4 1,242.0 1,271.7 1,308.1 1,351.0 1,401.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 103 Forecast Retail Sales of Starchy Roots by Category: % Volume Growth 2023-
2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Cassava -11.0 -13.0 -50.2

Potatoes 3.3 3.8 20.6
Sweet Potatoes 2.0 3.0 15.9
Other Roots 4.0 4.6 25.0
Starchy Roots 1.9 2.8 15.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 104 Forecast Retail Sales of Starchy Roots by Category: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Cassava 362.0 318.6 277.2 238.4 202.6 170.2

Potatoes 11,944.5 12,278.9 12,659.5 13,090.0 13,574.3 14,130.8
Sweet Potatoes 21,865.6 22,193.6 22,637.5 23,203.4 23,899.5 24,736.0
Other Roots 3,160.9 3,249.4 3,350.1 3,464.1 3,592.2 3,735.9
Starchy Roots 37,333.0 38,040.5 38,924.3 39,995.8 41,268.6 42,772.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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Table 105 Forecast Retail Sales of Starchy Roots by Category: % Value Growth 2023-
2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Cassava -12.0 -14.0 -53.0

Potatoes 2.8 3.4 18.3
Sweet Potatoes 1.5 2.5 13.1
Other Roots 2.8 3.4 18.2
Starchy Roots 1.9 2.8 14.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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SUGAR AND SWEETENERS IN

VIETNAM - CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Total volume sales rise by 4% in 2023 to 1.1 million tonnes

▪ Total volume sales are set to rise at a CAGR of 2% over the forecast period to 1.2 million
tonnes

2023 DEVELOPMENTS

Sugar and sweeteners category grows well in 2023.

In 2023, amidst challenging economic conditions, there was a noticeable decrease in local
consumers dining out compared to the pre-COVID-19 era. However, the sugar and sweeteners
industry experienced a healthy increase in volume sales, particularly in the foodservice sector.
This growth can be attributed to the recovery of the tourism industry, which surpassed the levels
seen in 2022. Higher production and transportation costs still had a significant impact on the
price of this category and the demand for sugar, even though the government has worked hard
to encourage local businesses by lowering taxes, implementing new rules, and so on.
Furthermore, Vietnamese consumers’ growing focus on adopting healthier lifestyles had an
adverse impact on the growth rate of this particular category towards the end of the review
period, with sugar increasingly becoming a focus of concern for its role in the development of a
number of health problems, including type 2 diabetes, obesity and cardiovascular disease.
However, sugar is an essential ingredient when cooking and baking, and also for making
drinks, in Vietnam. Most people in the country consume sugar daily without any concerns.
Although people are becoming more health conscious, and some of them are changing their
consumption habits, with this particularly evident since COVID-19, the proportion of these
consumers is still low within the total population. Also, many Vietnamese consumers prefer a
sweet taste, so that even health conscious consumers tend to use less sugar, rather than
removing sugar from their diet completely.
Imported sugar is finding it easier to reach the Vietnam market, as the country has joined
regional free trade agreements. In addition, the price of imported sugar has become more
competitive thanks to tax preferences under these trade agreements. Meanwhile, domestically
produced sugar has been struggling to increase production, and the price of domestic sugar is
not competitive with imported sugar, as it is at a distinct disadvantage compared with
competitive products from countries such as Thailand. Furthermore, although the government is
supporting domestic production, it still has to comply with signed agreements. These factors,
combined with the impact of the COVID-19 crisis on local production, have meant that many
sugar factories in Vietnam have been forced to close, as they have been unable to compete in
terms of low pricing and have experienced significant losses. In addition, the product quality of
imported sugar and domestically produced sugar is so similar that they are easily substitutable.
Availability in stores is therefore more important than brand loyalty, so consumers usually
choose the products that shops have available.

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Online channel helps to boost sales of sugar and sweeteners.

In 2023, The e-commerce channel grew rapidly in Vietnam, driven by factors such as
increasing internet penetration and the convenience of online shopping. This trend has also
impacted the sugar and sweeteners category, with more consumers turning to online platforms
such as e-commerce sites, supermarkets’ websites and Grab to purchase such products.
Vietnamese consumers greatly appreciate the enhanced convenience and wide range of
product choices provided by online shopping. Besides, e-commerce also helps manufacturers
and distributors to reach a larger consumer base and provide promotions or discounts to
encourage purchases. In the review period, local brands such as Bien Hoa of TTC tended to
boost their sales through e-commerce instead of expanding their store-based networks as a
new way not only to reach more customers but to reduce operational costs.

PROSPECTS AND OPPORTUNITIES

Sugar and sweeteners expected to see further growth

During the forecast period, increased disposable incomes are expected to lead to a higher
frequency of eating out, driven also by busier and more social lifestyles. Together with
increasing numbers of international tourists coming to Vietnam in the future, these factors are
likely to help to boost sales of sugar and sweeteners over the forecast period. On the other
hand, it is anticipated that local manufacturers and the government will continue to increase
production volumes and regulate the price of sugar. This will not only be aimed at reducing
inflation, but also at reducing the impact on people's demand for this product category.
More players are joining or expanding in the sugar category, not just small local
manufacturers, but also foreign manufacturers. In terms of small local manufacturers, they tend
to explore the niche of speciality local sugars, such as jaggery or rock sugar. These small local
players are expected to expand their business in the forecast period. However, in terms of
standard products, at the end of the review period, it took approximately 10 tonnes of sugar
cane to produce one tonne of sugar. Hence, it will be essential for local manufacturers to
improve production technology to reduce costs and thus remain competitive on a global level. In
terms of foreign manufacturers, in the forecast period, they will benefit from international trade
integration, the openness of the Vietnamese market and the international agreements that
Vietnam has joined. Consumers are expected to benefit from the increased competition in the
market, because the product quality is expected to improve, the product range will widen, and
price rises are likely to be kept to a minimum.

Higher levels of health consciousness might dampen growth of sugar

and sweeteners over the forecast period
Consumers' interest in health and wellbeing is likely to continue to increase over the forecast
period, as people focus more on fitness and weight loss following the protracted COVID-19
lockdown. Consumers are displaying a growing tendency to avoid foods that contain high levels
of sugar and are instead opting to reduce their sugar intake in their daily cooking or deciding to
purchase foods with less sugar when dining out.
Heightened health concerns, which were already emerging in Vietnam, but were strengthened
by the pandemic, mean that consumers increasingly understand the dangers of the
overconsumption of sugar. They are aware that sugar intake is one of the key reasons for type 2
diabetes and obesity, and this is likely to increasingly influence purchasing decisions over the
forecast period. They also realise that to keep fit and lose weight, controlling sugar intake is
important. Packaged food has seen an expanding offer of low or sugar free options, including

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snacks and beverages. As a result, consumers are likely to be more cautious and adopt
healthier new lifestyles by reducing their sugar intake in the home. Diet sugar products such as
stevia leaf are known by increasing numbers of consumers, and such products are becoming
easier to find in retail stores, thanks to manufacturers’ efforts to expand distribution. However,
artificial sweeteners are increasingly popular, and sugar and diet sugar in general are expected
to face tougher competition from sweeteners in the forecast period. It should be noted, though,
that the health and wellness trend is also driving growing consumer scepticism about artificial
additives in food and drinks, including sweeteners. Moreover, such concerns were reinforced in
2023 by the World Health Organization (WHO) recommending that consumers do not use non-
sugar sweeteners in their efforts to lose weight or reduce the risk of non-communicable
diseases.

Summary 9 Major Processors of Sugar and Sweeteners 2023

Company name Product type Rank

TTC – BH JSC Sugar 1

Lam Son Sugar Cane JSC Sugar 2

Toan Phat Co Ltd Sugar 3

Source: Euromonitor International from company reports, company research, trade press, trade sources

CATEGORY DATA
Table 106 Total Sales of Sugar and Sweeteners: Total Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Sugar and Sweeteners 968.4 1,002.3 970.9 968.4 1,021.9 1,057.6

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 107 Total Sales of Sugar and Sweeteners: % Total Volume Growth 2018-2023

% total volume growth

2022/23 2018-23 CAGR 2018/23 Total

Sugar and Sweeteners 3.5 1.8 9.2

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 108 Retail Sales of Sugar and Sweeteners: Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Sugar and Sweeteners 654.7 674.3 706.0 727.2 741.7 754.3

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

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Table 109 Retail Sales of Sugar and Sweeteners: % Volume Growth 2018-2023

% volume growth
2022/23 2018-23 CAGR 2018/23 Total

Sugar and Sweeteners 1.7 2.9 15.2

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 110 Retail Sales of Sugar and Sweeteners: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Sugar and Sweeteners 11,635.7 12,915.7 14,465.5 16,030.4 16,511.3 18,707.4

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 111 Retail Sales of Sugar and Sweeteners: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Sugar and Sweeteners 13.3 10.0 60.8

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 112 Retail Sales of Sugar and Sweeteners by Packaged vs Unpackaged: % Volume
2018-2023

% retail volume
2018 2019 2020 2021 2022 2023

Packaged 58.0 60.0 63.0 65.0 68.0 68.8

Unpackaged 42.0 40.0 37.0 35.0 32.0 31.2
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 113 Forecast Total Sales of Sugar and Sweeteners: Total Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Sugar and Sweeteners 1,057.6 1,089.5 1,118.2 1,143.1 1,164.4 1,181.0

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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Table 114 Forecast Total Sales of Sugar and Sweeteners: % Total Volume Growth 2023-
2028

% total volume growth

2023/24 2023-28 CAGR 2023/28 Total

Sugar and Sweeteners 3.0 2.2 11.7

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 115 Forecast Retail Sales of Sugar and Sweeteners: Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Sugar and Sweeteners 754.3 765.6 775.6 784.1 791.2 796.7

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 116 Forecast Retail Sales of Sugar and Sweeteners: % Volume Growth 2023-2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Sugar and Sweeteners 1.5 1.1 5.6

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 117 Forecast Retail Sales of Sugar and Sweeteners: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Sugar and Sweeteners 18,707.4 18,857.1 18,970.2 19,046.1 19,084.2 19,084.2

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 118 Forecast Retail Sales of Sugar and Sweeteners: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Sugar and Sweeteners 0.8 0.4 2.0

Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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VEGETABLES IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Total volume sales rise by 8% in 2023 to 15 million tonnes

▪ Cauliflowers and broccoli is the best performing category in 2023, with total volume sales
increasing by 9% to 45,000 tonnes
▪ Total volume sales are set to grow at a CAGR of 7% over the forecast period to 21 million
tonnes

2023 DEVELOPMENTS

Vegetables category sees volumes rise

The vegetables category experienced positive growth in Vietnam in 2023, particularly in the
institutional and foodservice sectors. With a 100% vaccination rate amongst children by the end
of 2022, more parents were allowing their children to stay in school despite their busy schedules
in modern life. This factor drove fast volume growth in the institutional sector. International
tourism to Vietnam drove growth in vegetables through foodservice channels in 2023. Inflation
and a weak economy have the potential to affect consumers’ behaviour and purchasing habits,
potentially impacting the performance of the Vietnamese vegetable industry. The Vietnamese
Government decreased the VAT rate from 10% to 8% in June 2023 and introduced price
controls on vegetables. However, despite the implemented measures, vegetable prices were
still rising due to higher transportation and production costs.

Packaged vegetables with qr code continue to gain favour from

consumers
The supply of vegetables in Vietnam is mostly domestic, and supply is not therefore easily
disrupted by international events. The vegetables that are imported into Vietnam are mostly
temperate vegetables, because domestic production of such products is low and seasonal.
However, the consumption volume is not as high as for domestic vegetables. In addition,
agricultural production is supported by the government, because it impacts the majority of the
population, especially people in rural areas. Therefore, domestic production is stable, and the
range of crops produced is diverse. Meanwhile, consumers have a strong habit of using various
different types of domestic vegetables in a wide range of dishes, which have been popular in
Vietnamese cuisine for a long time. Unpackaged vegetables account for most sales of
vegetables in the country.
Nonetheless, packaged vegetables are becoming increasingly popular in Vietnam, particularly
in modern grocery retailing channels such as hypermarkets, supermarkets, and convenience
stores. The main reason for the popularity of these products is their portability and convenience.
Packaged vegetables have longer shelf lives than unpackaged ones. More consumers chose
branded products with QR codes during 2023. Product codes on packaging provide information
about the origin, production date, and producers involved. The trend is due to the increased
availability of low-quality vegetables in restaurants and traditional markets, which was
highlighted in newspapers and media during the review period. Consumers are increasingly

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choosing branded products that meet quality standards such as Viet-GAP and Global GAP or
organic brands. This growing preference is being driven by the perception that these products
are safer and more trustworthy.

PROSPECTS AND OPPORTUNITIES

Vegetables category is expected to see further expansion over the

forecast period.
As the government is currently projecting and striving for economic growth in the first three
years of the forecast period, an increase in disposable incomes is expected. As a result, the
vegetables category is expected to see a gradual growth rate in value and volume as people will
tend to eat vegetables more during their daily meals. On the other hand, a predicted rise in
international tourists visiting Vietnam, according to estimates by the Ministry of Tourism, will also
boost the prevalence of eating vegetables in the future, especially in the foodservice sector.
Vegetables are commonly used in a wide variety of Vietnamese dishes, which is expected to
continue in the forecast period. In addition, vegetables are strongly associated with a healthy
diet, with maintaining good health, losing weight and keeping fit, all of which have been seen as
more important since the pandemic, as people have become more health conscious.
Importantly, vegetables are relatively affordable for all people in Vietnam, so people can afford
to consume them daily.

Organic vegetables expected to see sales increase gradually.

The incident in Vietnam involving vegetables of unknown origin being falsely labelled as
VietGAP towards the end of the review period raised consumer concerns regarding products
labelled as organic. In Vietnam, organic products are typically priced higher than regular food.
However, there is a lack of perceived value in terms of quality, which has limited the
establishment of trust amongst consumers. The negative impact of these factors resulted in the
slower volume growth of organic products in 2023. However, it is predicted that the Vietnamese
economy will experience a more robust GDP growth rate in the early part of the forecast period.
This positive trend is expected to contribute to an increase in demand for products that align
with the values of sustainability and environmental consciousness. Consumers are now willing
to invest a significant amount of money in products that offer the assurance of being "green and
clean," meaning they are safe and made from environmentally friendly materials.
The supply of organic vegetables was limited at the end of the review period, due to a lack of
support in terms of packaging these products, and high price points. Therefore, demand mostly
stemmed from more affluent consumers. Nevertheless, many producers of vegetables are
venturing into this value-based segment in anticipation of higher demand in the forecast period.
The trend towards urbanisation, which is expected to continue steadily, particularly drawing
people to major cities such as Hanoi, Ho Chi Minh, and Da Nang, has the potential to expand
the consumer base for organic vegetables.

Summary 10 Major Processors of Vegetables 2023

Company name Product type Rank

Vietnam National Vegetable, Vegetables 1

Fruit and Agricultural Product
Corporation JSC

Dalat GAP Company Vegetables 2

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VinEco Agricultural Vegetables 3

Investment, Development and
Productions LLC

Source: Euromonitor International from company reports, company research, trade press, trade sources

CATEGORY DATA
Table 119 Total Sales of Vegetables by Category: Total Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Cauliflowers and broccoli 39.1 41.0 40.8 37.4 41.2 44.8

Maize 134.2 142.5 140.4 138.0 149.8 160.9
Onion 344.6 360.8 374.2 353.0 384.4 412.9
Tomatoes 2,477.4 2,546.8 2,582.4 2,447.7 2,688.1 2,869.4
Other Vegetables 10,067.3 10,671.4 10,801.1 9,953.3 11,032.7 11,951.9
Vegetables 13,062.7 13,762.4 13,938.9 12,929.3 14,296.3 15,439.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 120 Total Sales of Vegetables by Category: % Total Volume Growth 2018-2023

% total volume growth

2022/23 2018-23 CAGR 2018/23 Total

Cauliflowers and broccoli 8.8 2.8 14.6

Maize 7.4 3.7 19.9
Onion 7.4 3.7 19.8
Tomatoes 6.7 3.0 15.8
Other Vegetables 8.3 3.5 18.7
Vegetables 8.0 3.4 18.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 121 Retail Sales of Vegetables by Category: Volume 2018-2023

'000 tonnes
2018 2019 2020 2021 2022 2023

Cauliflowers and broccoli 21.9 23.1 25.2 24.7 25.8 27.0

Maize 74.4 79.0 86.1 89.5 93.4 97.8
Onion 191.2 200.7 230.8 237.7 248.4 260.3
Tomatoes 1,371.7 1,412.9 1,582.4 1,613.9 1,662.3 1,720.5
Other Vegetables 5,579.8 5,942.5 6,536.7 6,471.4 6,794.9 7,155.1
Vegetables 7,238.9 7,658.2 8,461.2 8,437.2 8,824.8 9,260.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 122 Retail Sales of Vegetables by Category: % Volume Growth 2018-2023

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% volume growth
2022/23 2018-23 CAGR 2018/23 Total

Cauliflowers and broccoli 4.7 4.3 23.4

Maize 4.7 5.6 31.5
Onion 4.8 6.4 36.2
Tomatoes 3.5 4.6 25.4
Other Vegetables 5.3 5.1 28.2
Vegetables 4.9 5.0 27.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 123 Retail Sales of Vegetables by Category: Value 2018-2023

VND billion
2018 2019 2020 2021 2022 2023

Cauliflowers and broccoli 1,299.7 1,441.1 1,614.1 1,638.3 1,628.0 1,740.9

Maize 1,915.0 2,074.3 2,281.7 2,421.0 2,428.1 2,604.0
Onion 6,834.0 7,449.1 8,641.0 8,986.6 9,104.7 9,764.6
Tomatoes 25,793.7 29,224.3 33,608.0 34,616.2 34,481.6 36,801.1
Other Vegetables 77,587.0 85,345.7 96,440.6 97,405.0 97,873.5 104,966.7
Vegetables 113,429.5 125,534.5 142,585.3 145,067.1 145,516.0 155,877.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 124 Retail Sales of Vegetables by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Cauliflowers and broccoli 6.9 6.0 33.9

Maize 7.2 6.3 36.0
Onion 7.2 7.4 42.9
Tomatoes 6.7 7.4 42.7
Other Vegetables 7.2 6.2 35.3
Vegetables 7.1 6.6 37.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 125 Retail Sales of Vegetables by Packaged vs Unpackaged: % Volume 2018-2023

% retail volume
2018 2019 2020 2021 2022 2023

Packaged 18.0 17.0 15.0 16.0 17.0 18.7

Unpackaged 82.0 83.0 85.0 84.0 83.0 81.3
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 126 Forecast Total Sales of Vegetables by Category: Total Volume 2023-2028

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'000 tonnes
2023 2024 2025 2026 2027 2028

Cauliflowers and broccoli 44.8 48.1 51.6 54.9 58.2 61.4

Maize 160.9 172.2 183.4 194.3 205.9 217.1
Onion 412.9 441.2 467.3 493.8 520.5 545.4
Tomatoes 2,869.4 3,031.3 3,198.8 3,378.6 3,571.5 3,773.8
Other Vegetables 11,951.9 12,836.9 13,758.0 14,662.7 15,591.1 16,507.3
Vegetables 15,439.9 16,529.7 17,659.1 18,784.3 19,947.3 21,105.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 127 Forecast Total Sales of Vegetables by Category: % Total Volume Growth 2023-
2028

% total volume growth

2023/24 2023-28 CAGR 2023/28 Total

Cauliflowers and broccoli 7.3 6.5 37.0

Maize 7.0 6.2 35.0
Onion 6.8 5.7 32.1
Tomatoes 5.6 5.6 31.5
Other Vegetables 7.4 6.7 38.1
Vegetables 7.1 6.5 36.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 128 Forecast Retail Sales of Vegetables by Category: Volume 2023-2028

'000 tonnes
2023 2024 2025 2026 2027 2028

Cauliflowers and broccoli 27.0 28.4 29.9 31.6 33.6 35.8

Maize 97.8 102.8 108.4 114.8 122.0 130.2
Onion 260.3 273.4 287.6 303.1 320.1 338.6
Tomatoes 1,720.5 1,789.3 1,869.8 1,963.3 2,071.3 2,195.6
Other Vegetables 7,155.1 7,555.7 8,001.5 8,497.6 9,050.0 9,665.4
Vegetables 9,260.7 9,749.5 10,297.2 10,910.5 11,597.0 12,365.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 129 Forecast Retail Sales of Vegetables by Category: % Volume Growth 2023-2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Cauliflowers and broccoli 5.0 5.8 32.6

Maize 5.1 5.9 33.2
Onion 5.0 5.4 30.1
Tomatoes 4.0 5.0 27.6
Other Vegetables 5.6 6.2 35.1
Vegetables 5.3 6.0 33.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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Table 130 Forecast Retail Sales of Vegetables by Category: Value 2023-2028

VND billion
2023 2024 2025 2026 2027 2028

Cauliflowers and broccoli 1,740.9 1,793.1 1,852.3 1,919.0 1,993.8 2,077.5

Maize 2,604.0 2,697.8 2,811.1 2,946.0 3,099.2 3,279.0
Onion 9,764.6 10,096.6 10,470.2 10,889.0 11,357.2 11,879.7
Tomatoes 36,801.1 37,905.1 39,231.8 40,801.1 42,637.1 44,769.0
Other Vegetables 104,966.7 108,535.6 112,659.9 117,391.6 122,791.7 128,933.1
Vegetables 155,877.3 161,028.2 167,025.3 173,946.7 181,879.0 190,938.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 131 Forecast Retail Sales of Vegetables by Category: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Cauliflowers and broccoli 3.0 3.6 19.3

Maize 3.6 4.7 25.9
Onion 3.4 4.0 21.7
Tomatoes 3.0 4.0 21.7
Other Vegetables 3.4 4.2 22.8
Vegetables 3.3 4.1 22.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

© Euromonitor International