Dunkin’ Brands Group Inc. has signed a deal to take its donut chain to Vietnam as the company continues its push to expand internationally.
The Canton, Mass., company has signed a franchise agreement with Vietnam Food and Beverage Co. to develop Dunkin’ Donuts restaurants across the country over the next several years, with the first locations planned for the Ho Chi Minh City area.
Dunkin’ Donuts has more than 10,000 restaurants around the world in 32 countries, including more than 1,450 locations in Southeast Asia. In 2012, the brand entered several new markets, including India and Guatemala, and announced expansions in a number of existing markets, including Chile, Colombia and Germany. It appears Vietnam has really caught their eye as a market with incredible opportunity for growth.
Another large multinational chain with its eyes set on Vietnam. We’ve said it before, and we’ll say it again, this is a hot destination market for retailers eyeing untapped potential in Asia. It’s estimated that modern retail currently accounts for only about 20 percent of the country’s potential. It’ll be very exciting to see who else hops on the expansion bandwagon in Vietnam.
The two main cities, Ho Chi Minh and Hanoi, are obviously necessary targets, but what other cities hold enough potential for multinational retailers?