Short Report on Foodservice Market in Vietnam

After the downturn caused by the COVID-19 pandemic from 2020 to 2021, the food service market recovered to 27.6 billion USDin 2024. Demand is being driven by the normalization of dining out, the revival of tourism, the expansion of malls and chain stores, and the entrenched habit of delivery.

Basic Statistics

Regulations

Since 2007, foreign investors have been allowed to set up wholly foreign-owned enterprises in the food service industry. The food service industry is regulated by multiple agencies. The Ministry of Industry and Trade (MOIT) oversees commercial activities and is responsible for industry development strategies. The Ministry of Health (MOH) is in charge of food safety standards, while the Ministry of Agriculture and Rural Development (MARD) regulates the quality of agricultural inputs and food raw materials. For foreign investment approvals, the Ministry of Finance (MOF) and provincial-level People’s Committees hold the authority to grant investment licenses.

Market Overview

The food service market is recovering from the COVID shock and growing more robustly. Market size decreased from 20.5 billion USD in 2020 to 17.5 billion USD in 2021. Lockdowns, border closures, and capacity restrictions curtailed dine- in services and tourism, though delivery and takeout partially mitigated the impact. In 2022, the market reopened, expanding by 39% to 24.4 billion USD driven by returning demand and travelers. 2023 saw a moderate adjustment as inflation tightened consumer spending. The pandemic also led to the exit of smaller independent operators. In 2024, supported by a normalized market, stronger operators, the rapid expansion of chain formats in modern retail malls, and entrenched delivery habits, the industry reached a record high of 27.6 billion USD.