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Jollibee Foods Corp., the Philippines biggest fast-food chain, is
expanding its stores in Vietnam to nine by the end of this year as
it remains very upbeat in that country’s economic prospects.
Vietnam is touted as the Pacific Rim’s fastest-growing
economy after China.
Jollibee is opening five stores in Vietnam this year on top of
the two company-owned units set up last year and two existing
franchise outlets, sources said.
Dennis Flores, vice president and country head for Jollibee
Middle East, said that Vietnam was an attractive market with a
population of 85 million and an economy that was growing at 7 to 8
percent a year.
“Vietnam is an attractive market with the high growth of
western fast food industry and the improving performance of our
existing stores,” Flores said.
Jollibee chairman Tony Tan Caktiong has traced the fast food
giant’s strong business growth in its foreign operations to
continuing improvements in product tastes to suit certain markets,
particularly China, Indonesia, Vietnam, Dubai and the United
States.
Other food and beverage companies have also announced their
expansion strategies in Vietnam, among them San Miguel Corp. and
Liwayway Marketing Corp., the maker of the "Oishi" snack food
brand.
Aside from Vietnam, Jollibee said it wanted to focus on
expanding into the United States, China, Indonesia and Saudi
Arabia.
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