HCM CITY — Technology applications have played an important role in helping the food and beverage (F&B) market in Việt Nam get back on track after two years of challenges due to the pandemic, experts have said.
As one of the most promising markets with rapid growth in Asia, Việt Nam has always been an attractive destination for investors, especially in F&B.
In today’s rapidly evolving and transitioning digital age, technology is a prerequisite for the long-term and sustainable growth of businesses. This is especially for businesses in the F&B segment as they have to face the significant impacts and difficulties resulting from the pandemic.
Technology is growing constantly alongside people’s living standards. And with the rising demands for experiential dining or smart shopping, e-commerce in Việt Nam is ceaselessly expanding. Since the pandemic, consumer shopping habits and behaviour have seen major changes.
According to the latest survey by Q&Me conducted at the end of 2021, 75 per cent of respondents used online food delivery services and 24 per cent were first users due to COVID-19.
The technology application is looked to by businesses as a solution for their ongoing concern of revenue growth and new customers attraction.
To overcome the challenging caused by COVID-19, many technological solutions have been applied. Some F&B companies have set up their own online order app like Starbucks, The Coffee House and Yen Sushi. In addition, companies cooperate with ride-hiding companies like Baemin, Grab and ShopeeFood to maintain their operation.
“Back in the time when technology applications were not popular, F&B businesses always had a hard time trying to figure out the optimal rental spaces, human resources, advertisement… With today’s advent of many technology platforms, businesses can easily approach potential customers, reduce fixed costs, and explore many potential opportunities for their development,” said Jinwoo Song, CEO of Baemin Vietnam.
“Instead of having to spend a huge budget for rental spaces to get prime locations such as on the first floor, or in the central areas to attract more customers, technology applications have helped F&B businesses explore modern approaches through new technology features to optimise operations, save costs while improving the speed and quality of delivery services through intermediary riders who are professionally trained and also experts with alleys and roads across the cities.”
“Vietnamese users do not have a fixed type of order such as Korean or Japanese food solely; they always want to taste something different than before and want to explore different types of cuisine each time of ordering,” said Song.
Moreover, the technology applications also assist F&B businesses in terms of direct branding.
According to market research firm BMI, Việt Nam has become one of the most attractive F&B markets globally. At the same time, the interest of local diners has also become more diversified when online applications are constantly updating new features. — VNS