The Alcoholic Beverage Industry in Vietnam
In Vietnam, the alcoholic beverage industry is a lucrative and thriving business. Continue reading for a detailed overview of the landscape.
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Vietnam, a nation characterized by its cultural diversity and a landscape that ranges from urban centers to rural areas, offers a plethora of opportunities. However, as a complex and emerging market, it often lacks reliable and up-to-date information. Existing market research solutions are either prohibitively expensive or offer data quality and coverage.
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Vietnam is a Southeast Asian country located on the eastern part of the Indochinese peninsula. It shares its borders with China to the north, Laos to the west, Cambodia to the southwest, the East Sea to the east, and the Pacific Ocean to the east and south. The country stretches approximately 1,650 kilometers from north to south, with a maximum east-west extent of 500 kilometers.
Hanoi City
97.47 Million
$366.1 billion
Vietnam has achieved remarkable economic development owing to reforms and favourable global trends. Since the launch of Đổi Mới in 1986, it has transitioned from one of the world’s poorest nations to a middle-income economy in just one generation. GDP per capita has increased by 3.6 times from 2002 to 2021, reaching around US$3,700, and poverty rates have declined from 14% in 2010 to 3.8% in 2020.
Despite facing challenges, Vietnam’s economy has shown resilience, with a projected GDP growth of 6.3% in 2023. It is estimated to rebound to 6.5% in 2024, supported by a potential decline in domestic inflation and recovery in export markets like the U.S., Eurozone, and China.
Vietnam boasts a diverse range of industries, including textiles, food, furniture, plastics, and paper, as well as tourism and telecommunications. Agriculture remains a significant contributor to the economy, representing 14% of GDP and employing 38% of the total workforce in 2020. In terms of foreign trade, the United States takes the lead as Vietnam’s largest trade partner, with a trading volume of US$77 billion in goods, followed closely by China, covering US$48.8 billion.
Vietnam’s tourism sector is a thriving industry that has gained significant momentum in recent years. With its diverse landscapes, rich cultural heritage, and delicious cuisine, Vietnam has become a popular destination for international travellers. From the iconic Ha Long Bay to the ancient town of Hoi An, and the bustling streets of Hanoi, Vietnam offers a plethora of attractions and experiences. In 2019, Vietnam welcomed over 18 million foreign visitors, marking a 16.2% increase year-on-year.
Vietnam’s internet landscape has experienced significant growth in recent years, with an increasing number of internet users and improved internet infrastructure. As of early 2022, about 73.2% of the population had internet access, a 4.9% increase from the previous year. Further, internet users in Vietnam spent around six hours and 23 minutes per day online in Q3 2022, showing high engagement with the internet.
The popularity and growth of social media in Vietnam can be attributed to widespread smartphone use and a strong internet infrastructure. As of January 2023, there were 70 million social media users in Vietnam, making up 71% of the total population.
Vietnam not only uses international platforms like Facebook and Instagram but has also created successful local apps like Zalo (widely used in Vietnam with a 92% penetration rate) and Viber, which are extensively used in Vietnam and across Asia.
In Vietnam, the alcoholic beverage industry is a lucrative and thriving business. Continue reading for a detailed overview of the landscape.
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