Dezan Shira & Associates Business Intelligence Team Introduces Singaporean Packaged Food Firms to Vietnam’s Consumer Market
On June 19, Dezan Shira & Associates presented insights on Vietnam’s food package industry to Singaporean food packaging companies. The event was organized by Enterprise Singapore and conducted by Vivie Wei, Senior Manager, International Business Advisory and Pritesh Samuel, Head of Business Intelligence at Dezan Shira and Associates, and Ryan Molloy, CEO of RedFern Digital.
The seminar was curated as a compact briefing for Singapore businesses in the food manufacturing sector looking to enter the Vietnam market at the invitation of our esteemed partner Enterprise Singapore. Vivie and Pritesh presented to delegates from 10 Singaporean food manufacturing companies.
Dezan Shira & Associates provided applied insight into Vietnam’s consumer market, the packaged food market, as well as import and export requirements. Information on the regulatory landscape and the market entry insights were especially helpful for the delegates as they gave a clear overview of how packaged food companies can enter the Vietnamese retail market.
On-the-ground information, such as what flavors and products are preferred by Vietnamese consumers in different regions and age groups, was well received. This was especially valuable, as unlike in compact markets, Vietnam has regional differences. For example, northern Vietnamese prefer saltier flavors, while sweet snacks and confectionary are more successful in the country’s south.
We also shared a case study that demonstrated our business intelligence team’s approach to finding a suitable distributor. Additionally, we briefed the delegates on business etiquette and cultural nuances. This is beneficial for firms that plan to internationalize their products for the first time and are considering Vietnam as a business destination. There are several good reasons for this, as shared by Huyen Do:
“Vietnam is now seen as a promising market for foreign firms looking to expand their consumer base. Vietnam’s middle class is growing rapidly at a rate of 10 percent per year and is now estimated to account for over 30 percent of the population. This means that there is a growing number of consumers with disposable income who are looking for high-quality products and services. In addition to the traditional sourcing, manufacturing, and agriculture sectors, foreign firms are now also investing in Vietnam’s retail, healthcare, and education sectors.”
Vivie Wei, Senior Manager of Operations in Vietnam concluded the seminar noting that it was a promising sign for the continued role of strong partners like Singapore in ASEAN:
“I am pleased that we work closely with partners like Enterprise Singapore and RedFern Digital to help foreign firms understand and navigate the Vietnamese consumer market. I am confident that foreign firms that invest in Vietnam now will be well-positioned to succeed in the years to come.”
For further resources on Vietnam’s consumer landscape, you can visit our website, Vietnam Briefing, where you can find articles and webinars such as:
- Vietnam’s Food & Beverage Industry: Market Trends, Demographics, Consumer Preferences [Article]
- Registering a Franchise in Vietnam [Article]
- Why Japanese Retailers Continue to Expand in Vietnam’s Retail Market [Article]
- Succeed in Vietnam’s Thriving Consumer Market – Introduction and Opportunities for Foreign Brands [Webinar Recording]
- Getting Your Goods to Market in Vietnam [Magazine]