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Hanoi, March 27, 2024<\/strong> \u2013 iPOS.vn officially announces the release of the Vietnam Food & Beverage (F&B) Business Market Report 2023<\/strong>. This is an annual in-depth research project jointly conducted by iPOS.vn, Vietnam Industry Research and Consulting Joint Stock Company (VIRAC), and the F&B Vietnam media ecosystem. The report is under media sponsorship by KENH28 Entertainment Joint Stock Company (KENH28 JSC)<\/strong>.<\/p>\n The Vietnam F&B Business Market Report 2023<\/strong> (hereinafter referred to as \u201cthe Report\u201d) is built upon research data collected from nearly 3,000 restaurants and caf\u00e9s<\/strong> and almost 4,000 diners nationwide<\/strong>. In addition, the Report incorporates secondary data from reputable market research organizations and in-depth interviews with nearly 100 F&B experts<\/strong> in Vietnam. Comprehensive Insights into Vietnam\u2019s F&B Industry in 2023<\/span><\/p>\n The Report provides a comprehensive overview of Vietnam\u2019s F&B industry in 2023 through five key sections<\/strong>:<\/p>\n Section 1<\/strong> presents an overall assessment of the F&B market in 2023, including growth rates in store numbers and industry revenue.<\/p>\n<\/li>\n Section 2<\/strong> analyzes business performance and operational conditions based on research of nearly 3,000 F&B establishments nationwide.<\/p>\n<\/li>\n Section 3<\/strong> examines consumer behavior trends through surveys of nearly 4,000 respondents across all 63 provinces and cities.<\/p>\n<\/li>\n Section 4<\/strong> delivers short-term and long-term market forecasts and highlights key F&B trends expected in 2024.<\/p>\n<\/li>\n Section 5<\/strong> provides benchmark reference metrics derived from cost structure analysis of 100 efficient small- and medium-sized F&B outlets operating in Hanoi and Ho Chi Minh City.<\/p>\n<\/li>\n<\/ul>\n Mr. Vu Thanh Hung<\/strong>, Chief Executive Officer of iPOS.vn, shared:<\/p>\n \u201c2023 was a challenging year for Vietnam\u2019s F&B industry under the pressure of macroeconomic conditions. Nevertheless, the market showed encouraging signals, demonstrating strong appeal and growth potential. The Vietnam F&B Business Market Report 2023 is part of iPOS.vn\u2019s annual initiatives, aiming to provide valuable insights and a more objective market perspective for businesses and individuals interested in the F&B sector.\u201d<\/p>\n<\/blockquote>\n According to the Report, by the end of 2023, Vietnam\u2019s F&B industry recorded 11.47% revenue growth, reaching over VND 590 trillion. The dine-in segment alone contributed VND 538.5 trillion, up 10.87% compared to 2022.<\/p>\n Despite economic challenges, 79.6% of surveyed F&B businesses reported improved business conditions and sufficient resources for near-term growth. Notably, 51.7% planned to expand their operations.<\/p>\n Based on consumer research, spending on dining out increased slightly, with 5\u201310% growth in average expenditure. Remarkably, 14.9% of diners were willing to spend over VND 100,000 per dinner\u20143.5 times higher than in 2022. Caf\u00e9 spending also rose modestly, with 59.5% of consumers willing to spend over VND 41,000 per visit.<\/p>\n The second half of 2023 witnessed intensified pressure from online food delivery platforms due to reduced promotions and higher delivery fees. While order volume and frequency declined slightly, average order value increased, as consumers adapted to fewer discounts and paid delivery fees. Group ordering trends (with colleagues or friends) also increased.<\/p>\n The Report indicates that 20.4% of consumers did not place online orders in 2023, up 7.4% year-on-year. Nevertheless, online food ordering frequency remained high: 29.4% ordered 1\u20132 times per week, and 20% ordered 3\u20134 times per week. According to the International Monetary Fund (IMF)<\/strong>, Vietnam is expected to be among the fastest-growing economies over the next five years. Investment, consumption, tourism, and trade will continue to drive economic momentum, supporting F&B industry growth.<\/p>\n In 2024, Vietnam\u2019s F&B market value is projected to increase 10.92%<\/strong>, surpassing VND 655 trillion<\/strong>. Independent F&B outlets are expected to remain dominant, accounting for 93.9%<\/strong> of total market share through 2027.<\/p>\n Mid- and small-scale beverage models are forecast to grow strongly, driven by convenience-oriented consumption. These outlets typically feature moderate investment costs, strategic locations, takeaway and delivery suitability, and affordable pricing.<\/p>\n Meanwhile, competition among high-end restaurants for Michelin recognition<\/strong> is intensifying. Many F&B brands are investing heavily in food quality, service excellence, and customer experience to achieve Michelin Stars\u2014boosting Vietnam\u2019s position on the global culinary map.<\/p>\n END<\/p>\n <\/p>\n Hanoi is catching up with Ho Chi Minh City in the number of F&B outlets (Page 17)<\/p>\n<\/li>\n Nearly 20% of F&B brands have yet to identify their competitive advantage (Page 31)<\/p>\n<\/li>\n 48.5% of F&B businesses face recruitment challenges (Page 34)<\/p>\n<\/li>\n Nearly 80% of F&B businesses reported positive business results (Page 37)<\/p>\n<\/li>\n Vietnamese consumers dine out more frequently (Page 42)<\/p>\n<\/li>\n Spending over VND 100,000 for dinner increased 3.5 times vs. 2022 (Page 47)<\/p>\n<\/li>\n 2 out of 3 Vietnamese followed street food trends in 2023 (Page 52)<\/p>\n<\/li>\n Consumers are more patient with food delivery waiting times (Page 58)<\/p>\n<\/li>\n F&B market trends and forecasts for 2024 (Page 62)<\/p>\n<\/li>\n F&B Benchmark 2023 (Page 81)<\/p>\n<\/li>\n<\/ul>\n With over 13 years of experience<\/strong> in Vietnam\u2019s F&B industry, iPOS.vn is a leading provider of specialized management solutions for restaurants and caf\u00e9s. Serving more than 100,000 brands<\/strong> through 20 offices nationwide<\/strong>, iPOS.vn empowers businesses to optimize operations and overcome traditional F&B challenges.<\/span> Founded in 2015, Vietnam Industry Research and Consulting JSC (VIRAC)<\/strong> is a leading consulting and industry research firm in Vietnam, delivering high-value industry and corporate analysis to domestic and international clients.<\/span><\/p>\n F&B Vietnam is the operator of a media ecosystem dedicated to the food service industry, including: F&B Vietnam, Anh Bar \u2013 Pha Che, Anh Em Bep, Xom F&B<\/em>.<\/span><\/p>\n KENH28 JSC specializes in strategic consulting, planning, and execution of social media communication and advertising campaigns in Vietnam, achieving billions of impressions monthly.<\/span><\/p>\n MARKETING DIRECTOR<\/strong> HEAD OF PUBLIC RELATIONS<\/strong> <\/p>\n IPOS.VN OFFICIAL CHANNELS<\/p>\n Website:<\/strong> https:\/\/ipos.vn\/<\/a><\/p>\n Facebook:<\/strong> https:\/\/www.facebook.com\/IposHaNoiVietNam<\/a><\/p>\n Youtube:<\/strong> https:\/\/www.youtube.com\/c\/iPOSMakeBusinessEasy<\/a><\/p>\n Instagram:<\/strong> https:\/\/www.instagram.com\/ipos.vn\/<\/a><\/p>\n TikTok:<\/strong> https:\/\/www.tiktok.com\/@ipos.official<\/a><\/p>\n <\/p>\n [icon name=”download” prefix=”fas”] Download the Press Release\u00a0<\/a><\/p>\n\n
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F&B Market in 2023: Positive Signals Despite Economic Slowdown<\/span><\/h2>\n
Fierce Competition in the Online Food Delivery Market<\/span><\/h2>\n
Total revenue of Vietnam\u2019s online food delivery market grew 20.18%, reaching VND 52.4 trillion in 2023.<\/p>\nVietnam F&B Industry 2024: Sustaining Growth with Emerging Trends<\/span><\/h2>\n
Additional Highlights from the Report Include:<\/span><\/h3>\n
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About iPOS.vn<\/span><\/h2>\n
Notable clients include: The Coffee House, TocoToco, Cong Ca Phe, Chuk Tea & Coffee, Com Tam Cali<\/em>, and more.<\/span><\/p>\nAbout VIRAC<\/span><\/h2>\n
About F&B Vietnam<\/span><\/h2>\n
About KENH28 JSC<\/span><\/h2>\n
CONTACT INFORMATION<\/h2>\n
Nguyen Thai Duong
Email: duong.nguyen@ipos.vn<\/a>
Phone: (+84) 964 501 911<\/p>\n
Nguyen Do Anh Quan
Email: anhquan.nguyen@ipos.vn<\/a>
Phone: (+84) 336 180 555<\/p>\n