Australia’s Oporto to open 24 stores in Vietnam
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.