Vietnam spends $1.4 bln on food delivery in 2023, up 30%: Momentum Works
Food delivery services in Vietnam reached a gross merchandise value (GMV) of $1.4 billion in 2023, up 30% year-on-year, according to Singapore-based market researcher Momentum Works.
In the January 2024 edition of the “Food deliver platforms in Southeast Asia 4.0” report, Momentum Works said the 30% growth is the highest in the region, while the figures are single-digits in other regional markets. However, Vietnam's size is the smallest in Southeast Asia.
Sizes of food delivery markets in Southeast Asia. Photo courtesy of Momentum Works.
Indonesia's market size of $4.6 billion is the largest in the region, followed by Thailand with $3.7 billion, Singapore with $2.5 billion, the Philippines with $2.5 billion, and Malaysia with $2.4 billion.
In Vietnam, Grab and Shopee Food lead the market with respective shares of 47% and 45%, followed by Baemin with 5% and Gojek with 3%.
In Southeast Asia, Grab is the leader with a GMV of $9.4 billion. Foodpanda, a sister firm of Baemin and also under the ecosystem of Delivery Hero, ranks second with $2.7 billion.
Reviewing the regional market, Momentum Works highlighted that the spending in the food & beverage (F&B) market is estimated to recover to $125.2 billion in 2023, exceeding the pre-pandemic figure of $115.7 billion in 2019 for the first time.
A Grab driver delivering food to a customer in Vietnam. Photo courtesy of Thanh Nien (Young People) newspaper.
Another notable trend is the entrance and expansion of Chinese F&B brands into Southeast Asia, such as Mixue milk tea brand entering Vietnam in 2018 and Cotti Coffee coming into Vietnam in 2023.
Momentum Works also emphasized a key development in Vietnam that Baemin, under Delivery Hero, exited in 2023.
- Related News
- Read More
Consortium proposes $850 mln energy storage battery plant in southern Vietnam
A consortium of five international and Vietnamese companies has proposed investing in an energy storage battery plant in the Ho Chi Minh City-based Saigon High-Tech Park (SHTP), with total investment capital of $850 million.
Industries - Thu, July 31, 2025 | 2:35 pm GMT+7
World-class talent ‘absolutely central’ to success of Vietnam's international financial center ambition: Tony Blair Institute
Damian Hickey, regional director, South East Asia, Tony Blair Institute talks with The Investor on international investors’ interest in Vietnam’s dual-campus international financial center (IFC) model and suggests ways to attract world-class talent for the country’s IFC ambition.
Finance - Thu, July 31, 2025 | 10:53 am GMT+7
Vietnam retail major FPT Retail’s accumulated profit jumps by over $36 mln in H1
Vietnamese retail major FPT Retail’s undistributed post-tax profit rose nearly 2.7 times to VND1.5 trillion ($57.16 million) at the end of June, up VND955 billion ($36.39 million) from the beginning of this year.
Companies - Thu, July 31, 2025 | 10:00 am GMT+7
Super typhoon verifies claim management excellence of Vietnam’s leading insurer
PVI Insurance Corporation winning the “Outstanding Claims Management” category at the Country Awards for Excellence 2025 hosted by Insurance Asia News (Hong Kong) affirms its strong service quality, not only within Vietnam but also in the broader regional insurance community.
Companies - Thu, July 31, 2025 | 9:03 am GMT+7
New sellers on Amazon must seriously invest in branding: Lixibox exec
New sellers on Amazon should be prepared to invest in their business and view early mistakes as inevitable learning experiences, not reasons to quit, said Sao Lonsdale, CEO of Lixibox, a Vietnamese beauty brand.
Companies - Thu, July 31, 2025 | 9:00 am GMT+7
MBBank records 18% profit growth in H1, among top earners in Vietnam's banking system
Hanoi-based MBBank (MB) posted a pre-tax profit of VND15.89 trillion ($606.43 million) in H1/2025, up 18% from a year earlier and meeting half of its full-year target.
Banking - Thu, July 31, 2025 | 8:06 am GMT+7
Vietnam's leading developer Novaland divests from series of major projects
Novaland, a major real estate developer in Vietnam, said it had completed the transfer of a 49% stake in its subsidiary Gia Duc Real Estate Co. Ltd., in a deal worth nearly VND1.73 trillion ($65.98 million) in June.
Real Estate - Thu, July 31, 2025 | 8:00 am GMT+7
Two Vingroup subsidiaries to sign $180 mln contractor for commercial complex in Hanoi
Vietnam Exhibition Fair Center JSC (VEFAC), a unit of conglomerate Vingroup (HoSE: VIC), has secured board approval to sign a contractor agreement with fellow subsidiary Vincons Construction Investment and Development JSC to develop a cultural, service and commercial complex in Hanoi’s Giang Vo ward.
Real Estate - Wed, July 30, 2025 | 4:29 pm GMT+7
Vietnam's state utility EVN posts $314 mln in post-tax profit after long period of losses
State-owned giant Vietnam Electricity (EVN) made a remarkable turnaround in 2024, recording a post-tax profit of more than VND8.24 trillion ($314.2 million), ending a prolonged period of losses.
Companies - Wed, July 30, 2025 | 2:03 pm GMT+7
Masan’s beverage chain Phuc Long books nearly 64% profit growth on strong food sales
Phuc Long Heritage JSC, a beverage subsidiary of retail giant Masan Group (HoSE: MSN), posted a net profit of VND86 billion ($3.28 million) in the first half of this year, up 63.5% year-on-year, according to its parent firm’s financial statement.
Companies - Wed, July 30, 2025 | 1:51 pm GMT+7
Vietnam's pharma major Bidiphar achieves 60% of year's profit target after 6 months
Binh Dinh Pharmaceutical Medical Equipment JSC (Bidiphar) reported revenue of VND916 billion ($34.98 million) and pre-tax profit of VND202 billion ($7.71 million) in H1/2025, fulfilling 46% and 60% of the year's respective targets.
Companies - Wed, July 30, 2025 | 11:36 am GMT+7
Vietnam earns $3.7 bln from steel exports in H1, down 22.5%
Vietnam raked in $3.7 billion from exporting 5.66 million tons of steel in the first half of 2025, down 13% in volume and 22.5% in value year-on-year.
Economy - Wed, July 30, 2025 | 10:30 am GMT+7
Challenges mount for Vietnam’s Century Synthetic Fiber Corporation
Ho Chi Minh City-based Century Synthetic Fiber Corporation is facing a myriad of difficulties as it has failed to raise capital, while hundreds of billions of VND (VND100 billion = $3.82 million) in project-related debt near maturity.
Companies - Wed, July 30, 2025 | 9:11 am GMT+7
Vietnam’s Long Thanh may enter global mega airports club next decade: report
Long Thanh International Airport, under construction in Vietnam’s southern province of Dong Nai, is expected to join global mega airports capable of handling at least 100 million passenger arrivals annually by the next decade, a report said.
Infrastructure - Wed, July 30, 2025 | 9:00 am GMT+7
Vietnam's agri major BAF enjoys skyrocketing 444% profit growth in Q2
BAF Vietnam Agriculture JSC, which owns the "Vegetarian Pig" brand, posted impressive business results in Q2/2025 amid a volatile pork market, with after-tax profit soaring 444% year-on-year.
Companies - Wed, July 30, 2025 | 8:00 am GMT+7
Vietnam benchmark VN-Index’s plunge opens up buying opportunities: expert
The 4.11% drop of the VN-Index on Tuesday after hitting an all-time high is "reasonable" and "could set a new price base for incoming capital flows", said Tran Hoang Son, director of market strategy at VPBank Securities (VPBankS).
Finance - Wed, July 30, 2025 | 12:24 am GMT+7
