Ten Ren milk tea comes to Vietnam via franchise
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Taiwanese milk tea brand Ten Ren to open first Vietnam store next month via a franchise agreement with The Coffee House.
Nguyen Hai Ninh, co-founder and CEO of coffee chain, says Ten Ren will open 40 stores by the end of 2018.
“At first, we will sell traditional packed tea, bottled drinks and anchored product – milk tea. Each year we will add more items according to customer demand,” Nguyen says.
Nguyen believes Vietnam’s milk tea market still offers huge potential, citing Euromonitor data showing the market was worth US$282 million in 2016 with a 20 per cent year-on-year growth rate.
The latest entrants to Vietnam’s milk tea market include Yutang, and Vietnamese brand Tocotoco.
Backed by Seedcom holding group, The Coffee House was founded in 2014, has 64 stores all over Vietnam,with plans to increase to 200 by 2020.
Ten Ren Tea was founded in 1953, specialises in tea and ginseng products.
Questions & Answers
Q.Who is bringing the Ten Ren milk tea brand to Vietnam?
Who is bringing the Ten Ren milk tea brand to Vietnam?
Taiwanese milk tea brand Ten Ren is being introduced to Vietnam through a franchise agreement with The Coffee House. Nguyen Hai Ninh, co-founder and CEO of the coffee chain, is overseeing this expansion.
Q.What is the expansion plan for Ten Ren stores in Vietnam?
What is the expansion plan for Ten Ren stores in Vietnam?
The plan is to open 40 Ten Ren stores in Vietnam by the end of 2018. The first store is scheduled to open next month, offering traditional packed tea, bottled drinks, and milk tea initially.
Q.What was the estimated value and growth of Vietnam's milk tea market in 2016?
What was the estimated value and growth of Vietnam's milk tea market in 2016?
In 2016, Vietnam's milk tea market was estimated to be worth US$282 million, according to Euromonitor data. The market also showed a significant year-on-year growth rate of 20% that year.