Miguel Ángel Valverde Menchero (centre) shares insights on the Vietnamese wine market. — Photo dttc.sggp.org.vn

Việt Nam's wine market is projected to reach US$382.2 million from 2024 to 2029, growing at a compound annual growth rate (CAGR) of 11.5 per cent, according to the latest data from Strategy Helix Group.

The Group notes that Việt Nam’s expanding middle class is driving higher purchasing power and increased demand for premium and imported wines. Currently comprising 15 per cent of the population, the middle class is expected to double by 2026.

Whereas wine was traditionally favoured by those over 50, the market has seen growing interest from consumers aged 35 and up over the past five years. Young consumers are also showing an increasing preference for wine over traditional alcoholic beverages.

President of the Provincial Council of Ciudad Real (Spain) and the Spanish Wine Fair (FENAVIN 2025) Miguel Ángel Valverde Menchero assessed Việt Nam as a high-potential and rapidly growing market.

Spain, through FENAVIN 2025, seeks distribution partners in Việt Nam. “Although not enormous, it is a very attractive, fast-growing market and we have a strategic focus on Việt Nam,” he said.

Despite this, challenges remain, especially the prevalence of counterfeit wines. According to representatives from Ciudad Real, the fraudulent bottles closely resemble authentic wines, making it crucial for Spain to find reliable partners to bring quality products to Vietnamese consumers.

Việt Nam's wine market is highly competitive, with French, Italian, Chilean and Australian wines firmly established through effective marketing.

According to Menchero, convincing Vietnamese consumers, who are familiar with renowned brands, to switch to Spanish wines will not be easy.

“However, with a diverse selection and competitive pricing, Spanish wines are confident in their potential to capture the Vietnamese market,” he said. — VNS