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
Vietnamese firms must pay more heed to complying with U.S. trade regulations: official
The rapid growth of Vietnam’s export to the U.S. requires Vietnamese businesses to pay more attention to complying with trade regulations, avoiding the risk of being investigated or sued, said Do Ngoc Hung, Vietnam's trade counselor in the U.S.
Economy - Wed, January 29, 2025 | 10:22 pm GMT+7
Credibility key factors in bringing ASEAN’s voice to global stage
Indonesian President Prabowo Subianto emphasized the critical importance of close ties betwee Malaysia, Indonesia, and other ASEAN partners to ensure the region’s voice is amplified globally amid rising geopolitical challenges.
Southeast Asia - Wed, January 29, 2025 | 9:59 pm GMT+7
US-ASEAN Council maps Indonesia's growth opportunities
The US-ASEAN Business Council (USABC), in collaboration with the University of Indonesia’s Institute for Economic and Community Research (LPEM UI), recently unveiled its sector overview report.
Southeast Asia - Wed, January 29, 2025 | 9:56 pm GMT+7
FPT Retail reports $21 mln pre-tax profit in 2024, shares hit record highs
Vietnamese retail major FPT Retail posted a pre-tax profit of VND527 billion ($21 million) in 2024, more than four times higher than the year's target and close to the record set in 2021.
Companies - Wed, January 29, 2025 | 3:47 pm GMT+7
Vietnam’s real estate market poised for growth in 2025: expert
Vietnam’s real estate market is set for a promising 2025, driven by low interest rates, rising investor confidence, and a shift in capital flow from the North to the South, said Vo Hong Thang, director of consulting & project development at DKRA Group.
Real Estate - Wed, January 29, 2025 | 1:38 pm GMT+7
Major Vietnamese contractor Hoa Binh reports profit after two years of losses
Hoa Binh Construction Group, one of Vietnam's top contractors, posted an after-tax profit of VND851.8 billion ($33.96 million) in 2024, surpassing its target by 96.7% and marking a strong recovery after two years of significant losses.
Companies - Wed, January 29, 2025 | 10:00 am GMT+7
VN-Index to hit 1,450 points in H2: broker
Companies listed on the Ho Chi Minh City Stock Exchange (HoSE) are projected to see an average 18-20% profit growth in 2025, and its benchmark index, the VN-Index, will reach approximately 1,450 points in the second half, according to Agribank Securities (Agriseco).
Finance - Wed, January 29, 2025 | 8:00 am GMT+7
Vietnam M&A market expected to bloom in 2025: expert
Vietnam’s merger & acquisition (M&A) activity is projected to surge in 2025, following a strong recovery last year, said Nguyen Cong Ai, a partner at KPMG Vietnam.
Economy - Wed, January 29, 2025 | 12:02 am GMT+7
2025 prospects for investment channels in Vietnam
Vietnam's economy in 2025 is expected to continue recording positive growth, but confront with major challenges from the global economy. In that context, investors should diversify their portfolio, have moderate financial leverage, and invest more via professional organizations, writes Dr. Can Van Luc, chief economist at BIDV, a top 4 bank in the country.
Economy - Wed, January 29, 2025 | 12:01 am GMT+7
Air pollution might cost Bangkok nearly $90 mln in damage
Economic damage from opportunity loss caused by air pollution, exceeding an average of 100µg/m³ on the Air Quality Index (AQI) in and around Bangkok over a one-month period, has been estimated at about THB3 billion ($89.4 million), according to an assessment by Thailand’s Kasikorn Research Centre (KRC).
Southeast Asia - Tue, January 28, 2025 | 11:11 pm GMT+7
Thailand to suffer damage from China’s syrup import ban
Thai businesses may record up to THB1 billion ($29.5 million) in losses from China's ban on sugar syrup and premixed powder exports from the Southeast Asian nation, insiders said.
Southeast Asia - Tue, January 28, 2025 | 4:31 pm GMT+7
Indonesia saves $1.2 bln in state budget by reducing travel expenditures
President Prabowo had ordered the Ministry of Finance to cut the budget for overseas travel of ministers and officials who are members of the Red and White Cabinet.
Southeast Asia - Tue, January 28, 2025 | 4:29 pm GMT+7
Vietnam dairy giant Vinamilk’s 2024 profit hits 3-year high amid signs of market recovery
Vinamilk, Vietnam’s largest dairy firm, reported a net profit of VND9.45 trillion ($376.91 million) in 2024, marking a 6.5% year-on-year increase and the highest in three years.
Companies - Tue, January 28, 2025 | 3:06 pm GMT+7
Vietnam's government targets official operation of carbon market by 2029
A carbon market is set to officially operate in Vietnam by 2029 as an important step towards reducing greenhouse gas emissions and achieving the goal of net-zero emissions by 2050.
Economy - Tue, January 28, 2025 | 3:05 pm GMT+7
ThaiBev-controlled brewer Sabeco’s 2024 profit rises 5.6% on stronger demand
Ho Chi Minh City-based brewer Sabeco, controlled by Thai Beverage, posted a net profit of VND4.49 trillion ($179.2 million) in 2024, up 5.6% year-on-year, despite Vietnam’s strict zero-alcohol driving law.
Companies - Tue, January 28, 2025 | 9:19 am GMT+7
Thailand SCG Chemicals signs 15-year ethane supply deal for Long Son Petrochemicals complex in Vietnam
SCG Chemicals (SCGC), under Thailand’s giant Siam Cement Group (SCG), has signed a 15-year ethane supply contract to provide feedstock for its Long Son Petrochemicals (LSP) complex in Vietnam.
Energy - Tue, January 28, 2025 | 9:00 am GMT+7
