Informa Markets Presents Food Ingredients Vietnam 2024
A Gateway for Thai Businesses to Vietnam’s Booming Food and Beverage Industry
Informa Markets will host Food Ingredients Vietnam 2024, a significant food and beverage ingredients expo in Ho Chi Minh City from 9-11 October 2024, offering Thai business operators valuable opportunities to tap into the country’s rapidly expanding food and beverage market.
Vietnam’s economy has been growing significantly in the past few years. The country’s GDP is expected to expand by 7% in 2024 is likely to grow faster, meaning higher opportunity for Thai business operators.
Thailand and Vietnam have a strong trade relationship and actively promote bilateral investment through three key policies: 1) Strengthening supply chains in supporting industries, 2) Promoting local economies, including micro, small, and medium-sized enterprises, and 3) Advancing strategic sustainable development through Thailand’s bio-circular-green economy and Vietnam’s Green Growth Strategy.
Thailand is one of the top 10 out of 144 foreign investors in Vietnam, with significant investments in the country’s manufacturing and processing sectors. Vietnam’s food and beverage industry is expected to grow by 10.92% in 2024, as reported by Euromonitor.
Ms. Rungphech Chitanuwat, Regional Portfolio Director – ASEAN, Informa Markets, said Vietnam’s food and beverage market is considered one of the top 10 most attractive sectors in Asia, with an annual growth rate of 10-12%. In 2023, the country’s food industry ranked in the top three across ASEAN, contributing 14% of Vietnam’s GDP. Vietnam is also the world’s 11th largest domestic food consumer, driven by a growing middle class with high purchasing power.
“Vietnam’s population, particularly those aged 25-54, accounts for 45% of the total, with Gen Z emerging as a key driver of consumption trends. This demographic shift presents significant opportunities for Thai businesses to tap into the Vietnamese market. Food Ingredients Vietnam 2024 will provide a comprehensive market overview to help operators navigate this evolving landscape.” said Ms. Rungphech.
“Vietnamese consumers hold a strong appreciation for Thainess, giving Thai businesses a competitive edge. However, to succeed, investors must deeply understand consumer behavior, as well as the country’s regulatory landscape. Vietnamese consumers are highly brand-loyal and willing to try new, high-quality products. They also rely heavily on digital media for information”, she added.
Food Ingredients Vietnam 2024 is a must-attend event for professionals in the food and beverage ingredients industry, particularly those looking to explore new opportunities in Southeast Asia. Exhibitors will showcase products in key categories such as beverage ingredients, health food ingredients, natural and ingredients. Attendees can also participate in international seminars, technical workshops, business matching sessions, and explore a dedicated sustainability zone.
Leading Thai companies showcasing their latest technologies and innovations include Adinop Co., Ltd., Banpong Tapioca Flour Industrial Co., Ltd., Burapa Prosper Co., Ltd., Lanxess Thai, Le Fin Du Fin, and Multitech Foods Manufacturing Co., Ltd.
As part of the event, a seminar on “Shaping the Future of Food: A Collaborative Approach” will be held to promote cooperation in the food industry to drive environmentally friendly and sustainable growth. Speaking at the seminar will be representatives from Thailand Institute of Science and Technological Research, Thai Future Food Trade Association, Faculty of Agricultural Product Innovation and Technology of Srinakharinwirot University, and TASTEDBUD LAB/Bio Buddy which will present food technology concept and technology and initiatives to drive innovation development in Thailand’s food industry.
Food Ingredients Vietnam 2024 is expected to welcome over 6,000 visitors. The event will be held from 9-11 October 2024 at the Saigon Exhibition and Convention Center (SECC), Ho Chi Minh City, Vietnam.
