Vietnam Food Services Market Grow with a CAGR of 12.34% through 2030F

The Vietnam Food Services market is driven by urbanization, rising disposable incomes, changing consumer preferences, growing tourism, and the increasing demand for convenient dining options.

According to TechSci Research report, “Vietnam Food Services Market – By Region, Competition, Forecast & Opportunities, 2030F”, the Vietnam Food Services market stood at USD 22.23 Billion in 2024 and is anticipated to grow USD 26.89 Billion by 2030 with a CAGR 12.34% during forecast period owing to the rising middle class across the region. As disposable incomes increase, more consumers are willing to spend on dining out, seeking both convenience and quality. The expanding middle-income group, particularly in urban areas like Ho Chi Minh City and Hanoi, is fueling demand for a variety of food options, from quick-service restaurants to fine dining. This demographic shift is also influencing consumer preferences, with a growing demand for diverse cuisines, healthier food choices, and premium dining experiences. As the middle class continues to grow, food service providers are adapting by offering more tailored menus, innovative dining concepts, and higher-quality food to meet the evolving tastes and expectations of this segment.

The Vietnam Food Services market is primarily driven by the growing tourism sector across the region. As the country continues to attract both international and domestic tourists, the demand for diverse dining options has surged. Key tourist destinations such as Hanoi, Ho Chi Minh City, and coastal areas have seen an increase in visitors, contributing to higher foot traffic in restaurants, cafes, and food outlets. This growth in tourism is encouraging food service providers to cater to a wide range of tastes and preferences, including international and local cuisines. Also, the rise in culinary tourism, where visitors seek authentic local food experiences, has led to increased opportunities for traditional Vietnamese eateries and modern food outlets alike. As tourism continues to grow, food service providers are well-positioned to benefit from this expanding market.

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The Vietnam Food Services market is segmented into type, ownership, brands, and region.

Based on the type, the quick service restaurants segment is the fastest growing in the Vietnam Food Services market owing to the increasing demand for convenient, affordable, and fast dining options, particularly in urban areas. With busy lifestyles and rising disposable incomes, consumers are seeking quick, accessible meals without compromising on taste or quality’s, including both local and international chains, are expanding rapidly to cater to this demand, offering a variety of menu items that appeal to diverse consumer preferences. Also, the rise of food delivery services and online ordering platforms has further fueled the popularity of QSRs, making them a go-to choice for time-conscious customers.

Based on the region, Central is the fastest-growing region in the Vietnam Food Services market. Cities like Da Nang and Hue are driving this growth, fueled by increasing urbanization, tourism, and a growing middle class. The region's strategic location, coupled with its rising popularity as a tourist destination, has led to a surge in demand for diverse dining options. Local food outlets, as well as international chains, are expanding rapidly in Central Vietnam to cater to both locals and tourists. Also, the growing preference for modern dining concepts and the increasing use of food delivery services further contribute to the region's fast-paced growth. With a booming hospitality sector and an evolving consumer base, Central Vietnam is becoming a key player in the national food services market.

Major companies operating in the Vietnam Food Services market are:

• Vietnam Lotteria Co.Ltd
• Golden Gate Group Joint Stock Company
• Jollibee Vietnam Company Limited
• Starbucks Coffee Company
• Pizza Hut
• Domino's Pizza Vietnam
• McDonald's
• Kfc Vietnam Joint Venture Company Ltd
• Burger King Corporation
• Popeyes Vietnam

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“The Vietnam Food Services market is expected to grow in the future owing to the increasing government initiatives across the region. The Vietnamese government has introduced various policies and programs aimed at supporting local businesses, enhancing food safety standards, and promoting tourism, which directly benefits the food services industry. Efforts to improve infrastructure, streamline business regulations, and encourage investment in the hospitality sector are creating a more conducive environment for food service providers. Also, the government’s focus on expanding tourism, both domestic and international, is driving demand for diverse dining options. Programs to support local food producers and the promotion of Vietnamese cuisine globally are also contributing to the market's expansion. These initiatives are helping food service businesses grow and adapt to the evolving consumer landscape., said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

Vietnam Food Services Market By Type (Full-Service Restaurants, Quick Service Restaurants, Others), By Ownership (Standalone Outlets, Chained Outlets), By Brands (Domestic, International), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of Vietnam Food Services market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Vietnam Food Services market.

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