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| A survey by Vietnam Report from July - August this year, shows that 62.5% of businesses expect the F&B industry to grow by 5-10% this year.(Photo: kinhtedouong.vn) |
A survey by Vietnam Report from July - August this year, shows that 62.5% of businesses expect the F&B industry to grow by 5-10% this year.
This is a sharp increase in business optimism about the prospects of the F&B market with the rate increasing from 61.6% to 87.6%.
Optimistic signals about the improvement of the F&B industry also come from the financial situation of consumers.
The survey results show that up to 52.7% of consumers believe that their income will improve slightly and 21.8% will improve significantly in the next 12 months.
In addition, Decree No. 74/2024/ND-CP regulating the regional minimum wage, effective from July this year, will continue to contribute to the growth of the F&B industry in the coming time when the year-end spending season is approaching.
To reap the 'sweet fruit' of the expansion that they expect, businesses have been steadily overcoming a series of consecutive challenges.
Compared to a year ago, concerns about weak purchasing power or rising inflation have cooled down significantly, giving way to concerns related to changes in consumer behaviour and large inventories.
Up to 72.2% of F&B businesses surveyed said that changes in consumer behaviour were one of the biggest difficulties this year. This rate has increased sharply from 37.5% in 2022 to 75% this year.
The majority of consumers today, in addition to being concerned about price and product quality, also place great importance on sustainability, health safety and corporate social responsibility. They tend to prioritise green, organic products with clear origins.
At the same time, the popularity of e-commerce and online shopping trends have also changed the way products are accessed, forcing businesses to invest in digital sales channels to maintain a competitive advantage.
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| Revenue of F&B industry to reach 30 billion USD in 2024 (Photo: VOV) |
The constant changes in consumer preferences and needs required businesses to be flexible, to constantly innovate and to update strategies to meet market expectations, said the report.
In addition to changes in consumer behaviour, 44.4% of enterprises said that large inventories were posing challenges for enterprises.
Due to unpredictable market fluctuations, many companies have stockpiled goods in large quantities to cope with disruptions in the supply chain and fluctuations in consumption. However, this leads to great pressure on storage costs, inventory management and especially the risk of product value reduction when goods are stored for too long, especially for items with short shelf lives.
Moreover, a large inventory can make it difficult for companies to adjust their production and respond flexibly to new consumer trends.
Despite many difficulties, there are still many drivers to support businesses in their future prospects, the first being the development of e-commerce.
The second driving force comes from the strong recovery of tourism. As many as 50% of F&B businesses choose this as one of the main growth drivers this year.
Nha Trang Bay submarine services pilot programme extended to March 2025
Deputy Prime Minister Tran Hong Ha has officially signed a directive extending the pilot programme for submarine services in Nha Trang Bay, the south-central province of Khanh Hoa, said the Vietnam News Agency.
This extension aims to promote business growth and enhance tourism within the region.
The decision, issued on September 28, allows for additional time to finalise legal regulations governing submarine operations, with the pilot phase extended until March 30, 2025, as recommended by the Ministry of Transport (MoT).
The Deputy PM has tasked the MoT, Ministry of National Defence, Khanh Hoa Provincial People’s Committee, Vinpearl Joint Stock Company, and relevant agencies with continued implementation of the duties outlined in a previous directive.
These include managing submarine services in Nha Trang Bay, ensuring compliance with security and defence regulations, adhering to legal requirements and overseeing vessel operations to maintain safety standards.
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| The submarine services provided by Vinpearl Joint Stock Company offer exciting experiences for tourists. (Photo: baokhanhhoa.vn) |
The Vinpearl Joint Stock Company and its associated partners must implement safety plans, prevent accidents and prepare rescue protocols. They will be held accountable for any safety issues that arise during the submarine service operations.
The MoT has been directed to work closely with the Government Office in drafting and submitting the necessary legislative documents related to submarine services for approval.
The pilot submarine service in Nha Trang Bay was initially approved by the Prime Minister through a document issued on October 30, 2020.
According to the Vinpearl Joint Stock Company, from April 30, 2022 to September 12, 2022, the company completed 713 submarine trips, including trial dives, training sessions, and guest tours, with 2,708 passengers participating in the service in the Hon Mot area of Nha Trang Bay.
The trips were conducted without incident, ensuring a safe and enjoyable experience for participants. The service catered to a diverse range of customers, including elderly visitors, children, and both domestic and international tourists, offering an innovative and educational tourism experience.
The MoT is amending Decree No 58/2017/NĐ-CP to include regulations for managing tourism submarines in Vietnam’s port waters, with a draft submitted to the Ministry of Justice for review.
HCM City approves 9 billion-USD Can Gio coastal urban development project
The Ho Chi Minh City People’s Committee has approved the planning for the Can Gio coastal urban area, which covers an area of 2,870 hectares and is projected to attract nearly 9 billion USD in private investment, according to the Vietnam News Agency.
The development will take place within coastal Long Hoa commune and Can Thạnh town, located some 18 kilometres from the renowned Can Gio Mangrove Biosphere Reserve.
The site is strategically positioned near the Xoai Rạp and Long Tau rivers, 17 kilometres from the Vam Sat Eco-Tourism Area, and four kilometres from the popular tourist destination known as Monkey island.
The initiative is part of the district’s commitment to generating employment opportunities and increasing revenue in the district.
The project includes four subdivisions designed to establish a coastal tourism hub that features resorts, a smart city, and residential areas, among other facilities.
The development aims to accommodate 230,000 residents and create 25,000 job opportunities.
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| A rendering of the waterfront theatre in the central area of the Can Gio urban area. (Photo courtesy of Can Gio District People’s Committee) |
The planning phase is expected to last six months, with the project’s implementation scheduled for duration of 11 years, followed by a total operational period of 50 years.
The city has recently outlined plans to transform Can Gio district into an ecological urban area as part of broader efforts to enhance urbanisation and improve the quality of life for its residents.
With a coastline stretching 13 kilometres and an extensive mangrove forest interwoven with a complex network of rivers, canals, and diverse flora and fauna, Can Gio possesses substantial potential for the development of eco-tourism, community-based tourism, and resort tourism, as noted by experts in the field.
Situated 50 kilometres from the city centre, Can Gio covers an area exceeding 70,412 hectares, of which more than 33,000 hectares consist of mangrove forests.
The Can Gio Mangrove Forest was designated as a biosphere reserve by UNESCO in 2000, and its salt-making villages, swallow nest areas, seafood and fruit gardens serve as attractive tourist destinations.
Although tourism development in Can Gio has progressed slowly due to limited access via ferry, the proposed construction of new bridges linking the district to the rest of the city is expected to enhance accessibility significantly.
Recently, the district has experienced an average annual increase of 50%in visitor numbers, with the project targeting 8.9 million tourists annually.
It’s the only coastal area within HCM City and boasts several tourist attractions, including Monkey island, Hang Duong Seafood Market, the Vam Sat Ecological Tourist Area, and Sac Forest.
Can Gio is also renowned for its annual Nghinh Ong (Whale Worshiping) Festival recognised as a National Intangible Cultural Heritage by the Ministry of Culture, Sports and Tourism.
Can Gio mangroves play a crucial role in filtering grey water from upstream sources and regulating flood flows, experts said.
Singaporean firm supports Quang Ninh to overcome Yagi consequences
Wilmar CLV (Cambodia - Laos - Vietnam), a member company of Wilmar International Limited from Singapore, has donated 7 billion VND (281,803 USD) in cash and supplies to the Vietnam Fatherland Front (VFF) Committee of the northern province of Quang Ninh to support people hit by Typhoon Yagi and forces engaging in search and rescue activities, the Vietnam News Agency reported.
Quang Ninh is one of the localities that was hard hit by the storm, which devastated the northern region of Vietnam in early September.
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| At the ceremony to hand over the donation from Wilmar CLV to Quang Ninh. (Photo: baoquangninh.vn) |
To join hands in overcoming the consequences of the storm, Wilmar CLV has launched a programme to support Quang Ninh and five northern localities in the work.
Within the programme’s framework, the firm presented 2 billion VND in cash, 150 tonnes of rice and 90,800 items of essential goods, with a total value of nearly 10 billion VND to the localities.
Earlier on October 5-6, Wilmar CLV donated rice and necessities to people affected by Typhoon Yagi in five mountainous provinces of Cao Bang, Lang Son, Lao Cai, Yen Bai, and Thai Nguyen with a total value of nearly 3 billion VND.
The same day, the VFF Committee of Quang Ninh received 300 million VND donated by the Tu Liem Urban Development JSC – Lideco Ha Long to support people affected by the storm./.