Burger King Vietnam has refuted media claims the company is planning to exit the Southeast Asian nation.

The US fast food chain entered Vietnam in 2012, initially opening in Ho Chi Minh City’s Tan Son Nhat international airport, before progressively moving into suburban locations in the city.

At the time the company projected it would open 60 stores within five years, but three-quarters of the way into that timeline, it still has just 16.

The closure of three stores in recent months has fuelled speculation the brand may exit the market. But CEO Nguyen Gia Thanh told news website Dau Tu this week that was not the case.

He said two stores in Ho Chi Minh City were closed to relocate in better sites with more affordable rents.

The third store closed was in the capital, Hanoi.

Thanh said Burger King will continue to expand in both cities and is not closing down in Vietnam.

Vietnamese are not known as big consumers of burgers and Burger King arrived in the market with higher price points than established rivals Jollibee from the Philippines, Lotteria from Korea and fried chicken and burger chain KFC from the US.

Rival Carl’s Jr has also struggled to make an impression in the market, largely targeting the expat market in districts of Ho Chi Minh where foreigners reside.