Vietnam: Food Service - Hotel Restaurant Institutional

This report provides the latest update regarding developments in Vietnam’s Hotel, Restaurant, and Institutional (HRI) food service sector and provides a road map for exporters wishing to enter the market. In 2022, Vietnam’s HRI market achieved remarkable year-on-year growth of 51 percent to reach $24.6 billion in revenue. Although the downturn of the global economy has negatively impacted the HRI sector in 2023, this revenue level nearly returns HRI revenue to pre-pandemic levels. In addition, although as the only major trading partner without a free trade agreement (FTA), U.S. products often face higher tariffs than competitors, Vietnam’s growing economy and young and discerning population, continue to establish Vietnam as a strong potential market for U.S. consumer-oriented and agricultural products.