The Vietnamese food processing industry is driven by strong domestic consumption and strong exports, and demand is growing, but fierce competition forces the industry to continue investing funds to improve efficiency and meet global food safety standards.
Due to that fact, Vietnamese food processing companies must continuously innovate and invest in new machinery and equipment to increase efficiency and meet international customer requirements for food safety standards. As a result Vietnam's food processing companies adopted low-cost strategies and invest large sums of money for equipment upgrades, which is mainly sourced from overseas - which opens great opportunities for international machinery manufacturers. As a result, food processing, packaging and labeling machinery manufacturers have seen Vietnam as the number one target market.
Thanks to the huge investment in new machinery and technology, the relevant industries had made great progress and continue to develop quite rapidly. American economist Jacob Barners researched the food processing and packaging industry in Vietnam. He pointed out: "Compared with other developing countries, Vietnam's food processing and packaging industry started late, but the development rate is swift and the momentum is amazing. Vietnam has fully utilized imports of Technology and overseas expertise.
"Vietnam is blessed with fresh food resources. The production of food for domestic and international markets is one of the main driving forces for Vietnam's economic growth. To meet market needs, most import and export companies must not only introduce high-tech solutions to ensure product quality, Innovation is also required. This is especially important in logistics and transportation and meeting overseas food safety requirements."
Vietnam market in numbers:
Ho Chi Minh City
Ho Chi Minh City, Vietnam