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Thursday, July 18, 2024

Navigating global markets

By staff writers

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In a dynamic landscape marked by fierce competition and ever-evolving consumer preferences, the food and beverage (F&B) sector faces significant challenges. To maintain a competitive edge, businesses need to optimize resources, pursue sustainability, and foster a culture of continuous innovation. This perspective was shared by industry experts during a forum titled “Removal of hurdles and market expansion in the food and beverage industry”. The event, held on January 11, was organized by the Saigon Times Group in partnership with NS BlueScope Vietnam Company’s Colorbond Steel®, the Food and Foodstuff Association of HCMC (FFA), and Bureau Veritas Vietnam. Consumer behavior evolution in the F&B industry Vietnamese F&B companies are confronting a dual challenge, as outlined by Nguyen Dang Hien, vice chairman of the Food and Beverage Association (FFA) and chairman of Tan Quang Minh Manufacture & Trading Company (Bidrico). On one hand, consumers are increasingly demanding healthier and more sustainable options. Simultaneously, the F&B exporters of Vietnam face rigorous import regulations and fierce competition from neighboring countries such as Thailand and China, posing difficulties in establishing a unique position in the global market and gaining a competitive advantage in terms of products, markets, and manufacturing technology. “To overcome these hurdles, F&B […]
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