Vietnam Frozen Food Market 2026

2016 – 2026 VIETNAM FROZEN FOOD MARKET FORECAST & OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Voice of Customer 4.1. Factors Influencing Purchase Decisions 4.2. Challenges Faced Post Purchasing 5. Vietnam Frozen Food Market Outlook 5.1. Market Size & Forecast 5.1.1. By Value 5.2. Market Share & Forecast 5.2.1. By Category (Ready-to-Eat, Ready-to-Cook & Others (Raw Meat, Raw Vegetables, Raw Fruit, etc)) 5.2.2. By Product Type (Frozen Meat, Poultry, & Seafood, Frozen Snacks, Frozen Fruits & Vegetables & Others (Frozen Desserts, Frozen Cooked Ready Meals, etc.)) 5.2.3. By Distribution Channel (Departmental Stores, Speciality Stores, Supermarket/Hypermarket, Online & Others (Convenience Stores, Direct Sales, etc.)) 5.2.4. By Region 5.2.5. By Company (2020) 5.3. Market Map (By Product Type and By Region) 6. Vietnam Frozen Meat, Poultry, & Seafood Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value 6.2. Market Share & Forecast © TechSci Research 2

Table of Contents S. No. Contents 6.2.1. By Product Type 6.2.2. By Distribution Channel 7. Vietnam Frozen Snacks Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value 7.2. Market Share & Forecast 7.2.1. By Product Type 7.2.2. By Distribution Channel 8. Vietnam Frozen Fruits & Vegetables Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value 8.2. Market Share & Forecast 8.2.1. By Product Type 8.2.2. By Distribution Channel 9. Market Dynamics 9.1. Drivers 9.2. Challenges 10. Market Trends and Developments 11. Export Analysis 12. Impact of COVID-19 on Vietnam Frozen Food Market © TechSci Research 3

Table of Contents S. No. Contents 13. Policy and Regulatory Landscape 14. Vietnam Economic Profile 15. Competitive Landscape 15.1. CP Vietnam Livestock Joint Stock Company 15.2. MINH PHU SEAFOOD CORP. 15.3. SAO TA FOODS JOINT STOCK COMPANY 15.4. VINH HOAN CORPORATION 15.5. GreenFeed Vietnam Corp. 15.6. DAI PHAT FOOD TRADING SERVICE CO., LTD 15.7. KIDO FOODS JOINT STOCK COMPANY 15.8. Viet Asia Foods Company Limited 15.9. CK Frozen Foods Vietnam Company Ltd. 15.10. DALAT - JAPAN FOOD CO., LTD. 15.11. L&H FOOD CO., LTD. 15.12. San Ha Co., Ltd. 16. Strategic Recommendations 17. About Us & Disclaimer © TechSci Research 4

List of Figures Figure No. Title Figure 1: Vietnam Frozen Food Market Size, By Value (USD Million), 2016-2026F Figure 2: Vietnam GDP at Current Price in USD Billion (2015-2019) Figure 3: Vietnam Urban Population as a Percentage (%) of Total Population (2015-2019) Figure 4: Vietnam Frozen Food Market Share, By Category, By Value, 2016-2026F Figure 5: Vietnam Frozen Food Market Share, By Product Type, By Value, 2016-2026F Figure 6: Vietnam Frozen Food Market Share, By Distribution Channel, By Value, 2016-2026F Figure 7: Vietnam Frozen Food Share, By Region, By Value, 2016-2026F Figure 8: Vietnam Frozen Food Market Share, By Company, By Value, 2020 Figure 9: Vietnam Frozen Food Market Map, By Product Type, Market Size (USD Million) & Growth Rate (%), 2020 Figure 10: Vietnam Frozen Food Market Map, By Region, Market Size (USD Million) & Growth Rate (%), 2020 Figure 11: Vietnam Frozen Meat, Poultry, & Seafood Market Size, By Value (USD Million), 2016-2026F Figure 12: Vietnam Meat Consumption by Type, 2020 Figure 13: Vietnam Frozen Meat, Poultry, & Seafood Market Share, By Product Type, By Value, 2016-2026F Figure 14: Vietnam Frozen Meat, Poultry, & Seafood Market Share, By Distribution Channel, By Value, 2016- 2026F Figure 15: Vietnam Frozen Snacks Market Size, By Value (USD Million), 2016-2026F Figure 16: Vietnam Major Frozen Snacks Suppliers and Their Offerings Figure 17: Vietnam Frozen Snacks Market Share, By Product Type, By Value, 2016-2026F Figure 18: Vietnam Frozen Snacks Market Share, By Distribution Channel, By Value, 2016-2026F Figure 19: Vietnam Frozen Fruits & Vegetables Market Size, By Value (USD Million), 2016-2026F Figure 20: Vietnam Exports of Fruits & Vegetables 2017-2020 (USD Billion) © TechSci Research 5

List of Figures Figure No. Title Figure 21: Vietnam Frozen Fruits & Vegetables Market Share, By Product Type, By Value, 2016-2026F Figure 22: Vietnam Frozen Fruits & Vegetables Market Share, By Distribution Channel, By Value, 2016-2026F Figure 23: Vietnam Frozen Fish Exports, By Value (USD Million), 2016-2019 Figure 24: Vietnam Frozen Fish Exports Share (%), By Top 5 Countries, 2019 Figure 25: Vietnam Frozen Meat of Bovine (Beef) Animals Exports, By Value (USD Million), 2016-2019 Figure 26: Vietnam Frozen Meat of Bovine (Beef) Animals Exports Share (%), By Top 4 Countries, 2019 Figure 27: Vietnam Frozen Meat of Swine Exports, By Value (USD Million), 2016-2019 Figure 28: Vietnam Frozen Meat of Swine Exports Share (%), By Top 5 Countries, 2019 Figure 29: Vietnam Frozen Snacks Exports, By Value (USD Million), 2016-2019 Figure 30: Vietnam Frozen Snacks Exports Share (%), By Top 5 Countries, 2019 © TechSci Research 6

Product Overview

Scope of Report Product of Interest (POI): Frozen Food Frozen food falls under the convenience food category, where preparation time for the food is extremely short. Convenience is the major factor associated with ready-to-eat food products, bringing significant time savings for consumers. Frozen food meets specific requirements such as convenience, nutritional adequacy, shelf stability, and storage. Post the introduction of retorting technology, sales of frozen food products have increased due to their superior packaging, taste and flavors. Vietnam Frozen Food Market Market Segmentation BY PRODUCT TYPE BY CATEGORY Year Range • Frozen Fruits & Vegetables • Ready-to-Eat • Frozen Meat, Poultry, & • Ready-to-Cook Review Period Seafood • Others 2016 – 2019 • Frozen Snacks • Others Base Year BY DISTRIBUTION CHANNEL BY REGION 2020 • Supermarkets/Hypermarkets • Northern Estimated Year • Departmental Stores • Southern 2021 • Specialty Stores • Central Forecast Period • Online • Others 2022 – 2026 © TechSci Research 8

Research Methodology

Research Methodology Market Formulating Developing List Data Data Data Profiling Questionnaire of Respondents Collection Validation Analysis In-depth secondary In order to conduct List of industry TechSci conducted Data obtained as a The data was scrutinized research was conducted to industry experts’ players and industry interviews with result of primary using MS-Excel, statistical determine top players in interviews, TechSci specialists was industry experts and and secondary tools and internal the Vietnam frozen food formulated a detailed developed. industry players for research was proprietary database to market, overall market size discussion guide. data collection and validated through obtain qualitative and and segmental market size. verification. rigorous quantitative insights about triangulation. the Vietnam frozen food market. Primary Research Desk Research Company Analysis ✓ Identifying Key Opinion ✓ Recent Developments ✓ Market Participants Data Data Filter Research & Actionable Business ✓ Market Changing ✓ Key Strengths Collection & Analysis Intelligence Insights Solution Leaders Aspects/Dynamics ✓ Questionnaire Design ✓ Government Policies ✓ In-depth Interviews ✓ Conclusion Primary Research Secondary Paid Sources Research ✓ LinkedIn ✓ Company Websites ✓ Factiva ✓ TechSci Internal ✓ Company Annual ✓ Hoovers Database Reports ✓ White Paper Study ✓ Financial Reports ✓ Investor Presentations ✓ Regulatory Body ✓ Associations, etc. © TechSci Research 10

Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of Vietnam frozen food market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such increase in working women population and increasing craze for ready to eat dishes in the country. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in Vietnam frozen food market. Methodology Followed for Calculation of Market Size: • Market Size By Value: Market size, in terms of value, for the year 2020 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as frozen food companies, channel partners, end users, industry experts, and other industry participants. • The team interviewed more than 20– 25 frozen food companies, 200 end users, and 10–15 industry experts and other value chain stakeholders in the Vietnam frozen food market to obtain the overall market size from 2016 to 2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2016-2020. © TechSci Research 11

Research Methodology • Respondents were asked about the current and future market growth rates, market shares by category, by product types, by distribution channel, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders. Methodology Followed for Calculation of Market Shares: • Market shares by category, by product type, by distribution channel, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of frozen food market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: • TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software. • Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast Vietnam frozen food market, TechSci Research used various forecast techniques such as: ✓ Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis © TechSci Research 12

Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data. Partial List of Companies Interviewed Key Secondary Sources ▪ DAI PHAT FOOD TRADING SERVICE CO., LTD ▪ World Bank ▪ TechSci Research Proprietary Database & Knowledge ▪ KIDO FOODS JOINT STOCK COMPANY Repository ▪ Viet Asia Foods Company Limited ▪ Company Annual Reports ▪ GreenFeed Vietnam Corp. ▪ Industry Magazines ▪ CK Frozen Foods Vietnam Company Ltd ▪ Industry Reports ▪ Statista ▪ DALAT - JAPAN FOOD CO., LTD ▪ News Dailies ▪ L&H FOOD CO., LTD ▪ Credible Paid Databases ▪ San Ha Co., Ltd ▪ CP Vietnam Livestock Joint Stock Company ▪ VINH HOAN CORPORATION ▪ SAO TA FOODS JOINT STOCK COMPANY ▪ MINH PHU SEAFOOD CORP. © TechSci Research 13

Industry Brief According to TechSci Research report, “Vietnam Frozen Food Market By Category, ((Ready-to-Eat, Ready-to-Cook & Others (Raw Meat, Raw Vegetables, Raw Fruit, etc)), By Product Type (Frozen Meat, Poultry, & Seafood, Frozen Snacks, Frozen Fruits & Vegetables & Others (Frozen Desserts, Frozen Cooked Ready Meals, etc.)), By Distribution Channel (Departmental Stores, Specialty Stores, Supermarket/Hypermarket, Online & Others (Convenience Stores, Direct Sales, etc.)), By Region, Competition, Forecast Opportunities, 2026F”, the Vietnam frozen food market is expected to reach USD2291.28 billion by 2026F with a CAGR of 7.26% during forecast period. During the forecast period, sales of frozen food are expected to increase due to changing consumer perception, rising disposable income, rising GDP growth rate, and rising sales through E- commerce platform around the country. Food products in Vietnam are primarily regulated and managed by three ministries: the Ministry of Health (“MOH”), the Ministry of Agriculture and Rural Development (“MARD”), and the Ministry of Industry and Trade (“MOIT”). Each of the three ministries are in charge of a different product category. The Ministry of Health is in charge of pre-packaged and processed food products such as bottled water, mineral water, functional food, and nutraceuticals. Cereals, meat and meat products, aquatic products, vegetables, fruits, eggs and egg products, fresh milk, bee's honey, honey products, genetically modified foods, salt, and agricultural foods are all covered by the MARD. And the MOIT is in charge of alcohol, beer, beverages, processed milk, vegetable oil, products used as raw materials for powder, starch, and other products. The COVID-19 pandemic also had an impact on Vietnam's food processing industry, which was hampered by rules on social distancing, labor shortages, and lockdown measures to curtail the spread of the virus. It was necessary to maintain social distance in confined spaces such as packaging plants for frozen fruits and vegetables or meat processingfacilities, which resulted in lower operational efficiency and less frozen food production in Vietnam. The Vietnam frozen food market is segmented into by category, by product type, by distribution channel, by region and by company. In terms of category, the market can be segregated into Ready-to-Eat, Ready-to-Cook & Others (Raw Meat, Raw Vegetables, Raw Fruit, etc). Out of these, Ready-to-Eat market had registered highest market share of more than 25% in 2020 among all other categories, whereas Ready-to-Cook is the fastest growing category in the country’s frozen food market on account of increasing middle class population and rising income and people becoming busier and ready to pay more for convenience. Moreover, people prefer ready to cook frozen food as it saves time, energy, and money. In addition to this, increasing standard of living due to rise in income level, influence of western countries, more global trade, travelling, etc. has led to a shift in people’s preference, who are preferring ready to cook frozen food over home cooked food. Also, due to establishment of various multi-national companies in Vietnam and increasing number of working women, there has been a change in the cooking habits as they don’t’ get enough time to prepare food at home. This has also increased the demandforreadyto cookfrozen foods in Vietnam. In terms of product type, the Vietnam frozen food market is segmented into frozen meat, poultry, & seafood, frozen snacks, frozen fruits & vegetables & others (frozen desserts, frozen cooked ready meals, etc.). Among these, the Frozen Meat, Poultry & Seafood product type market has dominated the Vietnam frozen food market with a majority of market share as out of total only 10% Vietnam’s population regularly eats vegetarian meals. The frozen snacks segment is the fastest growing product type in the country’s frozen food market. In terms of regional analysis, the Vietnam frozen food market is segment into Northern, Southern and Central. Among these, Northern region dominated the Vietnam frozen food market followed by Southern region in 2020 on account of rising disposable income and improved standard of living and the rising demand for good quality frozen food by Vietnamese consumers. This region is the most important center of economic activity in Vietnam as it contributed to 40% of country’s GDP and accounted for 42% of the country’s total Foreign Direct Investment stock in 2020. In terms of company, major players operating in Vietnam frozen food market include CP Vietnam Livestock Joint Stock Company, MINH PHU SEAFOOD CORP., SAO TA FOODSJOINTSTOCKCOMPANY,VINHHOANCORPORATION, GreenFeed Vietnam Corp., KIDO FOODS JOINT STOCK COMPANY, Viet Asia Foods Company Limited, CKFrozenFoodsVietnamCompanyLtd,DALAT-JAPANFOODCO.,LTD,andothers.AmongwhichCPVietnamLivestockJointStockCompanyaccountedforthemajorityof market share in 2020 in the Vietnam frozen food market. Leading players are focusing on expanding their product portfolios to maintain sustainable growth in the market. The companiesarealso expanding their distribution reach across various countries and are increasing the distribution of frozen food in the market across the country. “Vietnam frozen food market is anticipated to register healthy growth during forecast period. Development in cold storage, enhancement of food quality using irradiation, shift towards smarter cold chains, changing lifestyle and preferences and innovation in packaging are some of the market trends which are booming the Vietnam frozen food market”. said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm. © TechSci Research 14

Sample Data - Snapshot Vietnam Frozen Food Market Size, By Value (USD Million), 2016-2026F CAGR 2016-2020 CAGR 2021E-2026F By Value: xx% By Value: xx% 2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F Value (USD Million) Vietnam Frozen Snacks Market Share, By Product Type, By Value, 2016-2026F 2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F Frozen Dumplings 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Frozen Nuggets 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Frozen Springrolls 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% Others 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% Vietnam Frozen Fruits & Vegetables Market Share, By Distribution Channel, By Value, 2016-2026F 2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F Departmental Store 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% Supermarkets/Hypermarkets 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Online 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% Speciality Store 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Others 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% © TechSci Research 15

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