Ho Chi Minh City — Fast-food giant Jollibee Foods Corporation (JFC) marked a new milestone outside the Philippines on Thursday, Dec. 12, officially launching its 200th store here.
With 200 stores, Vietnam is currently JFC's second-largest market after the Philippines, with 1,300 stores. The United States is third with 150 stores.
According to Dennis Flores, JFC President for Europe, the Middle East, Asia, and Australia (EMEAA), the group's aggressive expansion in Vietnam is part of its vision to become one of the top five fast-food restaurants globally.
This year alone, JFC opened 40 stores across Vietnam. It plans an even more aggressive expansion strategy in the country next year, bolstered by the Vietnamese market's warm reception to its products.
"We continue to dream big to be among the top five restaurant companies in the world. And what signifies that we can do it is the spectacular growth story of Jollibee Vietnam—our largest Jollibee international market," Flores said during the launch event.
"As we celebrate the 200th milestone today, the future looks even brighter. And I am confident that we will be able to reach our goal of becoming Vietnam’s most beloved restaurant," he added.
JFC President and Chief Executive Officer Ernesto Tanmantiong emphasized the importance of the Vietnamese market to JFC.
"As you know, Jollibee Vietnam is the first largest market for Jollibee outside the Philippines, and we expect that to continue. We are very bullish with the Vietnam market. And we think that Vietnam can even be similar to Jollibee Philippines in the future as we continue to grow aggressively," he noted.
Flores reiterated that Vietnam will remain JFC's largest international market.
"We think we can still penetrate some other markets in Asia, as well as Australia where we are focusing on. So it's the rest of Asia and Australia for us," Flores said.
JFC said that while it hopes to enter New South Wales, Australia soon, it is still seeking the best partner to work with.
In the first nine months of the year, JFC reported a 15.3 percent growth in attributable net income to P2.81 billion, with third-quarter earnings rising 24.1 percent to P8.47 billion.
The Philippine business posted healthy increases in systemwide sales (up 8.5 percent) and same-store sales (up 6.4 percent).