The domestic instant noodle market has become fiercely competitive with several foreign companies entering the fray.
Unofficial statistics showed that 50 companies produced five billion packages of instant noodles last year, with the market growing at an annual average rate of 15 per cent-20 per cent, the paper said.
Analysts forecast output to increase to around 6 billion-7 billion packs within the next three years.
Five years ago, just the three brands of Hao Hao, Hao 100, and Gau Do dominated the domestic instant noodle market. But in the last two years, so many new brands have appeared that official figures are not available.
Vina Acecook, Asia Food, Vifon, Uni-President, Massan, and Miliket currently hold over 90 per cent of the market share with hundreds of brands.
As for prices, a pack of instant noodles costs between VND1,500 and VND10,000.
Japanese firm Vina Acecook is the runaway market leader with a 65 per cent share. Locally owned Asia Food that produces brands like Gau Do, Hello, Vifood, Hao Hang, Osami and Trung Vang is second with a 20 per cent share.
Nguyen Manh Ha general director of Asia Food said noodle companies are facing more and more competition with other instant foods like porridge and rice noodles coming into the market.
In order to reduce costs and remain competitive, companies have to install modern production lines. The companies have said that they will diversify in terms of ingredients, flavors, and packaging. (Liberated Saigon)
Vietnamese
