Việt Nam’s beer market expects big changes in 2020

HÀ NỘI — Việt Nam’s beer market is forecast to see big opportunities this year, as the country has always been held great potential for domestic and foreign beer enterprises. Fierce competition is incoming, as more foreign brands are looking to tap the market.

With a population structure among the youngest in the world – 56 per cent of the population is under the age of 30 – Việt Nam Beer Association (VBA) predicts that total consumer expenses in Việt Nam will double and reach approximately US$173 billion by 2020.

According to a Nielsen report, 56 per cent of Vietnamese consumers are under 30 years old and Việt Nam’s middle class will double from 12 million (in 2014) to 33 million (in 2020). It is estimated that Việt Nam will have two million more consumers joining the middle class, becoming the fastest-growing middle class segment in Asia.

The strong export markets of Việt Nam, such as ASEAN countries and China, are all markets with high growth in food and beverage consumption. Along with a series of free trade agreements, Vietnamese food and beverages have been largely able to access key free export markets (without tariffs).