Taiwan’s bubble tea chain Ten Ren exits Vietnam’s market
The date for the complete withdrawal of the Ten Ren bubble tea brand in Vietnam is August 15, marking an end of the Taiwanese bubble tea in Vietnam after two years.
The Coffee House, the master franchise of Taiwan’s famous bubble tea chain Ten Ren, announced the close of 23 its bubble tea outlets in Ho Chi Minh City and Bien Hoa is scheduled to begin on July 15, local media reported.
The date for the complete withdrawal of the Ten Ren bubble tea brand in Vietnam is August 15, marking an end of the Taiwanese bubble tea in Vietnam after two years.
According to The Coffee House, the decision was made after a thorough review process on current business model which is deemed unsuitable to customers’ demands.
Following the close of the brand in Vietnam, Ten Ren would revise its current strategy, said The Coffee House.
Making the first presence in Vietnam in November 2017, the introduction of Ten Ren was at a time when Vietnam’s bubble tea market was growing at a rapid rate.
Ten Ren representative said it planned to open 40 outlets by the end of 2018, however, the brand only had 23 at the time of its exit.
Data from Euromonitor showed that Vietnam’s bubble tea market was worth US$282 million in 2016 with a 20% year-on-year growth rate.
In Vietnam, there are currently 50 bubble tea brands with over 2,000 stores nationwide, according to Vietnam Association of Small and Medium Enterprises.
Illustrative photo.
|
According to The Coffee House, the decision was made after a thorough review process on current business model which is deemed unsuitable to customers’ demands.
Following the close of the brand in Vietnam, Ten Ren would revise its current strategy, said The Coffee House.
Making the first presence in Vietnam in November 2017, the introduction of Ten Ren was at a time when Vietnam’s bubble tea market was growing at a rapid rate.
Ten Ren representative said it planned to open 40 outlets by the end of 2018, however, the brand only had 23 at the time of its exit.
Data from Euromonitor showed that Vietnam’s bubble tea market was worth US$282 million in 2016 with a 20% year-on-year growth rate.
In Vietnam, there are currently 50 bubble tea brands with over 2,000 stores nationwide, according to Vietnam Association of Small and Medium Enterprises.
16:36, 2024/04/29
Over US$4.6 billion poured into Vietnamese startups in past decade
Technological innovation has become an important factor driving Vietnam's sustainable economic development amid the uncertain global economic issues.
19:59, 2024/04/23
Nvidia, FPT invest US$200 million in AI factory
Nvidia will help local businesses in accelerate digital transformation and make Vietnam an AI powerhouse.
12:23, 2024/04/08
US-based Rosen Partner to invest in world-class entertainment complex projects in Vietnam
The project is expected to crystallize and showcase Vietnam's unique cultural values to the world.
15:07, 2024/03/13
Foreign capital set to dominate Vietnam’s M&A landscape
The positive trend of foreign capital in the M&A market this year follows the momentum of 2023, where the top five largest deals involved foreign investors.
19:51, 2024/03/04
Samsung to invest US$1 billion annually in Vietnam
Samsung's R&D center currently employs 2,400 engineers, with Vietnamese engineers playing a crucial role in researching AI features for the new Galaxy S24 phone series.
15:05, 2024/02/29
Thai bank acquires Vietnamese finance company
Thailand's fourth-largest bank has agreed to acquire all the equity of Home Credit Vietnam for US$865 million.