With a young population and fast income growth, Vietnam is seen as a promising market for foreign fast-food companies.
After opening 4 stores at airports in the country in 1 year, the American fast-food company Burger King launched its first store in the center of HCM City recently. It aims to open 12 stores in Ho Chi Minh City, Hanoi, and Da Nang by the end of the year.
“In my opinion, we are in a boom time for the fast-food industry. It’s not too late to find retail spaces to open stores, and it’s not too early to run a trial,” said Le Hong Thuy Tien, chairwoman of the Blue Kite Food and Beverage Services Company Ltd., which owns the Burger King franchise in Vietnam.
Lately, we’ve focused on the banking and retail markets in China, Thailand, and Indonesia. However, we don’t want to neglect that there’s still a lot of potential in ‘quieter’ markets such as Vietnam. Within the next 1-3 years, Vietnam could potentially become a hot market for entry into and growth in Asia for many international players. MIPIM Asia is coming up in a couple of weeks. This could be a good time to start Vietnam strategy discussions.
Source: Vietnam News