Vietnam Food Service Market Report by Foodservice Type (Cafes and Bars, Cloud Kitchen, Full Service Restaurants, Quick Service Restaurants), Outlet (Chained Outlets, Independent Outlets), Location (Leisure, Lodging, Retail, Standalone, Travel), and Region 2024-2032

Vietnam Food Service Market Report by Foodservice Type (Cafes and Bars, Cloud Kitchen, Full Service Restaurants, Quick Service Restaurants), Outlet (Chained Outlets, Independent Outlets), Location (Leisure, Lodging, Retail, Standalone, Travel), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A13320
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Vietnam Food Service Market Overview:

Vietnam food service market is projected to exhibit a growth rate (CAGR) of 8.82% during 2024-2032. The market is expanding due to the growing wellness tourism, rising foreign direct investments inflows, and increasing internet users and smartphones penetration.

Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Growth Rate (2024-2032) 8.82%


Vietnam Food Service Market Analysis:

  • Major Market Drivers: Rising wellness tourism and foreign direct investments (FDI) inflows are contributing to the growth of the market.
  • Key Market Trends: The adoption of home delivery restaurants, along with the growing availability of chain restaurants is supporting the market growth.
  • Competitive Landscape: Key players are focusing on strategic initiatives, such as mergers and acquisitions (M&A), product innovations, and partnerships to strengthen their market position and expand their product offerings.
  • Challenges and Opportunities: The market faces the challenges like high competition, which impacts the market revenue, it also encounters the opportunities in the integration of technology in online food delivery platforms.


Vietnam Food Service Market Trends:

Growing wellness tourism

Wellness tourists are often health-conscious, and they look for destinations and activities that are in line with their wellness goals. This includes selection of wellness supportive food products. In response to that, health and organic menu items are offered by many food service providers in Vietnam to serve for travelers who care about their health. Furthermore, wellness tourism focuses on eating healthy fresh local ingredients that are minimally processed. Through the promotion of local agriculture and supporting small scale farmers, the food service market is contributing to the overall welfare of tourists and local residents. As per the IMARC Group’s report, the Vietnam wellness tourism market size is projected to exhibit a growth rate (CAGR) of 9.30% during 2024-2032.

Rising foreign direct investment (FDI) inflows

According to the Enterprise Singapore report 2024, FDI inflows into Vietnam increased steadily from US$ 8 billion in 2010 to US$15.8 billion in 2020. The rise of FDI in Vietnam creates opportunities for many well-known international food chains and restaurant brands to enter the market. These global brands come up with a new dining concepts, cuisines and food dining experiences that may be novel to local people. Their presence not only expands the options available to individuals but also elevates competition within the food service industry, driving improvements in quality, service, and innovations. Moreover, FDI can be a catalyst for infrastructure that is essential for the growth of food services, including commercial real estate, transportation routes, and recreational facilities. Improved infrastructure makes access to dining establishments easier, facilitates supply chain logistics, and stimulates tourism, all of which are beneficial for the growth of the Vietnam food service market.

Increasing internet users and penetration of smartphones

The International Trade Administration report of 2021 shows that Vietnam had roughly 69 million internet users and 61 million smartphone users, with a penetration rate of 71 percent and 63 percent respectively in 2020. Many people getting online access and owning smartphones gives rise to high demand for online ordering and food delivery services. Through mobile app or website people can conveniently view menu, place an order, and make a payment. This trend is resulting into a proliferation of online food delivery services, which connect users with a wide range of restaurants and eateries, and therefore boosting consumption and revenues for the food service industry in Vietnam. Additionally, many food service businesses are developing their mobile apps to provide people with an enhanced dining experience. These apps offer features such as digital menus, table reservations, loyalty programs, and discounts, enabling people to engage with restaurants directly and enjoy personalized services, thereby supporting the market growth.

Vietnam Food Service Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with Vietnam food service market forecasts at the country and regional levels for 2024-2032. Our report has categorized the market based on foodservice type, outlet, and location.

Breakup by Foodservice Type:

Vietnam Food Service Market Report

  • Cafes and Bars
    • Bars and Pubs
    • Cafes
    • Juice/Smoothie/Desserts Bars
    • Specialist Coffee and Tea Shops
  • Cloud Kitchen
  • Full Service Restaurants
    • Asian
    • European
    • Latin American
    • Middle Eastern
    • North American
    • Others
  • Quick Service Restaurants
    • Bakeries
    • Burger
    • Ice Cream
    • Meat-based Cuisines
    • Pizza
    • Others
       

The report has provided a detailed breakup and analysis of the market based on the foodservice type. This includes cafes and bars (bars and pubs, cafes, juice/smoothie/desserts bars, and specialist coffee and tea shops), cloud kitchen, full service restaurants (Asian, European, Latin American, middle eastern, north American, and others), quick service restaurants (bakeries, burger, ice cream, meat-based cuisines, pizza, and others).

Cafes provide the space for socializing, working or simply enjoying a cup of coffee, making them popular gathering spots for people of all ages. Furthermore, the increase of international coffee chain alongside local establishments is expanding the café scene, providing a variety of coffee styles, flavors and experiences to meet the different tastes. In addition, bars and pubs are broadening their appeal among the younger demographic and expatriates with vibrant nightlife that includes alcoholic beverages, cocktails, and entertainment options, which is bolstering the food service demand in Vietnam.

Cloud kitchens provide the cost-effective and efficient alternative to traditional restaurants. They do not require restaurants to own physical buildings and save on expenses related to rent, utilities, and front-of-house staff expenses, thereby focusing only on production and delivery. This simplicity approach is beneficial for startup entrepreneurs and food service providers who want to venture into the market with lower initial expenses and operational expenditures.

The full-service restaurants meet this cultural need by providing a large eating place, seating arrangements, and a variety of food that is suitable for group meals. Secondly, full-service restaurants provide a variety of food like Vietnamese food, Asian and other food of international standards, which are attractive to many people with diverse tastes and preferences. Furthermore, full-service restaurants have a high level of service with skillful waiters who offer personal attention, suggestions, and services at the table, thus creating an exciting dining experience.

Breakup by Outlet:

  • Chained Outlets
  • Independent Outlets
     

A detailed breakup and analysis of the market based on the outlet have also been provided in the report. This includes chained outlets and independent outlets.

Chained outlets work on the principle of economies of scale and use uniform procedures which helps in a rapid growth and development of the business at different outlets. This scalability enables chained outlets serve different people’s preferences and demography from urban centers to suburbs outlets, attracting local and visiting clientele. Furthermore, chained outlets can leverage branding, marketing and quality standardization across all its outlets to gain people loyalty and trust for the long run.

Vietnam has a rich culinary tradition deeply ingrained in its culture, with a vibrant street food scene and a plethora of family-owned eateries offering authentic local cuisine. These independent outlets often serve as the backbone of Vietnam's food culture, catering as per the diverse tastes and preferences of local people. Secondly, the entrepreneurial spirit is strong in Vietnam, with many individuals and families venturing into the food service business to pursue their passion for cooking and hospitality. This is leading to a proliferation of independent restaurants, cafes, and food stalls across the country.

Breakup by Location:

  • Leisure
  • Lodging
  • Retail
  • Standalone
  • Travel
     

The Vietnam food service market report has provided a detailed breakup and analysis of the market based on the location. This includes leisure, lodging, retail, standalone, and travel.

Vietnam's rapidly growing middle class is leading to a rise in discretionary spending on leisure activities, including dining out. As more people are seeking enjoyable experiences and social interactions, dining is becoming a key component of leisure activities for individuals and families. Moreover, Vietnam's rich culinary heritage and diverse gastronomic offerings make dining out an integral part of the leisure experience, with people eager to explore local specialties, street food delights, and international cuisines.

Many lodging facilities in Vietnam offer a range of dining options, including restaurants, cafes, bars, and room service, catering to the diverse preferences of domestic and international travelers. These establishments often prioritize quality, variety, and convenience in their food service offerings, aiming to enhance the overall guest experience and differentiate themselves in a competitive hospitality landscape. Moreover, lodging facilities frequently host events, conferences, and banquets, driving the demand for catering services and venue dining.

Vietnam has a vibrant street food culture, with numerous small-scale vendors and stalls lining the streets across cities and towns, offering a wide variety of affordable and delicious local dishes. This informal sector of the food service industry caters to the everyday dining needs of people, providing convenient and accessible options for breakfast, lunch, and dinner. Additionally, traditional markets play a significant role in Vietnam's food retail landscape, offering fresh produce, meats, seafood, and prepared food to local residents. These markets serve as important hubs of commerce and social interaction, contributing to the vibrancy of the local food scene.

Breakup by Region:

Vietnam Food Service Market Report

  • Northern Vietnam
  • Central Vietnam
  • Southern Vietnam
     

The report has also provided a comprehensive analysis of all the major markets in the region, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Northern Vietnam boasts a rich culinary heritage with unique regional specialties, such as noodle soup, grilled pork with noodles, and grilled fish with turmeric and dill, which are popular among locals and tourists alike. The region's favorable geographic location, proximity to agricultural areas, and access to fresh ingredients is also contributing to the abundance of food service establishments, ranging from street vendors and family-owned eateries to upscale restaurants and international chains.

Central Vietnam's strategic location along the country's coastline provides access to a bounty of fresh seafood and local ingredients, which are central to many regional dishes. The region's culinary reputation, coupled with its status as a major tourist hub, positions, offering a dynamic and thriving food culture that continues to attract both locals and tourists alike, thereby stimulating the Vietnam food service market share.

Southern Vietnam has a rich culinary heritage, with a wide variety of local cuisines and street food specialties that attract domestic and international visitors. The region's favorable climate and fertile land is also contributing to the abundance of fresh ingredients and produce, supporting a culinary scene. Moreover, Southern Vietnam serves as a gateway for international trade and tourism, with busy ports, airports, and transportation networks facilitating the flow of tourists, expatriates, and business travelers who contribute to the demand for food services.

Competitive Landscape:

  • The market research report has also provided a comprehensive analysis of the competitive landscape in the market.
  • Key players are embracing digital technologies such as online ordering platforms, mobile apps, and digital payment systems to enhance people experience and streamline operations. Moreover, many companies are introducing new menu items, flavors, and cuisines to cater to changing individual preferences and attract a wide consumer base. They are implementing sustainable practices such as sourcing local ingredients, reducing food waste, and adopting eco-friendly packaging to appeal to environment conscious people. Key players are offering healthier menu options, organic ingredients, and dietary alternatives to meet the growing demand for nutritious and mindful dining experiences. They are expanding their presence by opening new outlets and franchises outside Vietnam. For instance, in 2024, Restaurant Brands International Inc. announced to expand Popeyes brand in Italy to serve Popeyes bold Louisiana flavors in the country.


Vietnam Food Service Market News:

  • January 6, 2023: Starbucks is committed to expanding further in Vietnam with its plan to open the 100th store by the end of the second quarter of 2023.


Vietnam Food Service Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Vietnam Food Service Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Foodservice Type
  • Outlet
  • Location
  • Region
Foodservice Types Covered
  • Cafes and Bars: Bars and Pubs, Cafes, Juice/Smoothie/Desserts Bars, Specialist Coffee and Tea Shops
  • Cloud Kitchen
  • Full Service Restaurants: Asian, European, Latin American, Middle Eastern, North American, Others
  • Quick Service Restaurants: Bakeries, Burger, Ice Cream, Meat-based Cuisines, Pizza, Others
Outlets Covered Chained Outlets, Independent Outlets
Locations Covered Leisure, Lodging, Retail, Standalone, Travel
Regions Covered Northern Vietnam, Central Vietnam, Southern Vietnam
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the Vietnam food service market performed so far, and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the market?
  • What is the breakup of the market on the basis of foodservice type?
  • What is the breakup of the market on the basis of outlet?
  • What is the breakup of the market on the basis of location?
  • What is the breakup of the market on the basis of region?
  • What are the various stages in the value chain of the market?
  • What are the key driving factors and challenges in the market?
  • What is the structure of the market, and who are the key players?
  • What is the degree of competition in the Vietnam food service market?


Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam food service market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam food service market.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam food service industry and its attractiveness.
  • The competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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Vietnam Food Service Market Report by Foodservice Type (Cafes and Bars, Cloud Kitchen, Full Service Restaurants, Quick Service Restaurants), Outlet (Chained Outlets, Independent Outlets), Location (Leisure, Lodging, Retail, Standalone, Travel), and Region 2024-2032
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