Minh-Ngoc Nguyen
Research Expert covering Vietnam
Food service industry in Vietnam - statistics & facts
Vietnamese people love eating out. Whether for breakfast at a local street vendor or meeting friends at a casual restaurant at night, dining out is an integral part of Vietnamese social life. 2020 and 2021 were two particularly difficult years for Vietnam’s economy, and the food service industry struggled as the COVID-19 pandemic restricted all dining-related business activities in the country. On the other hand, the pandemic forced businesses to adapt and innovate, leading to the boom of online food delivery services, as well as contributing to the growth of the accommodation and food services sector in Vietnam.
On the other hand, the growing middle class, urbanization, and higher living standards have boosted the patronage of full-service restaurants and fast-food outlets with thousands of locations across the country. Golden Gate, a restaurant chain corporation owning almost 400 full-service restaurants across Vietnam, recorded impressive growth in its consolidated revenue and profit in 2022 after two years of being impacted by the COVID-19 lockdown. Meanwhile, international fast-food chains, such as Lotteria, KFC, and Jollibee, had the most coverage among food service chains, despite struggling to gain profits in a market dominated by small local businesses.
Dining out culture in Vietnam
Dining out, in many cases, is not a luxury but rather a necessity for many Vietnamese people, especially in bigger cities where a faster pace of life, long working hours, and commutes are more common. Besides casual dining restaurants, street vendors, the second most favored dining option among Vietnamese consumers in a 2022 survey, cater to a wide range of customers, from students to office workers, offering diversified menu options at reasonable prices. One can quickly grab a loaf of bánh mì on the go, sit down for a piping hot bowl of phở, or even for a barbeque dinner, all at street stalls.On the other hand, the growing middle class, urbanization, and higher living standards have boosted the patronage of full-service restaurants and fast-food outlets with thousands of locations across the country. Golden Gate, a restaurant chain corporation owning almost 400 full-service restaurants across Vietnam, recorded impressive growth in its consolidated revenue and profit in 2022 after two years of being impacted by the COVID-19 lockdown. Meanwhile, international fast-food chains, such as Lotteria, KFC, and Jollibee, had the most coverage among food service chains, despite struggling to gain profits in a market dominated by small local businesses.
