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2023 is an exceptionally challenging year under the impact of global economic recession in general and specifically in Vietnam. According to the General Statistics Office, in the first six months of 2023, over 100,000 businesses temporarily ceased operations. Consequently, the F&B market also suffered significant impacts. Let’s explore the landscape of technology companies in the F&B sector in Vietnam in 2023 together with Kamereo!
Table of Contents
- What is an F&B company?
- Overview of the F&B market situation in 2023
- Situation of F&B Technology Companies in 2023
- Conclusion
What is an F&B company?
F&B stands for “Food and Beverage Service,” meaning services related to food and drinks. F&B businesses are organizations operating in the food and dining services sector, including restaurants, hotels, tourist areas, food stalls, etc.
The term F&B is often used more in the context of hotels. However, not all businesses have an F&B department, usually found in hotels with a rating of 3 stars or above or in high-end, luxurious restaurants.
In Vietnam, the F&B industry is growing strongly, with the participation of many domestic and international enterprises. The F&B industry in Vietnam is gradually integrating with the world, providing customers with diverse culinary choices.
Overview of the F&B market situation in 2023
According to a report by IPOS.vn, only 41 out of 137 surveyed businesses recorded increased revenue in the first six months of 2023 compared to the same period last year. Additionally, about 40.1% of businesses with large business models reported a decrease in revenue.
During this period, 63.5% of businesses, F&B companies, were able to maintain their number of stores. Moreover, about 26.3% of businesses opened new branches. Most reporting businesses showed good financial health, accounting for about 80.3%.
Overall, the F&B market situation is not overly gloomy compared to other sectors. A young population and increasing income are reasons contributing to the F&B industry’s continued positive growth in the past year.
Note: The latest information on the F&B market in 2023 will be updated regularly to ensure accuracy.
Situation of F&B Technology Companies in 2023
Many technology companies in the F&B sector experienced significant fluctuations in 2023. Below are detailed insights into different business forms:
Payment & E-wallets
In the realm of payment and e-wallets, technology companies have been very active in the past year. Thanks to the development of AI technology, many businesses have made leaps in enhancing their payment features.
ZaloPay
ZaloPay is a mobile payment platform, also known as an e-wallet, developed by ZION Joint Stock Company, a subsidiary of VNG – a Vietnamese technology company. This application is integrated with the community of 70 million Zalo app users.
In 2023, ZaloPay introduced the convenient ZaloPay QR for payments at various stores or for transfers. Notably, the e-wallet successfully integrated into the Grab app, providing consumers with additional choices. Building on this success, in the last two months of the year, ZaloPay continued its collaboration with Gojek, Xanh SM, and appeared on all popular ride-hailing and delivery apps such as Be and Ahamove.
Furthermore, ZaloPay’s partnership with Shopify, a leading global e-commerce platform, brought the e-commerce website model closer to the Vietnamese business community.
VNPAY
VNPAY is a leading e-wallet and electronic payment solution in Vietnam, developed by Vietnam Payment Solution Joint Stock Company (VNPAY). In the past year, the application launched hundreds of attractive promotions to stimulate shopping demand and attract new users. Moreover, VNPAY was recognized as one of the top 10 innovative strong brands in 2023 by the Brand Strong Vietnam program of Vietnam Economic Magazine – VnEconomy.
Momo
Momo, developed by M_Service Joint Stock Company, is an e-wallet platform that enables users to make payments and transactions on mobile devices. Collaborating with over 90% of banks in Vietnam and 10,000 domestic merchants, Momo holds over 80% of the digital payment market. By 2022, the number of Momo e-wallet users exceeded 31 million.
In 2023, Momo introduced a comprehensive financial ecosystem called the “Innovative Interaction Station” at VIIE 2023. Additionally, the app was the only Fintech listed in the Best Brands Vietnam 2023 ranking published by Decision Lab, alongside global representatives such as Samsung, Honda, Panasonic.
VinID
VinID is a utility application developed by One Mount Group, offering various features to help users conveniently and economically address their daily needs. On September 22, 2023, the platform was honored and awarded the Top 10 Outstanding Digital Technology Businesses in Vietnam 2023.
Samsung Pay
Samsung Pay, a payment service by Samsung Electronics, allows users to make payments using mobile phones or other Samsung products. This service supports NFC – contactless payments and uses secure data transmission for contactless payments on devices that only support RFID and regular contact cards.
Samsung Pay was launched in South Korea on August 20, 2015, and in the United States on September 28 of the same year. At the Consumer Electronics Show (CES 2016), the company announced its expansion to many banks in Australia, Brazil, Spain, and Singapore in 2016.
Food Delivery
In 2023, we witnessed the departure of Baemin, one of the major food delivery giants from South Korea, marking the end of its four-year presence in the Vietnamese market. This was a result of economic downturn impacts and fierce market competition. Below is the situation of other food delivery technology companies:
GrabFood
GrabFood is an online food delivery service owned by Grab, a technology company headquartered in Singapore. This app connects local restaurants and eateries with users, making it easy for them to order and receive food from their favorite establishments.
According to the Connected Consumer report by Decision Lab and Mobile Marketing Association Vietnam, GrabFood is the most widely used app in Vietnam, with a usage rate of 49%.
Shopee Food
Shopee Food is an app for ordering and delivering food online, owned by Shopee, a leading e-commerce platform in Vietnam. Shopee Food is continuing to grow and expand its market, aiming to become one of the top food delivery apps in Vietnam. According to the Connected Consumer report, Shopee Food closely follows GrabFood with a usage rate of 45%, intensifying the competition among food delivery apps.
GoFood
GoFood is an online food delivery service owned by Gojek, a technology company based in Indonesia. One notable feature of the app in 2023 is GoFood Pickup, allowing users to order through GoFood and then pick up the food themselves to save costs.
Be Food
Be Food is an online food delivery service owned by Be Group, a technology company based in Vietnam. The app facilitates the connection between local restaurants and users, making it easy for users to order and receive food from their favorite places. Be Food was launched in 2022 and is the fourth food delivery service in Vietnam after GrabFood, GoFood, and Shopee Food.
Loship
Loship is an app for food delivery, grocery shopping, medicine purchases, and ride-hailing online in Vietnam. Founded in 2017, Loship is currently present in many major cities in Vietnam, including Ho Chi Minh City, Hanoi, Da Nang, and Can Tho.
Delivery K
Delivery K is an online food delivery app specializing in Korean cuisine in Vietnam. Developed by Team Jin, Delivery K is currently available in Ho Chi Minh City, Hanoi, Da Nang, and Can Tho.
Capichi
Capichi is a social media app that allows users to easily share and find culinary locations on a video platform. Founded in 2021 by the young Japanese CEO Mori Taiki, Capichi is a promising app in the culinary field, helping users easily discover and experience new dining places.
Online Grocery
The new online marketplace model has only recently been developed, but its appeal is tremendous. In 2023, many well-known brands have successfully reaped benefits from this sector.
Tiki Ngon
Tiki Ngon is a fresh food and FMCG delivery service owned by Tiki, a leading e-commerce platform in Vietnam. Launched in 2022, Tiki Ngon aims to provide users with a convenient and safe experience in shopping for fresh food.
Tiki Ngon offers many convenient features for users, including:
- Easy product search: Users can easily search for desired items by product name, type, brand, etc.
- Customer reviews: Users can view customer reviews of products to make informed choices.
- Convenient payment: Users can make payments in cash, through e-wallets, or credit cards.
- Attractive promotions: Tiki Ngon regularly runs attractive promotional programs to help users save costs.
- Fast delivery: Tiki Ngon implements a delivery policy within 3 hours, saving users time and effort.
Sendo Farm
Sendo Farm is a new-style grocery shopping service by Sendo, specializing in providing clean and quality VietGap, OCOP, and Safe agricultural products. Sendo Farm offers a wide range of fresh food options, including vegetables, fruits, meat, seafood, eggs, milk, etc., from reputable suppliers in Vietnam.
Sendo Farm has several notable advantages, such as:
- Convenience: Users can order and receive goods anytime, anywhere with just a smartphone.
- Diversity: Sendo Farm provides many food choices from various suppliers.
- Safety: Sendo Farm uses advanced technology to ensure the safety of food products.
Cooky
Cooky is an online grocery shopping and food delivery app developed by Vietnam Communications Corporation (VCCorp). The app was launched in 2018. In late November 2023, Cooky announced its withdrawal from the Hanoi market, focusing solely on Ho Chi Minh City.
This narrowing of scope indicates the challenging nature of the food delivery market in Vietnam. Additionally, the relatively low brand recognition of this technology company is one of the reasons for the narrowed operations.
Other Online Grocery
In addition to the major players in providing fresh food mentioned above, there are still many brands continuously contributing to the market, such as Foodmap, Mio App, Chopp, Shark Market, FARMI, Food Hub, G Kitchen, and Ubofood.
Although these businesses may not have stood out much in the past year, it is forecasted that they will grow significantly in 2024. This is especially true as the impact of economic downturn on the F&B industry is gradually decreasing, and people’s purchasing power and leisure demand at the beginning of the year are increasing.
B2B Food Supply Providers
B2B food supply providers over the past year have also been somewhat affected by the economic downturn, especially in the context of many restaurants, cafes, etc., closing their doors.
Kamereo
Kamereo is one of the B2B food supply providers for restaurants, hotels, cafes, etc., in the Ho Chi Minh City and Binh Duong province area. With a commitment to placing orders as a top priority, this technology company has met the needs of many businesses, ranging from small to large.
In 2023, Kamereo engaged in notable activities to upgrade its warehouse. This helped extend the shelf life of fresh products, ensuring the delivery of the best products to customers. Simultaneously, Kamereo continues to work tirelessly with farms to find quality sources at competitive prices.
At the Vietnam Food Forum 2023 – the International Conference on Vietnam Food Industry 2023, Kamereo pledged its commitment to environmental issues and sustainable development across the industry, playing a pioneering role.
Losupply
Losupply is a transportation service that delivers various types of raw materials for businesses of all sizes. Despite its recent development, the company has successfully penetrated the F&B market by integrating with the Loship ecosystem.
Currently, you can make online purchases through the Losupply website or app. Additionally, you can still visit warehouses to inspect the quality of goods in major provinces and cities such as Hanoi, Ho Chi Minh City, Da Nang, Can Tho, and more.
Media
In the field of media, we still see the presence of many major businesses in the F&B industry. This is the best promotional channel for restaurants and cafes to make themselves known to a wide audience during the initial phase of business.
Foody
Foody is an application for searching, reviewing, and ordering food online. This app is developed by Foody & Digifood Joint Stock Company, established in 2012 in Ho Chi Minh City.
Foody’s app currently features over 1 million dining locations, including restaurants, eateries, cafes, bars, karaoke spots, bakeries, tourist areas, etc., nationwide. Users can search for dining locations based on the area, price range, cuisine type, and reviews.
Moreover, Foody also offers the online food ordering feature. Users can place orders from restaurants and eateries within the app and have the food delivered to their location. Foody is a useful app for food enthusiasts, assisting users in finding good dining locations, reviewing them, and ordering food online.
Trip Advisor
Trip Advisor is the world’s largest online travel platform, providing information and reviews about destinations, hotels, restaurants, entertainment activities, and other travel services.
Established in 2000 by Stephen Kaufer, Langley Steinert, Nick Shanny, and Tom Palka, the company is headquartered in Needham, Massachusetts, USA. Trip Advisor currently has over 463 million monthly users across 49 markets and supports 28 languages.
Riviu
Riviu is an online platform for reviewing products, services, locations, activities, etc., in Vietnam. This website was established in 2019 by RIVICO LLC.
Riviu provides users with a platform to share their perceptions and reviews of products, services, locations, and activities they have experienced. The platform also offers users information about products, services, locations, and activities from various sources, allowing users to get an overview before making decisions.
Riviu is a useful tool for those seeking information about products, services, locations, activities, etc., before making decisions. Additionally, Riviu helps users gain an overall understanding of products, services, locations, and activities, facilitating informed decision-making.
5food
The 5food website is a platform for reviewing and ordering food online in Vietnam. Established in 2014 by MISA Joint Stock Company, the website provides users with information about restaurants, eateries, cafes, bars, karaoke spots, bakeries, tourist areas, etc., nationwide. Users can search for dining locations based on the area, price range, cuisine type, reviews,…
POS – Point of Sale
In the POS sector, there were notable developments in 2023. The POS network expanded to many provinces and cities nationwide. As of November 2023, the number of POS machines reached 513,550, a 26.89% increase compared to the same period in 2022.
Additionally, according to Visa’s report, consumer payment habits shifted from traditional methods to online card payments, e-wallets, and QR code payments. Some prominent technology companies providing POS products in Vietnam include:
- iPOS: Offering comprehensive solutions for restaurant/cafe management. iPOS is continually updated with the latest technology to ensure its products and services meet market demands.
- Ocha: A management platform for small and medium-sized businesses in the Food and Beverage sector. Ocha supports business owners in setting up, managing, and developing their ventures conveniently and effectively.
- D-Corp R-Keeper: A comprehensive management solution helping F&B businesses adapt to digital transformation and expand their sustainable business chains.
- KiotViet: Transferring the power of technology through simple and effective solutions. The product is efficient and suitable for small, medium, and micro-sized enterprises.
Apart from the mentioned companies, many other POS businesses are actively operating in the market, such as Speed POS, PosApp, mPos, BePOS, Loop, Fois Vietnam, Vnyi, Mmenu, CukCuk, Sapo, NEC, VinHMS, and SoBangHang.
Recruitment
The job market in 2023 was not overly vibrant due to the economic downturn. Many individuals chose to stick with their current companies instead of changing jobs. However, a strong hiring wave occurred at the end of the year, with many giants in various sectors unable to sustain their operations, leading to workforce reductions.
For the F&B industry, the top three recruitment channels include: Hoteljob, HUFR, and Chefjob, which are actively supporting businesses in finding suitable personnel.
Chefjob.vn
A recruitment and employment channel for the restaurant and hotel industry in Vietnam, operated by Chefjob Co., Ltd. With eight years of operation, Chefjob.vn attracts over 300,000 monthly visits. The annual job event in June helps businesses and job seekers easily find each other.
Hoteljob
A prominent technology company in the field of recruitment for restaurants, hotels, and the first and largest in tourism in Vietnam. The “Online Job Fair” held from August 19 to 25, 2023, was one of the notable events organized by Hoteljob.
HUFR
HUFR is A recruitment and employment platform in the restaurant and hotel industry trusted by many businesses.
Booking Platforms
Technology companies providing reservation platforms allow users to book tables at restaurants. These applications help users easily find suitable restaurants, view menus, and make online reservations.
- Table Check: A global platform to help restaurants connect with customers more conveniently. Table Check currently has over 7,400 customers in 25 countries.
- SevenRooms: Assisting managers in the restaurant and hotel industry to create special experiences, boost profits, and retain customers.
- OpenTable: A platform that helps customers easily find and book tables at their favorite restaurants. Currently, OpenTable is connected to over 50,000 restaurants worldwide.
- Dining City: Not just an online reservation platform, Dining City also offers the opportunity to earn money by becoming a partner with the company.
- TORETA: This reservation platform has connected over 10,000 restaurants in 8 countries worldwide. TORETA also helps customers save costs with various promotional programs.
- PasGo: One of the most popular reservation apps in Vietnam. This app has more than 20,000 restaurants nationwide and offers many discounts for customers who book through the app.
Rewards & Gift Vouchers
The end of the old year and the beginning of the new year is the peak period for companies providing rewards and gift voucher services. This sector features the participation of many familiar brands such as:
- URBOX: An ecosystem of electronic gift solutions and customer care for businesses. With various services including UrGift and physical gifts, URBOX meets the diverse needs of customers.
- Got It: A comprehensive solution for corporate gifting, employee recognition, promotional programs, etc. As of now, the brand has been trusted by over 3,000 companies and multinational corporations.
- Jamja: A leading promotion information channel. With hundreds of thousands of monthly visits, the platform offers millions of voucher options and discount codes for users and businesses.
- Giftee: Deployed eGift services for ASEAN countries in 2023, making it easier for businesses to connect with other businesses and customers.
In addition to the mentioned brands, the rewards and gift voucher sector also includes many popular names such as PEKO, Savyu, Clingme, The Golden, Spoon, Rewards+, Hotdeal, KembaQ, Wisepass, and WMC Prestige. Each brand has its own strengths and weaknesses, catering to the needs of different businesses.
Accounting & Procurement
Medium and small-scale F&B businesses often utilize third-party management services, particularly accounting software, to streamline their operations. Below are some brands that achieved considerable success in 2023:
FAST
FAST concluded 2023 with significant achievements in providing general business and accounting services. In July 2023, the company introduced Fast Accounting For Public Sector, a cloud computing-based accounting software tailored for administrative businesses in Vietnam. The Fast Accounting Online software integrated with OCB and MB banks optimized data entry, tracking, and reduced the platforms needed, enhancing security for businesses using OCB and MB for payroll.
In 2023, FAST organized over 200 activities and connected with more than 8,000 students and educators from 35 colleges and universities nationwide. As a result of these contributions, the company received prestigious awards such as Sao Khue 2023 and Top 10 potential digital products.
MISA
When it comes to comprehensive solutions for businesses, MISA is a brand that often comes to mind. With over 30 years of development, the company has made significant contributions to the management of small and medium-sized enterprises.
At the Táo Marcom 2023 event, MISA introduced the MISA AMIS aiMarketing solution to support Sales and Marketing operations in digital transformation. This software helps businesses implement effective Inbound Marketing strategies, saving costs while attracting customers and driving conversions.
Thanks to a year of active operation, MISA was recognized by the National Electronic Authentication Center (NEAC) as one of the top 5 organizations providing the highest-quality public digital signature certification (CA) in 2023. Additionally, the company received commendations from the Vietnam Digital Communication Association (VDCA) for its positive contributions to the industry.
SAP
SAP is no stranger to businesses seeking optimal management solutions. As a major player in the industry, SAP continually innovates its technology to meet the needs of businesses, ranging from small to large.
With the development of AI technology, SAP optimized electric vehicle charging. This resulted in a significant reduction in charging costs, efficient charging plans, and minimized the risk of grid overload. Moreover, AI-powered forecasting features supported productivity and quality optimization in various sectors, including agriculture and business management.
Other Accounting and Procurement Technology Companies
In addition to the mentioned companies, there are also renowned technology companies in Vietnam and abroad, including Oracle, ODA, and FUTURE LOG. Apart from their product/service values, these entities actively engage in community activities.
Cloud Kitchen
Cloud Kitchen, also known as a virtual kitchen, is a model of a restaurant that exclusively serves food and beverages through delivery and operates entirely based on collaboration with third parties or online ordering services. This model eliminates the need for a physical storefront like traditional restaurants. However, they still require a small space for the kitchen and some necessary kitchen equipment.
Prominent players in the current cloud kitchen scene include CloudEats, Air Kitchen, Deliany, Hangry, and Chef Station. In the beverage sector, Révi Coffee & Tea is a notable name, renowned for its diverse drinks and exclusive brewing recipes, delivering rich and unforgettable flavors.
Additionally, QUỐC YẾN CLOUD KITCHEN stands out in the Cloud Kitchen industry, with a background in supplying food since 2009. This entity offers various services and distinctive products catering to customers in the Ho Chi Minh City area. Furthermore, when discussing Cloud Kitchen, Cyber Kitchen cannot be overlooked – it’s a solution to expand Hub systems, allowing entities to be flexible in utilizing warehouses, kitchens, and specialized kitchen equipment.
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Conclusion
The above provides an overview of technology companies in the F&B sector in 2023. Most companies had fewer activities compared to previous years due to the economic downturn. Let’s look forward to significant changes from these companies in 2024! Don’t forget to follow the Business Tips section for valuable information.
