The big distance in growth rate between food production and consumption made the food processing industry attractive to investors and showed a large development room in the field, said deputy Minister of Industry and Trade Ho Thi Kim Thoa at a conference in HCMC on November 16.
Workers make lean pork paste at Vissan Company (Photo: SGGP)
Specifically, domestic food consumption now accounts for 15 percent gross domestic product with the growth rate of 18 percent a year while production grows only 8 percent.
In addition, Vietnam has attended many free trade agreements (FTAs) bringing food processing companies tax incentives from 50 countries in the world.
In the upcoming time, Vietnam will assist domestic businesses to boost the export of key food products to take advantage of incentives from signed FTAs with Japan, South Korea, Russia and European nations. This will be an advantageous condition for domestic businesses to attend the field.