Foreign sector scooping up Vietnam FMCG market
The foreign sector continues to scoop up more of the market for consumer goods like ice cream, food, drinks, clothing, footwear, toiletries and household supplies, according to the Ministry of Industry and Trade. At a recent business forum in Hanoi, Phan Chi Dung of the MOIT told a capacity audience that the growth of the foreign sector in the market for so called fast-moving consumer goods has really put the pressure on domestic brands. Mr Dung, who is the general director of the MOIT Light Industries Department, said FMCG are consumer goods that people use every day and purchase frequently that have a useful life of less than one year. More durable goods that have a useful life of more than one year and a slower sales frequency such as household appliances, furniture and home improvement products are referred to as slow-moving consumer goods. The competitive landscape for FMCG is being shaped by large transnational consumer packaged goods companies the likes of US-based Procter & Gamble, Unilever, L’Oréal and Nestlé.
