"Research and Markets" stated that although Vietnam had to suffer from negative effects caused by world economic recession, there were bright points in the country's economic prospects with expected GDP growth rate of 2.9 percent in 2009, in comparison with the previously predicted reduction of 5 percent, Vietnam's economy is predicted to recover quicker than most of the Asian countries in 2009-2010 and to regain its economic growth speed in 2011.

The survey also pointed that the domestic retail market of canned food had shown the most progress in Q2 of 2009. In April, Family Mart (Japan), the leading retail distributor announced its plan to open its first sales agent in HCM City. Although it's expected that the retail market for canned food may develop slowly in Vietnam, the country still may reach 81.7 percent of the sector's growth rate in 2013 and Family Mart hopes to establish its foothold in Vietnamese food market.

At the same time, Saigon Co-op announced about the company's plans to expand its supermarket network from 35 to 50 supermarkets. The sales revenue gained from supermarkets was expected to increase up to97.4 percent in 2014.

In March 2009, SABMiller, a joint venture between UK beer Corp and South Africa purchased Vinamilk's shares. SABMiller plans to invest more in its agents in Vietnam because the country's beer consumption is likely to increase by 56.1 percent in 2013.

"Research and Markets" also revealed that the Asian Development Bank (ADB) committed to provide a loan of $95 million to Vietnam's food processing industry recently with the purpose of upgrading equipment to meet the international standards for health, safety and quality to join the world market.

Kinh Te Vietnam & The Gioi - June 29, 2009