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.