Ho Chi Minh City, Vietnam, November 28, 2018—IFC,
a member of the World Bank Group, is hosting its seventh international
food safety forum—Better Food Safety, Better Business—in
Ho Chi Minh City from today. The two-day forum will highlight how investments
in food safety and fostering a food safety culture can help companies unlock
business opportunities, create jobs, and contribute to economic growth.
This is the first time the forum is held in Vietnam, where the average
annual food sector growth rate is 15 percent - among the top-growing markets
in Asia. But, inadequate safety standards could hinder the sector’s sustainable
growth, reducing market opportunities for local food producers and significantly
affecting consumers’ health.
The forum brings together key players from the global food industry to
discuss the business case for companies to adopt food safety standards
and practices. Investment in food safety helps enterprises improve efficiency
and achieve operating cost savings, contributing to stronger brand value.
Furthermore, the increased sales, diverse market opportunities and substantial
returns on investment over the long-term offset the costs involved.
The forum is held in partnership with New Zealand. “Agribusiness and food
security are part of our development priorities because they contribute
to improving health, poverty reduction and creating jobs,” said H.E Wendy
Matthews, New Zealand’s Ambassador to Vietnam. “Through IFC, we support
Vietnamese companies to build capability and put in place practical and
efficient systems to produce safe food that meets the expectations of consumers.
This will help open up new market opportunities and expand business.”
International experts and practitioners will also share valuable experiences
from instilling a food safety culture and promoting stronger standards
across food supply chains.
“Investment in food safety management systems is a prerequisite for growth
of a country’s agribusiness sector,” said Rana Karadsheh, IFC Asia Director
for Manufacturing, Agribusiness and Services. “Internationally-recognized
standards have a proven track record of delivering results that include
better risk management and better access to markets. In addition, for investors
a strong, effective food safety management system is a sign of a sustainable
IFC has more than 15 years’ experience providing Food Safety Advisory
Services to agribusiness and retail clients globally. This work has helped
150 IFC clients from 30 countries attract $290 million in investments and
generate more than $230 million in new sales. In Vietnam, in partnership
with New Zealand and the Slovak Republic, IFC is building awareness for
increased food safety standards and training smallholder farmers to achieve
international certification, subsequently increasing income and contributing
to food security.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In fiscal year 2018, we delivered more
than $23 billion in long-term financing for developing countries, leveraging
the power of the private sector to end extreme poverty and boost shared
prosperity. For more information, visit www.ifc.org