The United States wants to strengthen cooperation with Vietnam in agricultural activities

Mr. Ralph Bean, U.S. Agricultural Counselor to Vietnam, said that it will bring many high-quality foods to the second International Exhibition on Food, Beverages, Baking Equipment, Restaurants, Hotels, and Service Supply in Vietnam ( Food & Hotel Hanoi 2023), said that he will bring many high-quality foods to the second International Exhibition on Food, Beverages, Baking Equipment, and Restaurants, Hotels and Service Provision in Vietnam (Food & Hotel Hanoi 2023).

These products are provided by reputable organizations such as the USA Poultry and Egg Export Council (USAPEEC), U.S. Meat Export Federation, MEM Fairway, Potato Association of America, Raisin Administrative Committee, Ginseng Board of Wisconsin, Dairy Boards & Commissions, and Popcorn Board.

"This exhibition is a foundation for exchanging knowledge and understanding market needs, building bridges to promote trade," Mr. Bean said.

Food & Hotel Hanoi 2023 takes place from November 21 to 23, gathering 113 exhibitors from more than ten countries and territories to participate. The event belongs to the Food & Hotel exhibition series - Asia's leading prestigious brand in food, restaurant, and hotel business, organized by Informa Markets.

By attracting many exhibitors from developed countries in Europe, the United States, Singapore, and Australia..., the exhibition supports domestic businesses to exchange and expand business cooperation opportunities and product promotion.

This is the second time Food & Hotel has returned to Hanoi. Many activities will take place within the exhibition framework, such as the Summit program on restaurant and hotel business, the Hanoi Talented Chef Competition, the Mixing competition, and the Coffee smell test contest...

At the introductory press conference on October 24, Counselor Ralph Bean assessed Vietnam as a dynamic and growing market, providing open opportunities for international cooperation and trade.

"Our participation in the Food & Hotel Hanoi 2023 Exhibition aims to strengthen cooperation between units and partners operating in the agricultural industry. The United States looks forward to its successful participation and efficiency in this Exhibition. We hope our partners will have the opportunity to expand trade opportunities in the coming time," he expressed.

After 9 months, import-export turnover between Vietnam and the United States exceeded US$ 80 billion. The Ministry of Industry and Trade forecasts that export turnover to the United States from now until the end of the year and early 2024 will continue to prosper due to increased market demand and reduced inventory.

On the contrary, with an average gross domestic product (GDP) growth rate of nearly 7%/year and a population of almost 100 million, Vietnam has always been a potential market for corporations and large US companies, including the food and beverage sector.

The World Bank's September macroeconomic update report recorded positive improvements in Vietnam's commodity production and trade activities. In particular, import activities recovered faster than exports.

Specifically, from April to September 2023, the monthly growth rate of exports improved from -16.2% over the same period to +5.3%, while the growth rate for Imports improved from -23.1% to +2.6%. This signals that businesses are expecting to expand production further.

According to market research firm Statista, Vietnam's food market 2023 is estimated to reach over US$ 95 billion, an increase of 9% compared to 2022. The average annual growth rate from 2023 - 2027 is more than 8%/year.

Within Southeast Asia, Vietnam's food industry revenue 2023 is expected to rank third, only behind Indonesia and the Philippines. Among the segments of Vietnam's food industry, the confectionery and snacks segment accounts for the most significant proportion, nearly 15%, with a market volume of over US$14 billion in 2023.

Regarding beverages, market revenue in 2023 is forecast to exceed US$ 27 billion, of which the non-alcoholic beverage segment accounts for the highest proportion, nearly 38%. This segment has the highest growth rate, expected to reach more than US$ 10 billion in revenue, 10% higher than in 2022.

Along with that, Vietnam's tourism market also clearly shows recovery. The General Statistics Office said that travel revenue in the first four months of 2023 nationwide reached more than VND 9,000 billion, more than twice the same period last year. The number of guests staying in the first quarter increased by 220%, reaching more than 1 million. Of which, the international tourist segment went about 712,000 arrivals, an increase of 1,400%.

Thanks to the opening and promotion of tourism, the F&B (food, beverage, restaurant business) and accommodation market reached nearly 610 trillion, forecast to grow 18% in 2023. By 2026, the number can reach the VND 1 million billion threshold.

Food & Hotel Hanoi 2023 contributes to those positive growth. Through a series of events, Informa Markets is committed to supporting brands to promote their products and reach more deeply with Vietnamese businesses and consumers.

Mr. Boon Teong Tee, General Manager of Informa Markets Vietnam, acknowledged that Vietnam is famous for its unique cuisine. Besides, international cuisine is always widely welcomed as it significantly influences the tastes of nearly 100 million Vietnamese consumers. This is considered a great development potential for global businesses.