Australia’s Oporto to open 24 stores in Vietnam
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Restaurant chain Oporto has launched in Vietnam under local franchisee Ben Thanh Group, with plans to open 24 restaurants across the territory in the next 10 years.
The brand’s CEO Craig Tozer indicated the Vietnamese expansion provides a further gateway to a new market of potential consumers.
“Vietnam is an ideal market for Oporto with nearly 100 million people and more than 60 per cent in our core demographic of under 35,” said Tozer. “Vietnam is experiencing double-digit growth in the retail and consumer sector and GDP has steadily grown at over 6 per cent. Consumers are urbanising and have an appreciation of quality food.”
The announcement solidifies Oporto’s international growth strategy and follows a string of global signings. Three international master agreements have been secured in the last 14 months, with Oporto Vietnam following Singapore and Sri Lanka.
Back home, Oporto is also forecasting an additional 20 plus restaurant openings in Australia for FY20, along with one in Vietnam, a second store in Singapore and further Asian expansion.
Questions & Answers
Q.Who is Oporto partnering with for its expansion into Vietnam?
Who is Oporto partnering with for its expansion into Vietnam?
Oporto has launched in Vietnam under a partnership with local franchisee Ben Thanh Group. This collaboration aims to open 24 restaurants across the territory over the next decade, marking a significant step in the brand's international growth strategy.
Q.Why does Oporto consider Vietnam an attractive market for its restaurants?
Why does Oporto consider Vietnam an attractive market for its restaurants?
Oporto views Vietnam as an ideal market due to its nearly 100 million people, with over 60% being under 35, fitting their core demographic. The country is also experiencing double-digit growth in retail and consumer sectors, with steady GDP growth.
Q.How does this Vietnamese expansion fit into Oporto’s wider international growth plans?
How does this Vietnamese expansion fit into Oporto’s wider international growth plans?
The Vietnamese expansion provides a gateway to a new market and solidifies Oporto's international growth strategy. It follows master agreements in Singapore and Sri Lanka within the last 14 months, as part of broader Asian expansion efforts.
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