Domestic fast-food giant Jollibee Foods Corp. (JFC) is mounting its footprint in Vietnam as it plans to put up 20 to 30 new stores a year.
JFC Chief Executive Officer Ernesto Tanmantiong, after the company’s stockholders’ meeting on Friday stated, “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 Chairman Tony Tan Caktiong is optimistic that Vietnam can replicate the Philippine market.
JFC was operating 421 restaurants outlets in Vietnam, including Jollibee brand -117; Highlands Coffee – 284; PHO24 -18; and Hard Hard Cafe -2 as of March 31, 2019.
JFC was operating 3,141 restaurants outlets in the Philippines.
In the meantime, 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, Jollibee Foods Corp. is optimistic to open about 500 stores worldwide, half of which is located in the Philippines and the remaining stores in markets abroad.