Vietnam’s food and beverage (F&B) sector is forecast to grow 18 per cent in 2023, earning revenue of over VND720 trillion ($29.4 billion) despite the challenges in the economy, according to a report on the country’s food market in 2022 released by iPOS.vn.

The report was prepared based on a survey of nearly 3,000 restaurants and coffee shops nationwide and 4,000 consumers.

F&B will continue to develop sustainably after recovering from Covid-19 and is expected to post total revenue of nearly 1 quadrillion ($42 billion) by 2026, the report noted.

The sector recorded growth of 39 per cent last year, with turnover of nearly VND610 trillion ($25.6 billion).