Vietnam: Food Processing Ingredients Annual

Vietnam’s food processing industry comprises some 11,000 companies, valued at $73.8 billion in 2023. Growth in 2023 was 6.1%, down from a blistering 8.8% in 2021 and 2022. By contrast, food retail (valued at $68.5 billion) saw growth of 11.4% and food service and accommodation sales (valued at $27.3 billion) saw growth of 14.7% due to a rebound in tourism. Overall imports of consumer-oriented products reached $13.45 billion in 2023, increasing by 5% over 2022. Imports of U.S. consumer-oriented products declined by 7% during that same time, mainly due to a tariff disadvantage relative to competitor countries. Strong prospects for food processing ingredients include tree nuts, meat, bakery ingredients, dairy products, fresh and dried fruit, wheat, soybeans, and potatoes.