Vietnam is conisdered a promising land for famous brands as well as businesses from the region (Photo: VNA)HCM City (VNA) – The 90-million-strongVietnamese market is a promising land for famous brands as well as businessesfrom the region, heard a conference on franchise between Vietnam and thePhilippines in Hanoi on June 2.
According to Vo Tan Thanh, Director of theVietnam Chamber of Commerce and Industry in Ho Chi Minh City, franchise hasincreased in Vietnam recently, which has not only brought about investment opportunitiesfor enterprises but also created favourable conditions for consumers to accessworld prestigious brands.
It has also contributed to creating adiverse and transparent environment, he said, holding that franchise withdiverse business forms is suitable for those who wish to launch a startup firm.
Currently, many brand names have operatedin the form of franchise, including about 40 percent of catering services.
According to the Ministry of Industry andTrade, about 170 brands have registered as foreign franchises to Vietnam. The field recorded the growth pace of 200 percent eachyear thanks to Vietnamese consumers’ support to new products and favourableintegration policies.
Many brands from developed countries suchas the US, the Republic of Korea, Japan, as well as Asian and Southeast Asiancountries such as Singapore, Malaysia and the Philippines, have penetrated theVietnamese market, noted Thanh.
Meanwhile, Noel Servigon, PhilippineAmbassador to Vietnam, said that Vietnam and Ho Chi Minh City in particular, isa promising market for franchise.
Philippine firms wish to seek partnershipin franchising with Vietnam based on the sound trade relations between the twocountries, he said, noting that currently, Jolibee is a successful brand inVietnam.
The diplomat added that businesses of bothcountries are dynamic, thus they will find out partnership chances in manyareas such as food, beverage and restaurant.
The conference drew many Philippines firmsin food, drinking, fashion, service, spa, education and consultancy in thefield.-VNA
VNA
