Jollibee Foods Corp is accelerating its expansion in Vietnam after opening its 200th restaurant in the country. This milestone is part of the Philippine-based company’s broader goal of becoming one of the top five global restaurant chains by market capitalization.
Since opening its first outlet in Vietnam in 2005, Jollibee has viewed the Southeast Asian nation as a key model for international growth. CEO Ernesto Tanmantiong, speaking during a visit to Ho Chi Minh City on December 12 to mark the opening of the 200th restaurant, emphasized the importance of Vietnam to the company’s global strategy. Jollibee’s Vietnam Managing Director, Lam Hong Nguyen, announced that the company plans to open its 300th location “very soon.”
Vietnam currently hosts the most Jollibee outlets outside the Philippines, which had 1,259 stores by the end of September.
The company also holds a controlling stake in Highlands Coffee, a popular local chain.
“Our ambitions in Vietnam are huge,” said Tanmantiong. “We are committed to opening more stores and aiming to be the number one quick-service restaurant brand, not only in Vietnam but worldwide.”
Jollibee, which specializes in fried chicken and sweet-sauce spaghetti, has made significant strides internationally, with over 1,700 outlets globally. The company is focusing on major markets like the U.S. and China to support its global ambitions. It also plans to open its first Australian store within the next two years, according to Dennis Flores, president of international business for Europe, the Middle East, Asia, and Australia.
In addition to its restaurant expansion, Jollibee is investing in the coffee and tea sector. In July, it acquired South Korea’s Compose Coffee for US$340 million. The company had previously purchased the Los Angeles-based Coffee Bean and Tea Leaf in 2019.
However, Jollibee has faced challenges in China, where sales have declined over the past three quarters due to low consumer confidence amid the country’s slower economic growth. Despite this, the company remains committed to the Chinese market, along with the U.S. and the Philippines.
Jollibee aims to triple its after-tax income by 2028, according to CFO Richard Shin. For the first nine months of this year, the company reported a 24% increase in net income, reaching 8.47 billion pesos (RM644.42 million), largely driven by strong performance in its Philippine operations and its recent acquisition of Compose Coffee.
Related topics:
- Chick-fil-A Set to Open New Location in Carroll County
- McDonald’s UAE Unveils New McCrispy Burger, Launches Interactive Game
- Jollibee Celebrates 200th Store Opening in Vietnam, Strengthening Global Expansion