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Research Report AGROFOOD RESEARCH REPORT This project is funded by the European Union Useful contacts EU-Vietnam Business Network (EVBN) More information 15th Floor, 5B Ton Duc Thang, District 1 Ho Chi Minh City, Vietnam T : +84 (0) 8 38 23 95 15 (Ext:105) Useful contacts www.evbn.org Further reading: Vietnam Ministry of Planning and Investment: www.mpi.gov.vn United Nations Population Fund Vietnam (UNFPA-VN): www.vietnam.unfpa.org Ministry of Industry and Trade Viet Nam: www.moit.gov.vn United Nations Conference on Trade and Development (UNCTAD): www.unctad.org International Trade Center (ITC): www.intracen.org Trade Map - Trade statistics for international business development: www.trademap.org Saigon Times Weekly: www.thesaigontimes.vn Vietnam News: www.vietnamnews.vn General Statistics Office of Vietnam: www.gso.gov.vn Trading Economics: www.tradingeconomics.com/vietnam/ VGP News. Online Newspaper of the Government, Vietnam: www.news.chinhphu.vn Vietnam Briefing: www.vietnam-briefing.com Vietnam Customs Statistics: www.customs.gov.vn Vietnam Trade Promotion Agency (Vietrade): www.vietradeportal.vn VietnamPlus, Vietnam News Agency (VNA): www.en.vietnamplus.vn World Bank Vietnam: www.worldbank.org/en/country/vietnam Investment promotion Portal for South Vietnam www.ipcs.vn/en/ Ministry of Justice of Vietnam www.moj.gov.vn/ National Institute for Food Control (NIFC) http://nifc.gov.vn/ The Landmark, 15th floor, 5B Ton Duc Thang St., District 1, Ho Chi Minh City, Vietnam This publication has been produced with the assistance of the European Union. Tel. +84 (0)8 3823 9515 Fax +84 (0)8 3823 9514 The content of this publication are the sole responsibility of EVBN and can in no way be www.evbn.org taken to reflect the views of the European Union TABLE OF CONTENT 1. IMPORTS MARKET / DOMESTIC CONSUMPTION 5 1.1. Bakery & Confectionery 8 1.2. Beverage 14 1.3. Seafood 19 1.4. Dairy 21 1.5. Noodles 26 1.6. Ingredients 28 2. EXPORTS MARKET/ DOMESTIC PRODUCTION 29 2.1. Seafood 30 2.2. Rice 32 2.3. Coffee 33 3. KEY GROWTH DRIVERS 34 4. COMPETITOR ANALYSIS AND DISTRIBUTION CHANNELS 36 4.1. Competitor Analysis 36 4.2. Key foreign players in the market 41 4.3. Distribution Channels 43 5. CHALLENGES AND OPPORTUNITIES FOR EU SMES 47 6. REGULATORY AND LEGAL FRAMEWORK 49 APPENDIX. FAIRS AND EXHIBITIONS 52 3 EVBN SECTOR STUDY INTRODUCTION Domestic consumption in Vietnam is growing slowly and Vietnamese consumers are still cautious in spending as the economy has yet to recover from its trough in 2008 as a result of worldwide economic downturn. However, the emergence of retail systems together with changing consumption habits shows a promising market for the retail industry in general and Agrofood in particular. In 2013, Vietnam’s Agro-food market was worth over USD 60.1 billion, accounting for 40.5% of the total consumption of the country. In the same year, Vietnam’s F&B consumption was USD42.8 billion, representing an increase of 8.2% against 2012 and a compound annual growth rate of 11% during the period of 2010-2013. Domestic consumption in the country reached 42.8 billion, accounting for 71.2% of the total industry production value, and the remaining 29% contributes to exports (seafood, rice, coffee, cashew nuts…). Source: VPBS research Imports of agro-food have been an additional source, besides the local production, to supply the expanding domestic consumption. These imports, however, were always exceeded by exports since 1997, resulting in Vietnam’s trade surplus, which has increased at a faster pace over the years (Shown in the chart below). Details of imports and exports market will be in the following sections. Figure 6. Evolution of the agro-food trade in Vietnam Source: UN Comtrade, 2010 4 EVBN SECTOR STUDY IMPORTS MARKET / DOMESTIC 01 CONSUMPTION Vietnam has a high domestic food consumption, with a double-digit growth. In 2013, food consumption was USD34.8 billion, posting a remarkable CAGR of 11.4% over the period of 2010 to 2013. Despite recent slow growth in FMCG purchases, the combination effects of continuous economic growth, golden demographic structure, rapid urbanization, emergence of middle income earners and a mass grocery retail network, will fuel the growth of overall food consumption in the medium- and long-term. Also, due to its nature as a defensive sector that is essential for living, food is considered a key component of a balanced investment portfolio over investment horizon. Vietnam food consumption is projected to retain its double-digit growth of 11.4% over the period of 2014 to 2018, according to Euromonitor International. In 2013, agro-products, meats & eggs and seafood continued to be the three biggest categories with USD26.7 billion or 76.8% value contribution to total local food consumption. Agri-products, including rice, maize, coffee, tea, pepper, cashew, sugarcane, cassava, fruits and vegetables, posted double-digit growth of 11.8% since 2012, the highest market value of all categories. This $11.9 billion market couldn’t be fulfilled if without foreign imports. In 2008, Vietnam imported $7.3 billion worth of agricultural food. Vietnam's primary agricultural import suppliers include China, Australia, Thailand, New Zealand, ASEAN countries, Argentina, the European Union (EU) and the US. 5 EVBN SECTOR STUDY The key staples of the Vietnamese diet (fish and rice) are produced in abundance domestically and have naturally limited agricultural imports in the past. However, the makeup of agricultural imports is changing as more affluent urban consumers seek more variety and convenience options. In turn, the processing sector is looking to imports to supply this rapidly expanding industry. Vietnam's top five agricultural imports in 2008 along with their corresponding supplier in brackets were: . Residues and waste from the food industries (used as animal feed) $1,329 million (India) . Meat and edible meat offal $900 million (India and US) . Animal or vegetable fats and oils $647 million, (Malaysia and Indonesia) . Beverages, spirits and vinegar $507 million (Singapore and Hong Kong) . Cereals $443 million (Australia) 6 EVBN SECTOR STUDY Major food categories imported the most by Vietnamese market were raw feed, dairy materials, seafood, oil and fats, wheat, and fruits and vegetables, with respective market shares listed in the below table. Among these, three categories (raw feed, wheat, fruits and vegetables) are agri-food. Key imports categories in 2013 Key imports categories in 2013 (US 6.5 bn) Category Contribution Raw feed 46.4% Dairy materials 16.8% Seafood 10.7% Oil and fats 10.7% Wheat 9.4% Fruits and vegetables 6.2% Source: GSO Viet Nam Key findings on each import category will be elaborated in more details in the following sections. 7 EVBN SECTOR STUDY 1.1 Bakery & Confectionery According to the Center for Information Industry and Commerce - Ministry of Industry and Trade (VITIC) showed that Vietnam imported 107.1 million confectionery and cereal products, down 42,28% compared to import value over the same period last year. In particular, products from Indonesia and Thailand accounted for over 50% of the import value. Specifically, items of confectionery and cereals imported from Indonesia accounted for 30.3%, equivalent to 32.4 million, up 23% from the same period last year. Followed is Thailand with 22.8 million in import value, accounting for 21.37% and increasing by 26.99% compared to the previous year. Besides, Vietnam also imported large amounts of candies, $12.5 million, from Malaysia. At the same time, Vietnam also imported candies from other markets such as the Philippines (10.7 million), China (5.7 million), and South Korea ($ 4.3 million). These numbers have slightly increased compared to the same period last year. Meanwhile, the value of imports from the United States, Singapore, and the Netherlands have declined dramatically from 80% to 96%, reaching just over $ 5 million in all 3 markets. Bakery. Market size and growth rates Growth in the expansion of modern style bakery outlets The bakery market enjoyed a CAGR of 7.6% over the period of 2010 to 2013, reaching VND10.4 trillion (USD0.5 billion) by the end of 2013. This was due in part to a new style of bakery outlet expanding quickly across Vietnam since 2010 and becoming more and more popular as a place for people to gather, similar to coffee shops. Kido’s Bakery, Onoré Bakery, Tous Le Jour, Paris Baguette, Bread Talk and Brodard Bakery are some examples of this new style of bakery in Vietnam. 8 EVBN SECTOR STUDY Bread retained the biggest sales among other bakery products As one of the popular alternatives to rice and noodles, bread retained its status as a primary consumption bakery product compared to other sub-categories (such as cakes and pastries) with VND8 trillion (USD378.7 million) sales in 2013, equivalent to 76.8% of total bakery market revenue. Unpackaged baked goods growing presence Thanks to the rising number of bakery outlets, sales value of unpackaged or artisanal products has grown gradually, reaching VND4.1 trillion (USD195.2 million) and accounting for 39.6% of total bakery sales. In 2013, packaged baked goods sales wereVND6.3 trillion (USD297 million). However, there is a low probability that unpackaged products will have a strong impact on the revenue of packaged goods, as each category serves different benefits. While packaged baked goods offers great convenience for busier lifestyles, consumers can enjoy more delicious taste of unpackaged or artisanal products served in the modern bakery outlets. 9 EVBN SECTOR STUDY Bakery. Trends. Sugar price climbing downward, wheat price bouncing back Sugar and wheat flour significantly account for about 35 to 40% of material costs of confectionery and bakery production. Thus, any change in world production could cause price volatility and shortages which in turn negatively affect local production.
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