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Vietnam Foodservice Market Size

The Vietnam Foodservice Market is projected to experience significant growth over the forecast period, driven by the country's rich culinary culture and the dominance of full-service restaurants. The market's expansion is further supported by the increasing popularity of Asian cuisine, which attracts both tourists and residents. The collaboration between the Michelin Guide and local tourism authorities has opened up opportunities for global promotion of Vietnamese cuisine. Additionally, the rapid growth of the cloud kitchen sector, facilitated by the pandemic, has transformed the foodservice landscape, offering new avenues for market expansion through online delivery platforms and centralized food production.

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Market Size of vietnam foodservice Industry

Vietnam Foodservice Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 22.72 Billion
svg icon Market Size (2029) USD 36.29 Billion
svg icon Largest Share by Foodservice Type Full Service Restaurants
svg icon CAGR (2024 - 2029) 9.81 %
svg icon Fastest Growing by Foodservice Type Cloud Kitchen
svg icon Market Concentration Low

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Vietnam Foodservice Market Analysis

The Vietnam Foodservice Market size is estimated at 22.72 billion USD in 2024, and is expected to reach 36.29 billion USD by 2029, growing at a CAGR of 9.81% during the forecast period (2024-2029).

22.72 Billion

Market Size in 2024 (USD)

36.29 Billion

Market Size in 2029 (USD)

-0.61 %

CAGR (2017-2023)

9.81 %

CAGR (2024-2029)

Largest Segment by Foodservice Type

68.04 %

value share, Full Service Restaurants, 2023

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Full service restaurants dominate the industry and are projected to maintain their share as almost 42.8% of people dined out two to four times a month in 2022.

Largest Segment by Outlet Type

77.90 %

value share, Independent Outlets, 2023

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Asian full service restaurants dominate the segment owing to consumers' widespread usage of seafood sauces, an integral part of many Asian dishes, like Canh chua cá.

Fastest-growing segment by Foodservice Type

18.54 %

Projected CAGR, Cloud Kitchen, 2024-2029

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Around 73.2% of the population actively uses the internet, and 53% of them use online food delivery services like FoodPanda and GrabFood, which offers a major boost to cloud kitchens.

Fastest-growing segment by Outlet Type

10.64 %

Projected CAGR, Chained Outlets, 2024-2029

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Because of consistency and standardized food quality, QSRs dominate the segment owing to almost 90% of the population revealing food safety as one of their main concerns.

Leading Market Player

0.80 %

market share, Jollibee Foods Corporation, 2022

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Jollibee Foods runs 17 different brands and has over 80 stores in Vietnam. Their most significant brand is Jubilee, which has a total of 150 stores.

Michelin Guide and Vietnam Tourism Promote Vietnamese Cuisine drives the expansion of the full service restaurants across the country

  • Due to Vietnam's expansive and diverse culinary culture, full-service restaurants hold the highest market share in the country. In 2021, China was the leading nationality of foreign visitors to Vietnam, with nearly 57.7 thousand Chinese tourists, followed by South Korea, with 32.5 thousand visitors. Asian cuisine is the most popular in Vietnam, accounting for over 40% of the cuisine share in 2022. This demand stems from tourists from Asian countries and residents, as Vietnamese cuisine shares similarities with other Pan-Asian cuisines. In 2022, the collaboration between the Michelin Guide and the Vietnam National Administration of Tourism presented significant expansion opportunities for promoting Vietnamese cuisine globally.
  • The cloud kitchen market is experiencing rapid growth in Vietnam, primarily due to its ease of use and the opportunities it provided to the foodservice industry during the pandemic. Many restaurants that faced operational challenges during the COVID-19-related lockdown transitioned to virtual operations, taking advantage of centralized food production facilities for multiple restaurants, especially for deliveries. In June 2022, CloudEats, a cloud kitchen based in the Philippines and Vietnam, secured a USD 7 million investment for expansion across Southeast Asia. Vietnam is home to various online delivery platforms and cloud kitchens, including GrabFood, Now, GrabKitchen, and GoFood, providing opportunities for exponential growth.
  • Vietnam showed a moderate recovery from the COVID-19 pandemic, witnessing a 13.22% increase in market value from 2021 to 2022, owing to the incorporation of online food delivery services and automated kitchen technologies.
Vietnam Foodservice Market

Vietnam Foodservice Industry Segmentation

Cafes & Bars, Cloud Kitchen, Full Service Restaurants, Quick Service Restaurants are covered as segments by Foodservice Type. Chained Outlets, Independent Outlets are covered as segments by Outlet. Leisure, Lodging, Retail, Standalone, Travel are covered as segments by Location.

  • Due to Vietnam's expansive and diverse culinary culture, full-service restaurants hold the highest market share in the country. In 2021, China was the leading nationality of foreign visitors to Vietnam, with nearly 57.7 thousand Chinese tourists, followed by South Korea, with 32.5 thousand visitors. Asian cuisine is the most popular in Vietnam, accounting for over 40% of the cuisine share in 2022. This demand stems from tourists from Asian countries and residents, as Vietnamese cuisine shares similarities with other Pan-Asian cuisines. In 2022, the collaboration between the Michelin Guide and the Vietnam National Administration of Tourism presented significant expansion opportunities for promoting Vietnamese cuisine globally.
  • The cloud kitchen market is experiencing rapid growth in Vietnam, primarily due to its ease of use and the opportunities it provided to the foodservice industry during the pandemic. Many restaurants that faced operational challenges during the COVID-19-related lockdown transitioned to virtual operations, taking advantage of centralized food production facilities for multiple restaurants, especially for deliveries. In June 2022, CloudEats, a cloud kitchen based in the Philippines and Vietnam, secured a USD 7 million investment for expansion across Southeast Asia. Vietnam is home to various online delivery platforms and cloud kitchens, including GrabFood, Now, GrabKitchen, and GoFood, providing opportunities for exponential growth.
  • Vietnam showed a moderate recovery from the COVID-19 pandemic, witnessing a 13.22% increase in market value from 2021 to 2022, owing to the incorporation of online food delivery services and automated kitchen technologies.
Foodservice Type
Cafes & Bars
By Cuisine
Bars & Pubs
Cafes
Juice/Smoothie/Desserts Bars
Specialist Coffee & Tea Shops
Cloud Kitchen
Full Service Restaurants
By Cuisine
Asian
European
Latin American
Middle Eastern
North American
Other FSR Cuisines
Quick Service Restaurants
By Cuisine
Bakeries
Burger
Ice Cream
Meat-based Cuisines
Pizza
Other QSR Cuisines
Outlet
Chained Outlets
Independent Outlets
Location
Leisure
Lodging
Retail
Standalone
Travel
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Vietnam Foodservice Market Size Summary

The Vietnam foodservice market is experiencing significant growth, driven by the country's rich and diverse culinary culture. Full-service restaurants dominate the market, benefiting from the influx of international tourists, particularly from Asian countries, who are drawn to the region's culinary offerings. The popularity of Asian cuisine, which shares similarities with Vietnamese food, has contributed to this trend. The collaboration between the Michelin Guide and the Vietnam National Administration of Tourism has further enhanced the global visibility of Vietnamese cuisine, creating new opportunities for market expansion. The cloud kitchen segment is rapidly evolving, fueled by the shift towards online food delivery services and the need for efficient operational models during the pandemic. This segment is supported by various online platforms like GrabFood and GoFood, which facilitate widespread customer reach and streamline the ordering process.

The market is characterized by a competitive landscape, with quick-service restaurants (QSRs) like McDonald's, KFC, and Pizza Hut leading the charge. These establishments cater to the growing demand for both authentic Vietnamese fast food and international options. The cloud kitchen market, in particular, is witnessing robust growth due to the increasing demand for online meal delivery, with significant investments being made to expand operations across Southeast Asia. Full-service restaurants are also adapting to changing consumer preferences by integrating new technologies such as mobile payments and home delivery services. Despite the fragmented nature of the market, with major players holding a small share, the industry is poised for continued expansion, driven by innovations and the evolving dining preferences of consumers.

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Vietnam Foodservice Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Foodservice Type

      1. 1.1.1 Cafes & Bars

        1. 1.1.1.1 By Cuisine

          1. 1.1.1.1.1 Bars & Pubs

          2. 1.1.1.1.2 Cafes

          3. 1.1.1.1.3 Juice/Smoothie/Desserts Bars

          4. 1.1.1.1.4 Specialist Coffee & Tea Shops

      2. 1.1.2 Cloud Kitchen

      3. 1.1.3 Full Service Restaurants

        1. 1.1.3.1 By Cuisine

          1. 1.1.3.1.1 Asian

          2. 1.1.3.1.2 European

          3. 1.1.3.1.3 Latin American

          4. 1.1.3.1.4 Middle Eastern

          5. 1.1.3.1.5 North American

          6. 1.1.3.1.6 Other FSR Cuisines

      4. 1.1.4 Quick Service Restaurants

        1. 1.1.4.1 By Cuisine

          1. 1.1.4.1.1 Bakeries

          2. 1.1.4.1.2 Burger

          3. 1.1.4.1.3 Ice Cream

          4. 1.1.4.1.4 Meat-based Cuisines

          5. 1.1.4.1.5 Pizza

          6. 1.1.4.1.6 Other QSR Cuisines

    2. 1.2 Outlet

      1. 1.2.1 Chained Outlets

      2. 1.2.2 Independent Outlets

    3. 1.3 Location

      1. 1.3.1 Leisure

      2. 1.3.2 Lodging

      3. 1.3.3 Retail

      4. 1.3.4 Standalone

      5. 1.3.5 Travel

Vietnam Foodservice Market Size FAQs

The Vietnam Foodservice Market size is expected to reach USD 22.72 billion in 2024 and grow at a CAGR of 9.81% to reach USD 36.29 billion by 2029.

In 2024, the Vietnam Foodservice Market size is expected to reach USD 22.72 billion.

Food Service Market in Vietnam Report Snapshots

Vietnam Foodservice Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029