Vietnam had 304,700 food and beverage outlets at the end of June down 3.9 percent, roughly 30,000 outlets, compared to the end of 2023, according to food and beverage point of sale technology provider iPOS. The bulk of this fall was in Ho Chi Minh City which recorded a contraction in the number of outlets of about 5.97 percent.
The report suggest this was in large part the result of a spike in small food outlets opening and then closing within three months. It also notes that the market may have been over saturated with the number of new food outlets opening post-COVID outpacing revenue growth in the industry.
That said, revenue reached US$16.2 billion in the first six months of the year putting the industry on track for a significant jump in 2024 over 2023–for the whole of last year revenue was just US$23.7 billion.