According to Mr. Vu Quang Hung, Deputy Director of the Institute of Strategic Studies, Industrial Policy (Ministry of Industry and Trade) at the Development and Planning for Food Industry to 2020, and vision to 2030 workshop organized by the Ministry of Industry and Trade held on August 2nd, 2013, confectionery will be the fastest growing industry.
Data from the Institute of Strategic Studies, Industrial Policy (Ministry of Industry and Trade) showed that the growth rate of the food industry is quite impressive with 2006-2010 average annual growth rate of over 17%, out of which the annual growth rate of confectionery was 35%, additives was 10%, and instant noodles was approximately 10%. The production value of the industry also increased significantly from VND 6,000 billion (2005) to nearly VND 17,000 billion (2011).
In additions, the structure of the food industry changed dramatically. In 2005, instant noodle was the largest segment accounted for approximately 40% of the industry, while in 2011 it dropped to merely 30%. Meanwhile, confectionery segment had an impressive increase from 20% in 2005 to over 40% in 2011. In particular, confectionery manufacturing facility increased from the base of 182 in 2005 to 324 establishments in 2011.
With such growth and structural changes in Vietnam food industry in recent years, Mr. Hung said that the confectionery industry will be the fastest growing industry in the near future.
However, the confectionery consumption in Vietnam is still quite low with the average consumption of 1.9 kg/person/ year while the world average is 2.4 kg / person / year.
| Domestic confectionery industry are divided into 3 main groups: Imports (accounts for 20%), large corporation (including Kinh Do Corporation, Hai Ha Confectionery Joint Stock Corporation, Bibica Joint Stock Corporation accounts for 42%) and other firms (accounts for 38%). |
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