South Korea’s Orion Holdings is expecting a dividend this year from its Vietnamese subsidiary of about US$78 million, according to The Korea Economic Daily. The company is possibly most well-known for its Choco-pies which have become a mainstay on ancestral altars all over Vietnam.
Vietnam’s food and beverage industry has experienced remarkable growth in recent years, driven by a combination of factors including rapid urbanisation, rising disposable incomes, and a burgeoning middle class. This has seen a big uptick in snack food consumption.
On average, Vietnamese consume 5.2 kilograms of snack foods per person, slightly higher than the global average of five kilograms. Vietnam’s snack food market is also projected to reach US$3.9 billion this year, with a compound annual growth rate of 8.15 percent from 2024 to 2029, according to Statista. This presents broad opportunities for foreign food and beverage firms to enter the Vietnam market.
That said, understanding the nuances of importing goods into Vietnam, including how to find a distributor, establish a trading company, and customs procedures, before attempting to access Vietnam’s 100 million-strong consumer market, can make the difference between a foreign firm’s success or failure. In this light, this article runs through what new importers should know: How to Start an Import Business in Vietnam: Ultimate Guide 2024