Eat-in orders account for most sales in full-service restaurants and therefore the government’s efforts to control COVID-19 had a huge impact on the channel in 2020. During the lockdown non-essential services, including full-service restaurants, were forced to close, while even after the lockdown was lifted many restrictions remained in place which limited their ability to operate at capacity.
Chained full-service restaurants account for only a small value share, with their sales dwarfed by those of independent full-service restaurants. Despite this, chained operators fared somewhat better in 2020 with some of the leading players having one eye on the future.
Independent full-service restaurants dominate sales with chained operators having somewhat of a niche presence. However, it was independent full-service restaurants which registered the most significant decline both in percentage terms and actual value terms in 2020.
With the global effort to control and contain COVID-19 via the rolling out of various vaccination programmes during 2021, it is hoped that by the end of the year Vietnam will see a return to some level of normality. This should help support a recovery in full-service restaurants, with sales projected to return to pre-COVID-19 levels by 2022.
Golden Gate Trade & Services with its chained full-service restaurants GoGi House, Kichi and Sumo BBQ remained the leading player in a highly fragmented competitive landscape in 2020. The company operates many successful chains, including various concepts such as hot pot, barbeque, and Japanese dining.
Despite the expansion of Western food concepts within Vietnam, such as pizza, European and North American full-service restaurants, it is Asian full-service restaurants which continue to account for most sales, with little change expected over the forecast period. Western food such as pizza, burgers and fried chicken is viewed as fatty and unhealthy which could limit its development, especially with COVID-19 pushing more consumers to reflect on their diet and lifestyle.
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Understand the latest market trends and future growth opportunities for the Full-Service Restaurants industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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