Vietnam Online Food Delivery Market

The Vietnam Online Food Delivery Market size was valued at USD 1.51 Billion in 2022 and is expected to surpass USD 13.45 Billion by 2031, expanding at a CAGR of 27.5% during the forecast period, 2023 – 2031. Online food delivery refers to a range of processes that focus on efficient and ease method of ordering food through the Internet and having it delivered to one’s doorstep through a delivery agent.

The restaurants and fast-food joints usually maintain their official website and each item of foods offered by a particular food chain can be easily available on their web portals. Using the Internet on smartphones or other electronic devices, consumers can add the details such as the address, phone number, and name of a restaurant and then, order the choice of their foods from the menu provided on the website.

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Once the food items are selected and added to the cart, the users are generally given different payment options including cash on delivery or pay online using the linked bank apps. Once the order is placed, the food items would be delivered to the doorstep of the user as per the estimated time of delivery. In Vietnam, various restaurants and food service institutions have opened their own websites and apps for ordering food online to increase sales by facilitating easier food delivery for customers.

Market Trends, Drivers, Restraints, and Opportunities

• Wide convenience and easy accessibility of online apps with reduction of time and efforts for food delivery in Vietnam is a key factor boosting the market.

• Development of digital technology, high penetration of smartphone having internet facility, and the implementation of faster apps for food delivery are other key drivers that accelerate the market growth.

• Availability of wide range of food options on apps and websites due to rising number of fast food restaurants present another key factor driving the market.

• High cost involved in installation, marketing, and maintenance activities of online apps and websites are major restraints that can hamper the growth of the market.

• Availability of a complete database of customers helps the restaurants in identifying the repeating customers and their orders, which simplifies the activities and operations of the restaurants.

• Preference of the younger generation to order food online and the rising use of the Internet to avail services are projected to offer lucrative opportunities to key players to expand their consumer base.

Scope of Vietnam Online Food Delivery Market Report

The report on the Vietnam online food delivery market includes an assessment of the market, size, share, trends, and segments. Overview and dynamics have been included in the report.

Vietnam Online Food Delivery Market Segment Insights

Rising use of smartphones drives the mobile application segment

Based on order methods, the Vietnam food delivery market is bifurcated into websites and mobile applications. The mobile application segment is projected to grow at a significant rate during the forecast period due to the rising use of smartphones and the integration of various apps for online food delivery services. These apps or applications can easily be installed on smartphones.

The applications can be a third-party app or a specific restaurant app, which facilitate easy transactions between the restaurant and the users. The menu is available on the application and the user has to simply add the desired food items to the shopping cart and place the order by adding the necessary details of payment mode. The easy use of mobile applications and various marketing strategies used by the key players has driven the growth of the mobile application segment.

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Increasing demand for Vietnamese cuisine has driven the market

On the basis of cuisines, the market is segmented into Vietnamese cuisine, Western cuisine, South Asian Cuisine, Italian Cuisine, and others. The Vietnamese cuisine segment is projected to expand at a significant CAGR during the forecast period due to the high demand for the regional and cultural food by the consumers in Vietnam. Online food delivery apps primarily focus on the availability of Vietnamese food on their menu to adhere to the needs of the consumers.

Food items such as Pho, Cha Ca, and Cao Lao are some options available on the menu of food delivery apps so that the consumers can easily order the foods online. However, the westernization of food habits and the integration of various cuisines have resulted in the expansion of fast food chains and restaurants to include western cuisines, south Asian cuisines and other such food items in their menu. The increasing penetration of the internet influences many young people to try various cuisines from different countries and this has further driven the growth of the segment.

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Segments

By Order Methods

• Website
• Mobile Applications

By Cuisines

• Vietnamese Cuisine
• Western Cuisine
• South Asian Cuisine
• Italian Cuisine
• Others

Key Players

• Vietnammm
• Eat. Vn
• Foody. Vn
• Now. Vn
• Grab

Competitive Landscape

Key players in the Vietnam online food delivery market include Vietnammm; Eat. Vn; Foody. Vn; Now. Vn; and Grab Food. These players are widely engaged in various business development strategies including mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and expand their consumer base globally. Some of these key players are now focusing on expanding their menu and including various cuisines on their apps to attract more customers.