Consumer growth entices franchises
09:28, 2014/05/14
Foreign franchising will continue to boom in Vietnam as firms eye ways to enter the market.
Deric Yeo, franchise development manager of seafood restaurant chain Manhattan Fish Market told VIR last week that Vietnam was an emerging market with the advantages of political stability, a competitive workforce, a gradually more open and transparent business environment, abundant natural resources, and good geographical position.
Yeo said his company saw the vast potential offered by Vietnam’s huge seafood resources. He believed seafood franchises could prove popular, healthy choices for consumers and the overall brand could benefit from access to the country’s ample seafood products.
However, he cautioned that franchises depended on strong investors and although Vietnam’s economy was growing, the sluggish performance of certain sectors like real estate had impacted on the hunt for financially secure partners. Several deals had crumbled as potential franchisees experienced tougher times due to over-extending investments, Yeo claimed.
“There will always be competition in any businesses we do. Innovation and consistency stands out from the rest,” added Yeo.
Yasmin Hedjri, franchise development manager of Kenny Rogers Roasters (KRR) shared that the company, a casual dining restaurant which specialises in roasted chicken, was closely observing the growth of the economy and was aware that Vietnam had great potential, with one of the best GDP per capita growth rates in Asia.
“The rapid increase in consumers is good news for foreign brands such as Kenny Rogers Roasters,” she said.
Hedjri claimed that American food brands were benefiting from Asian perceptions that US food products were superior in quality and safer than local options. Her firm was dedicated to increasing consumer awareness in order to compete with other similar franchises.
Talking with VIR, Alberto Vidal, business development director of Ace Hardware International said that Vietnam’s more open, market-orientated economic policies were providing major trade and investment opportunities for US companies.
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