Executive Summary ......7

Business Environment ..8

Regional Food & Drink Business Environment Ratings .... 8

Table: Asia Pacific Food & Drink Ratings – Q308 .... 11

Vietnam’s Food & Drink Business Environment Rating ...... 11

Table: Vietnam’s Global Food & Drink Business Environment Ratings Peer Group 13

SWOT Analysis 14

Food And Drink 14

Vietnam Food And Drink Industry SWOT . 14

Mass Grocery Retail ...... 15

Vietnam Mass Grocery Retail Industry SWOT ... 15

Macroeconomic Outlook 16

Table: Vietnam - Economic Activity . 18

Food ....19

Industry Forecast Scenario . 19

Food Consumption 19

Table: Food Consumption Indicators – Historical Data & Forecasts 20

Canned Food . 20

Confectionery . 20

Table: Value/Volume Sales Of Selected Food Sub-Sectors – Historical Data & Forecasts 21

Trade .. 21

Table: Vietnam Food & Drink Trade Indicators – Historical Data & Forecasts ...... 22

Industry Developments . 22

Market Overview 24

Agriculture. 24

Food Processing ... 25

Food Consumption 25

Drink .....26

Industry Forecast Scenario . 26

Alcoholic Drinks ... 26

Soft Drinks . 26

Table: Vietnam Drinks Industry Indicators – Historical Data & Forecasts ...... 27

Industry Developments . 27

Market Overview 29

Soft Drinks . 29

Alcoholic Drinks ... 30

Agriculture At A Glance ..31

Table: Vietnam Agricultural Sub-Sector Production Data (‘000 Tonnes, Unless Stated) ... 31

Table: Vietnam Organic Agricultural Data 31

Table: Vietnam Dairy Industry Data (‘000 tonnes) .... 31

Agricultural Commodity Price 32

Retail .33

Industry Forecast Scenario . 33

Table: Vietnam MGR Indicators – Value Sales By Format (US$bn) – Historical Data & Forecasts ... 34

Table: Grocery Retail Sales By Format – Historical Data & Forecasts .. 34

Industry Developments . 35

Market Overview 36
Table: Structure Of Vietnam's Mass Grocery Retail Market By Estimated Number Of Outlets . 38
Table: Structure Of Vietnam's Mass Grocery Retail Market – Sales Value By Format (US$mn) 38
Table: Average Sales Per Outlet By Format (US$mn) 38
Competitive Landscape ..39
Key Players. 39
Food And Drink 39
Table: Key Players in Vietnam's Food & Drink Sector, 20 39
Mass Grocery Retail ...... 40
Table: Key Players in Vietnam's Mass Grocery Retail Sector – 2007 40
Company Analysis ...... 41
Food ... 41
Vietnam Milk Joint Stock Company (Vinamilk) . 41
San Miguel Purefoods Vietnam Co Ltd ..... 42
Drink ... 43
Saigon Beer Alcohol and Beverage Corporation (Sabeco) .. 43
Carlsberg... 44
Mass Grocery Retail ...... 45
Metro Cash & Carry ...... 45
Saigon Co-op . 46
Deep US Recession Scenario ..47
Global Scenario 47
Table: World GDP Growth ..... 47
Table: US GDP Growth, Investment Growth, and Private Consumption Growth ...... 48
Table: Eurozone GDP Growth 49
Table: Asia, Excluding Japan, GDP Growth ..... 50
Table: China GDP Growth ..... 51
Table: Mexico GDP Growth ... 51
Table: Africa GDP Growth ..... 52
Asia Pacific Food & Drink Scenario .... 53
Table: Impact of Deep US Recession On Total Food Consumption (US$bn) In Selected Asia Pacific Markets – Cumulative US$ Impact Over
5yr Forecast Period 55
Appendix ....56
Food & Drink Business Environment Ratings ....56
Ratings Methodology . 56
Ratings Overview 56
Ratings System ...... 56
Indicators... 56
Limits Of Potential Returns ..... 57
Risks To Realisation Of Potential Returns 58
Weighting... 59
Weighting... 59
BMI Food & Drink Industry Glossary .60
Food & Drink . 60
Mass Grocery Retail .. 60
BMI Food & Drink Forecasting & Sourcing .62
How We Generate Our Industry Forecasts .... 62
Sourcing ... 63