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.
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