Vietnam among 12 most valuable markets for global franchise expansion
The International Franchise Association ranked Vietnam eighth out of the 12 most valuable markets for global expansion, according to Nguyen Phi Van, chairwoman of Retail & Franchise Asia.
Tous Les Jours, a Korean bakery franchise owned by CJ Foodville Vietnam is among the most popular outlet in Vietnam. (Photo: Trade Circle)
Hanoi (VNA) – TheInternational Franchise Association ranked Vietnam eighth out of the 12 mostvaluable markets for global expansion, according to Nguyen PhiVan, chairwoman of Retail & Franchise Asia.
The potential sectors forfranchising include food and beverage (F&B), education, healthcare andnutrition, business services, hospitality, fashion, beauty and skincare, entertainment,children’s services, and convenience stores.
According to a report by the Korea Agro-Fisheries & FoodTrade Corporation, Vietnam is the most popular destination for 43 percent ofcompanies from the Republic of Korea.As for presence, the total number of Korean F&B outlets reached 360 stores in Vietnam.
In regards to market outlook, Van said Vietnam will remain anappealing destination for international brands, especially regional brands, in the next three years.
Health services, salons and repair services will be atrend of franchises, she noted, adding the model requires enterprises to investin plans and resources before the franchise progress.
Franchising began in Vietnam in the 1990s with the introduction ofwell-known fast food chains like KFC, Lotteria and Jollibee. It began inregional countries like Malaysia, Singapore and Thailand in the 1980s.
The Vietnamese franchise market is still relatively new, and local businessesdo not have much understanding of or experience with it.
Last year, the Minisry ofIndustry and Trade reported it had granted 206 franchise licences to foreign brands since 2007. –VNA
With its high economic growth rate and population of over 90 million, Vietnam is becoming an increasingly attractive destination for international franchising businesses, especially in the food and beverages sector.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Tous Les Jours, a Korean bakery franchise owned by CJ Foodville Vietnam is among the most popular outlet in Vietnam. (Photo: Trade Circle)
