Wine witnessed a further decline in sales in 2021 in total volume terms as consumers reduced their spending on non-essential luxuries like wine. In addition, much of the wine sold through the on-trade is served to foreign visitors in high-end Western and American restaurants.
Compared to the other wine categories, still red wine recorded the slowest decline in percentage terms in 2021. This was partly thanks to the fact that Vietnamese consumers still maintained their traditional habit of purchasing still red wine as a gift for special occasions, but especially for Lunar New Year.
Thang Long Wine JSC maintained the leading position in wine in 2021, with it seeing a slight increases in its total volume share. This was due to the problems faced by players importing wine into the country due to COVID-19, which naturally led to an increase in share for local players such as Thang Long Wine and LamDong Foodstuffs JSC (Ladofoods).
Thanks to the country’s vaccination programme the Vietnamese economy is expected to see a gradual recovery over the forecast period. The country lifted restrictions on the opening of bars, clubs and karaoke cubs in early 2022, as well as reopening its borders to foreign tourists.
Local players such as LamDong Foodstuffs JSC (Ladofoods) and Thang Long Wine JSC are expected to focus on the off-trade channel to grow their wine sales over the forecast period. For example, both companies are likely to set up more showrooms where consumers can come and try their wine.
Over the forecast period, the demand for wine is predicted to increase together with the stronger penetration of Western culture, especially amongst young adults of legal drinking age living in big cities such as Hanoi and Ho Chi Minh. Consumers will be looking for brands with credibility and quality, as well as reasonable prices.
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This is the aggregation of still and sparkling light grape wines, fortified wine and vermouth and non-grape wine. In terms of alcohol content, light wine usually falls into the 8-14% ABV bracket while fortified wine ranges from 14-23% ABV. Low and non-alcoholic wine is also included in the data (attributed to each sector as appropriate).See All of Our Definitions
This report originates from Passport, our Wine research and analysis database.
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