Vietnamese spending on food triples within five years

The monthly expenses for food of each Vietnamese in 2015 was more than VND470,000 ($22), according to data from the General Statistics Office.

Vietnamese spending on food triples within five years

According to the General Statistics Office, from 2010 to 2015, the value of food consumption in Vietnam rose 1.5 times annually, from $18.7 billion to $27.6 billion. It is expected that this figure will reach about $29.5 billion in 2016.

The index of food consumption per capita also increased respectively in 2010-2015. In 2015, the number was about VND5.6 million ($270) and it is expected to reach VND5.77 million ($280) in 2016. Compared to 2004, the average food consumption per capita rose by 3 times.

A representative from the Institute of Policy and Strategy for Agriculture and Rural Development (Agroinfo) said at a recent workshop that the average spending on food in some major cities of Vietnam doubles the country’s average.

For example in 2014, the average expenditures for food in HCM City was VND961,000 per person per month and VND802,000 in Da Nang.

The Association of Vietnamese Retailers said that the value of food consumption rose impressively thanks to the increase of income of Vietnamese consumers and the development of the retail sector.

The association said up to 85% of consumers still purchase food through traditional channels such as the traditional markets and vendors.

Only about 15% buy food through modern channels such as supermarkets, hypermarkets, convenience stores ... However, the association said the rate is changing towards the modern retail format.

The association also said that the consumer trends have also changed significantly. Previously consumers were interested in the volume of food but now they are more interested in food quality.

Khoa Le

Source: Vietnam Net