Vietnam’s wine market is projected to grow by US$382.2 million from 2024 to 2029, reflecting a compound annual growth rate of 11.5 percent, according to a market report from Strategy Helix Group. This anticipated growth is driven by several factors, chief among them the rise of Vietnam’s middle class, which has significantly boosted consumer spending power and fuelled demand for premium and imported wines.
The country’s younger consumers are increasingly choosing wine over traditional alcoholic beverages, marking a clear shift in preferences. This demographic shift is transforming Vietnam’s wine market as younger consumers seek innovative, high-quality, and diverse wine products. Their interest has spurred importers and distributors to introduce a wider variety of wines, including options from lesser-known regions, to cater to the evolving palate of Vietnamese consumers.
As the market expands, industry players are focusing on targeted marketing, e-commerce, and on-premise experiences to capture this younger demographic’s interest. With this demand trajectory, Vietnam is poised to emerge as a significant player in Asia’s wine market, positioning itself as a promising destination for global wine brands and investors alike.
See also: Vietnam Wine Industry: Overview 2024