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Is Burger King leaving Vietnam after closing several restaurants?
While Saigon businesses have been busy in the high sales season of the year, a Burger King shop on Cao Thang street in district 3 in HCM City has shut down.
VietNamNet Bridge - While Saigon businesses have been busy in the high sales season of the year, a Burger King shop on Cao Thang street in district 3 in HCM City has shut down.
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Sources said that the signboard, interior decor and furniture have been moved.
Two other Burger King shops also stopped operation in 2015, including one at No 26-28 Pham Hong Thai street in HCM City and one at No 125 Lo Duc street in Hanoi.
One year before, a Burger King shop in Da Nang city shut down.
What is happening with the fast food brand from the US which said it receives 11 million customers all over the world?
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What is happening with the fast food brand from the US which said it receives 11 million customers all over the world? |
BKV, the franchisee, said Burger King chain would expand rapidly with shops to be set in advantageous positions throughout the country.
BKV is a subsidiary of Imexpan Pacific (IPP) owned by Johnathan Hanh Nguyen and Le Hong Thuy Tien, well known businessmen in Vietnam.
Tien then said the investor planned to spend $40 million to develop the Burger King chain in Vietnam, and that investment capital could have been even higher if BKV could find more good retail premises.
At that time, Elias Diaz Sese, Burger King Asia-Pacific President, said Vietnam was one of the priority markets and he had strong belief in the franchise model in Vietnam.
The businessman was optimistic about the business performance in Vietnam because of the young population. He also emphasized that Burger King’s plan was to open more shops as soon as possible.
Tien from IPP said in the first two years of operation, BKV would open 3-4 shops every month in HCM City and other large cities. An ambitious plan was drawn up under which 60 shops would be opened from 2012 to 2017.
To date, 16 Burger King shops have opened in HCM City, Hanoi, Can Tho and Bien Hoa so far.
A franchise expert, who asked to be anonymous, said that the ‘Taste is King’ strategy BKV followed, under which the US taste is imposed on Vietnam, was unreasonable.
Recently, Burger King changed its business strategy, accepting to sell rice, fried chicken and fries in addition to burgers. However, the move still cannot bring high effects, because consumers have become used to have these meals at KFC and Lotteria.
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