The Ministry of Industry and Trade has granted 206 franchise licences for foreign brands in Vietnam since 2007. (Source: dtctech.vn)
Hanoi (VNS/VNA)🎀- The Ministry of Industry and Trade has granted 206 franchise licencesfor foreign brands in Vietnam since 2007, reportsfrom the ministry showed.
Of the total, ten brandswere licensed in the first half of this year, according to the report. The majority offranchisers were from the US, the UK, France, Australia, the Republic of Korea,Singapore, Thailand, Japan, Hong Kong, Taiwan, Canada and the Philippines. Nguyen Phi Van, chairwoman of Retail& Franchise Asia, founder and manager of World Franchise Association, said Vietnam ranked eighth out of the top 12 markets identifiedby the International Franchise Association as the most valuable markets forinternational expansion. The sectors with themost franchising potential were food and beverages, education, health andnutrition, business services, hospitality, fashion, beauty and skincare,entertainment, children’s services and convenience stores, she said. Vietnam would continueto be a destination for international brands, especially regional brands, Van said, forecasting that the trend would continue in thenext three years. At the same time,Vietnamese brands had also started to develop platforms to promote their brandsin the world market. Franchising began in thecountry in the 1990s with the introduction of well-known fast food chains likeKFC, Lotteria and Jollibee. It began in regional countries like Malaysia,Singapore and Thailand in the 1980s. More Vietnamesebusinesses were now exploring new business opportunities available viafranchising, Van said, adding however, the Vietnamese franchise market wasstill new, and local businesses did not have much understanding of it. As a new market, expertssuggested there are a number of risks that a franchiser should investigatecarefully before engaging or expanding businesses in Vietnam. On the other hand,Vietnamese franchisers needed to be knowledgeable about the franchise businessas well as seek consultancy from industry experts to avoid risks, they said.-VNS/VNA
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The Ministry of Industry and Trade has granted 206 franchise licences for foreign brands in Vietnam since 2007. (Source: dtctech.vn)
