Dreaming of Vietnamese F&B brand

The Vietnamese F&B market is witnessing strong growth with the presence of many foreign brands. In recent reports, revenue from a series of foreign F&B chains increased sharply and the Vietnamese market is at the top of this "fertile land".

Customers at a Wrap & Roll store in Ho Chi Minh City. The Wrap & Roll chain, established in October 2006, is one of three Vietnamese start-ups in the F&B industry to receive funding from Mekong Capital Fund - Photo: TU TRUNG

According to iPOS.vn's report, in 2024, the number of F&B (Food and Beverage) stores in Vietnam is estimated to reach more than 323,000, an increase of 1.8% over the same period last year.

Despite difficulties in consumption, F&B industry revenue in Vietnam in 2024 will still reach more than 688,000 billion VND, an increase of 16.6% compared to 2023.

The total revenue of the F&B industry in Vietnam is forecast to reach about 755,000 billion VND, growing 9.6% in 2025. According to experts, the way foreign brands dominate the market creates both challenges and opportunities for domestic brands if they have a direction.

F&B industry picture in Vietnam Source: VIRAC, Euromonitor, iPOS.vn - Data: THAO THUONG - Graphics: TAN DAT

Good space and service

Talking to Tuoi Tre , Ms. Hong Nguyen ( Phu Tho ward, Ho Chi Minh City), an office worker, said that when going out to eat in large groups with family and friends, she often chooses to eat at branded chains because most of them are well-known and have good taste.

"I also like the space in these chains because they often invest synchronously and the service staff are also well trained," said Ms. Nguyen.

Or in the case of Ms. Hoang My (24 years old, Thanh My Tay ward, Ho Chi Minh City), although she prefers local restaurants, she still chooses to eat some dishes such as fried chicken at the chain because these dishes have been invested in developing unique and unique recipes and the quality is also consistent.

"My mentality is that when I eat at a chain, I can rest assured about the taste and quality of the food, even if I eat at a different branch," My shared.

Not only Ms. Nguyen and Ms. My, but many Vietnamese consumers still prefer large chain stores. In fact, business types such as high-end coffee shops, restaurants, hot pot shops, and strong-flavored tea and milk tea shops are also witnessing rapid growth and high revenue from the Vietnamese market.

First of all, we can mention the foreign hotpot brand, Haidilao hotpot. According to the financial report for the first half of 2025 of Super Hi International (the operator of the Haidilao hotpot restaurant chain), the total revenue from the chain's international markets reached 396.7 million USD, an increase of 7% over the same period last year.

Vietnam continues to be one of the four markets that help Haidilao "pocket" a lot of revenue, surpassing the markets of Singapore, the US and Malaysia, with over 10% of total revenue.

Specifically, in Vietnam, this foreign hot pot chain earned 43.6 million USD in revenue in the first 6 months of this year, an increase of 1.6% over the same period in 2024.

Similarly, the Jollibee fried chicken chain and Highlands Coffee beverage chain (operated by Jollibee Foods Corporation - JFC) revealed their Q2-2025 revenue report with strong growth.

With a beverage chain called Highlands Coffee, JFC is operating nearly 900 stores, but most are located in major cities of Vietnam.

According to information from the operating group, while the Jollibee fried chicken chain saw its total system sales increase by 15.4% over the same period, Jollibee fried chicken in Vietnam had a surprising increase of 35%. Vietnam is currently number 1 in market share, revenue and profit for this fried chicken chain, although the number of stores is only third.

JFC currently operates 896 Highlands Coffee stores, mainly in the Vietnamese market. The Philippine F&B group acquired Highlands Coffee in 2012. In the second quarter of 2025, this coffee chain had a profit before tax, depreciation and interest of nearly 21 million USD, up 5.8% over the same period last year.

As for Mixue, this Chinese milk tea chain now has more stores worldwide than McDonald's and Starbucks. Mixue opened its first store in Vietnam in 2018. Mixue once announced that the entire system sells about 5.8 billion cups of drinks every day.

Notable products include lemonade, ice cream, milk tea, and fruit tea, priced at around VND20,000 - 30,000 per cup in Vietnam. Mixue is currently the largest F&B chain in Vietnam with more than 1,300 stores.

According to Vietdata, this brand had revenue in Vietnam of nearly VND1,260 billion in 2023, 2.6 times higher than the previous year. This chain also had a profit after tax that was different from the market at VND204 billion, 3 times higher after one year.

Recognizing the success of foreign F&B chains in the Vietnamese market, Mr. Le Vu, managing partner at F&B Academy, commented that these F&B chains focus on building spaces and good service experiences that are suitable for local culture to engage customers long-term.

According to Mr. Vu, consumers from generation Z and later proactively choose culinary products that suit the personalized nature of their generation, and foreign F&B chains can do this, so they have good growth.

Customers order drinks at a Highlands coffee shop in Ho Chi Minh City on September 5 - Photo: TTD

What direction for domestic F&B brands?

In contrast to the great success of foreign F&B brands, the F&B business market in Vietnam has entered a screening phase, leaving only room for investors with the ability to manage finances and operate systematically.

Speaking with Tuoi Tre on September 5, Mr. Hoang Tung, chairman of F&B Investment - a training consultant in the F&B industry - said that it is predictable that the Vietnamese market is a market that contributes large sales to a number of foreign F&B chains because Vietnam has the leading growth rate in this industry in Southeast Asia.

Mr. Tung cited a number of Chinese brands that often choose Vietnam when developing abroad, such as Mixue, a milk tea chain; or other Chinese brands that choose Vietnam.

Regarding the "big wins" of foreign F&B chains in Ho Chi Minh City, according to Mr. Tung, they come from many basic factors: good management foundation, long history, financial strength... so they have taken steps to dominate the Vietnamese market very well.

"Most of these chains have a good grasp of people's consumer needs. They have the financial strength to develop sustainably. They do not expand too quickly but develop sustainably and "stubbornly", knowing who their customer base is.

In addition, foreign food and beverage chains have advantages in technology, all have good operating systems, customer data, product development, technology, customer digitalization... are all superior to current Vietnamese brands," Mr. Tung added.

But Mr. Tung also acknowledged that not all foreign brands develop well in the Vietnamese market due to taste issues, and some foreign brands are struggling.

Therefore, according to the chairman of F&B Investment, although Vietnamese enterprises have limitations in terms of brand foundation, capital, technology and are slower than their competitors... but if domestic enterprises know how to exploit, they still have a direction to develop their brands and compete fairly with foreign enterprises.

Mr. Tung suggested three directions for domestic F&B businesses: "First of all, do not lose the Vietnamese identity in the culinary field, because losing identity is a waste of strength. Foreign brands make European food but still maintain their identity, for example, Haidilao hotpot still maintains the Filipino identity in the sauce, or Chinese dishes are similar...

Vietnamese cuisine has diverse delicious dishes, keeping its identity is a unique point to separate it from other brands.

Then, focus on creating food and drinks that are visually appealing and have character, in addition to quality.

What you eat and drink reflects a part of your position as a consumer. The domestic F&B industry needs to focus on selling not only physical products but also brands and stories to elevate the product. When a product has a brand, it can compete well.

Meanwhile, Mr. Nguyen Ky Trung - Vice President of Ho Chi Minh City Culinary Association - said: "For the Vietnamese F&B industry to rise, thrive and compete, it needs economic strategies and comprehensive competition with criteria.

The first basic criterion is that a business model is needed to replicate. Vietnamese food businesses cannot "package" it. In addition, the marketing and communication strategies have not reached the goal of visualizing the brand value and product names associated with the brand, so Vietnamese businesses have not yet "thoroughly" defined it.

For example, naming a food and beverage restaurant AB, in which A is the husband's name and B is the wife's name; cannot visualize the value of intangible assets, lacks a brand strategy. And finally, financial capacity, Vietnamese businesses with weak finances will find it difficult to be sustainable.

To compete well with foreign F&B chains in the Vietnamese market, all products related to culinary elements in the long term need to incorporate cultural elements and national identity.

Vietnamese brands must have Vietnamese features in them, that is a competitive advantage that foreign brands cannot copy. China is doing this well, they have a "national dynasty" trend - that is, every industry from cuisine to fashion must have national features, to arouse people's pride.

Mr. Hoang Tung (Chairman of F&B Investment, training consultant in the F&B industry)

Mr. Nguyen Van Thu (Director of GC Food Company):

Foreign F&B chains have modern management and operations.

The operating process of a foreign F&B chain includes choosing a location, designing a brand logo, ingredients, and products that suit the tastes of the market. Calculating customer care, clear business strategy, chain operation, long-term vision, and strong finances.

Meanwhile, Vietnamese F&B is facing difficulties in terms of selling price and brand. Selling at low prices is not possible, selling at high prices does not attract customers. It is necessary to encourage more strongly that Vietnamese people prioritize using Vietnamese products, so that domestic businesses have a chance to compete.

If there is strong spread, I believe that in the next few years Vietnam will have many strong domestic F&B brand chains.

Vietnamese businesses also need to adapt to digital transformation in the F&B industry, access flexible delivery methods, apply technology, reduce input costs, and improve service experience quality.

Especially change the sales method, through online food and beverage delivery method to increase revenue and reach maximum potential customers, quickly expand market share.

For GC Food, our solution to create a brand for the Vietnamese F&B industry is to focus on product quality and build a strong brand.

To achieve this goal, businesses need to focus on investing in research and development of new products, both ensuring quality and food safety standards and creating breakthroughs, attracting customers and developing the business brand.

It is necessary to build distribution and sales channels, link many distribution channels and other service chains through online channels. Distribution channels need a management and control system to ensure product continuity and quality.

Ms. Luu Thi Thu Huong (owner of Grandma Lu bread brand, Ho Chi Minh City):

Vietnamese F&B brands want to go far, need to... go slow

Foreign F&B chains in the Vietnamese market all create unique dishes that suit Vietnamese tastes and there is always a story behind the product. They have a methodical management process - from raw materials, store locations, personnel, strategies... very standard. In particular, the products must be delicious.

Vietnamese people nowadays tend to eat at branded chains rather than street food because of health concerns.

Large restaurants often follow chains, while small businesses that "spring up" in 1-2 locations are still not "successful" because of the great risks, especially in the context of economic difficulties.

Even my bakery brand, although there is an opportunity to expand and franchise, will be very risky because the general context is very difficult. Therefore, Vietnamese F&B brands in general, if they want to go far and be sustainable, need to pay attention to... going slow. Slow but sure to avoid risks."

Vietnam is the 4th largest F&B market in Southeast Asia.

Trung Nguyen Group is a Vietnamese enterprise operating in many fields, including F&B. In the photo: Trung Nguyen coffee village in Buon Ma Thuot - Photo: TTD

According to the Southeast Asia F&B industry report 2024 - 2025 by Source of Asia, the food and beverage industry in Southeast Asia is a dynamic and fast-growing sector, driven by changing consumer behavior, large foreign investments, and many innovative and creative trends.

In 2023, the total size of the Southeast Asian F&B market reached 667 billion USD and is expected to increase to 900 billion USD by 2028. The food service segment alone is expected to grow dramatically, from 192.43 billion USD in 2024 to 349.05 billion USD in 2029.

Meanwhile, just six countries, Indonesia, Thailand, Vietnam, Malaysia, Singapore and the Philippines, account for 96% of the F&B market share in the region.

The report assesses that the F&B industry in the region is significantly strengthened by the network of foreign trade and investment agreements. With more than 100 global FTAs ​​and 8 agreements within the ASEAN bloc, the business environment in Southeast Asia is considered very favorable.

Accordingly, FDI poured into the region in 2023 will reach 230 billion USD, in which the F&B sector attracts strong interest, especially in processed and high-end products.

Urbanization and a growing middle class continue to drive demand for convenient and high-quality products, making the region an attractive market for global corporations.

Among ASEAN countries, Vietnam, Thailand and Indonesia stand out as important investment destinations, offering many opportunities in the rapidly changing F&B landscape.

Among the six prominent F&B markets in Southeast Asia, Vietnam ranks fourth in terms of market size, recorded at approximately US$23.6 billion. The F&B industry in Vietnam is said to be driven by a vibrant dining culture and international culinary trends.

The country with the largest F&B market size in Southeast Asia is the Philippines, with a size of about 112 billion USD.

Negotiation - Nghi Vu

Source: https://tuoitre.vn/mo-ve-thuong-hieu-fb-viet-nam-20250906083521385.htm