Beverage sector contributes 1.3 billion USD to budget
The beverage industry contributed 30 trillion VND (1.3 billion USD) to the State budget last year, according to the Vietnam Beer, Alcohol and Beverage Association (VBA).
Hanoi (VNA)ꦛ - The beverage industry contributed 30 trillion VND (1.3 billion USD) to the State budget last year, according to the Vietnam Beer, Alcohol and Beverage Association (VBA).
At a conference held in Hanoi on January 6, VBA Chairman Nguyen Van Viet said the beverage industry continued to grow over the past five years despite the difficult economic times that have resulted in many other kinds of companies struggling or shutting down.
Besides, the sector also created jobs for dozens of thousands of labourers as well as adequately met the domestic demand with high quality products, enhancing competitiveness amid anticipated rising competition pressure associated with intensive international integration, Viet said.
According to a VBA report, in 2015, the beverage industry produced over 3.4 billion litres of beer, an increase of 40 percent compared to 2010.
Vietnam currently has 129 beer establishments, most of which are concentrated in large cities such as Hanoi, Ho Chi Minh City, and Thua Thien Hue. The majority of the market share is still controlled by the Sai Gon Beer, Alcohol and Beverage Corporation (Sabeco), the Hanoi Beer, Alcohol and Beverage Corporation (Habeco) and the multinational breweries Heineken and Carlsberg.
In the reviewed period, non-alcoholic beverages also witnessed an impressive growth with a production capacity of five billion litres per year and more than 1,800 production facilities.
By 2020, the beverage industry is forecast to reach a higher capacity, with 4.25 billion litres of beer, 9.2 billion litres of non-alcohol and 360 million litres of alcohol expected to be produced per year.
While joining the Trans Pacific Partnership (TPP) agreement and other Free Trade Agreements (FTAs) would give Vietnam the chance to attract more investment, it would also pose a significant challenge, Viet said, adding that domestic beverage companies should enhance their production quality and improve their distribution system to protect their domestic market shares.-VNA
There will be stiff competition between domestic and foreign beverage firms as Vietnam integrates further into the world beverage market, with tremendous potential for development, said experts.
The food and beverage sectors have enormous potential for development with a stable annual growth rate of 7-8 percent, according to the Vietnam Beer, Alcohol and Beverage Association (VBA).
Domestic beverage companies were urged to improve their distribution system to protect their domestic market shares amid anticipated rising competition pressure.
Local beverage enterprises should have reasonable strategies on production and consumption to gain growth in the situation of high inventory at present, said experts.
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Illustrative image (Source: VNA)
