Key highlights:
- The Vietnamese beverage market is an industry with great growth potential, expected to reach 11.41 billion USD by 2028.
- This is also a highly competitive industry led by foreign enterprises. However, the shift in consumer behavior is an opportunity for enterprises to change their position in the market.
Vietnam Beverage Market
The Beverage industry is an economic and technical sector that contributes significantly to the socio-economic development of Vietnam, including enterprises producing and trading Beer, Wine, and Soft Drinks. According to the Vietnam Beer, Wine and Beverage Association (VBA), the Beverage industry accounts for 4.5% of the service production and business sector, contributing about 60,000 billion VND to the annual budget, creating jobs for millions of workers, meeting domestic consumption needs as well as export in the context of economic integration.
The Vietnamese beverage industry recorded a growth rate of 8.4% per year in the period 2015 - 2019 (according to Euromonitor). However, the impact of COVID-19 has affected all business sectors, including the service sector and the consumption of non-essential products. According to the General Statistics Office, in 2020, the beverage consumption market decreased by 20% - 30%, the industry's revenue decreased sharply by 17% compared to 2019, and the average profit of businesses in the industry also decreased sharply by nearly 95%.
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