Homegrown fast-food giant Jollibee Foods Corp. (JFC) is expanding its footprint in Vietnam as it plans to put up 20 to 30 new stores a year.
“We look at the population of Vietnam which is close to 95 million, about the same in the Philippines and still fast-growing market so there is a lot of opportunities,” JFC Chief Executive Officer Ernesto Tanmantiong told reporters after the company’s stockholders’ meeting on Friday.
JFC Chairman Tony Tan Caktiong is optimistic that Vietnam can replicate the Philippine market.
As of March 31, 2019, JFC was operating 421 restaurants outlets in Vietnam, including Jollibee brand -117; Highlands Coffee – 284; PHO24 -18; and Hard Hard Cafe -2.
It was operating 3,141 restaurants outlets in the Philippines.
Meanwhile, Tan Caktiong said the company is studying a plan of bringing its joint venture behind the Highlands Coffee brand to Vietnam’s stock market.
“We are looking into that we’re reviewing that timetable. we’re looking at the entire business,” he added. “The business by the way is doing very well. It’s one of our fastest growing businesses and one of the most profitable in terms of margin and one of the highest returns on investments.”
In 2019, JFC is looking to open about five hundred stores worldwide, half of which is located in the Philippines and the remaining stores in markets abroad. (PNA)
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