Food and beverage sector bounces back

Many food and beverage (F&B) enterprises are witnessing a busy period in their business activities, with growth rates even better than the pre-pandemic period.

Ly Kim Chi, chairwoman of the Food and Foodstuff Association of HCMC (FFA), said at the opening ceremony of the 26th International F&B Exhibition in Ho Chi Minh City on August 11 that the business activities of companies in the F&B industry have increased steadily.

Specifically, in the first half of 2022, the business growth of the beverage and food processing industry soared 7% and 6%, respectively.

In 2019, the annual business growth rate of the industry just stood at 4.3%, Chi said.

Some foreign survey organizations and companies said that Vietnam’s F&B market had been bouncing back again with great potential for the future.

A survey conducted by Vietnam Report showed it was not until the first quarter of 2022 that F&B businesses recovered completely and regained growing speed after two years of grappling with COVID-19.

Moreover, VNDirect Securities Company believed that the F&B industry would resume a higher growth rate from 2022, hopefully rising to 10-12% over the same period, with the key motivation of sit-down catering services reopening and domestic consumption recovering.

Another market survey company, Mordor Intelligence Inc, forecast that Vietnam’s F&B industry would achieve a compound annual growth rate of up to 8.65% in the 2021-2026 period.