Vietnam spends $362 mln a year on bubble tea, similar ‘new tea’ drinks
Vietnam ranks third of six countries that spend the most money on bubble tea and similar ‘new tea’ drinks in Southeast Asia, at an annual $362 million, according to Singapore's consulting firm Momentum Works and payment startup Qlub.
The 'Bubble Tea in Southeast Asia' report released Tuesday is an extension of Momentum Works’ popular 'Food delivery in Southeast Asia' report, which provides insights into the business dynamics behind Southeast Asia’s favourite drink.
Southeast Asia currently spends $3.66 billion a year on bubble tea and similar ‘new tea’ drinks.
Indonesia and Thailand have the largest bubble tea market. Indonesia is the largest market in the region with an estimated $1.6 billion annual turnover.
Thailand, unsurprisingly, has the second largest market with an annual turnover of $749 million through its more than 31,000 bubble tea stores and other retail channels.
China’s bubble tea market had an annual turnover of more than $20 billion in 2021. In 2018, the landscape in China entered a new tipping point: amidst saturating local competition, Chinese brands like Mixue, Chagee, HEYTEA, which gained initial scale domestically, are venturing into Southeast Asia, joining local and Taiwanese counterparts like Gong Cha and KOI, according to the report.
"Taiwanese and homegrown brands have long dominated Southeast Asia’s large bubble tea market. In addition, recently many Chinese brands like Mixue, Chagee and HEYTEA have entered the region," it wrote.
Southeast Asia has proven to be a diverse testing ground for Chinese tea brands expanding overseas. A lot of local Southeast Asian brands have emerged too, but they are single-country focused.
According to Kirin Holdings, Vietnam ranks ninth in the world in terms of beer consumption, with more than 3.8 million kiloliters consumed in 2020, or 2.2 per cent of the global total.
- Read More
Vietnam developers offer deferred principal payments, interest support to boost year-end sales
Vietnamese housing developers are offering several incentives including deferred principal payments and interest support to stimulate demand and boost liquidity as the year nears its end.
Real Estate - Tue, November 19, 2024 | 2:29 pm GMT+7
Australia's EQ Resources acquires TMG Group with Vietnam-based ferrotungsten factory
Australia-based EQ Resources Limited has acquired its fellow firm Tungsten Metals Group (TMG), which owns and operates the largest ferrotungsten (FeW) factory outside China.
Companies - Tue, November 19, 2024 | 11:00 am GMT+7
Techcom Securities becomes largest broker in Vietnam by capital base
Techcom Securities JSC (TCBS) has become the largest securities company in Vietnam by charter capital after finishing a rights offering last week.
Finance - Tue, November 19, 2024 | 9:11 am GMT+7
Vietnam airport operator ACV looks to better exploit non-aviation service potential: exec
Vietnam's airports operator ACV expects to earn $145 million from non-aviation services this year, accounting for around 18.83% of its total revenue, which is modest compared to other countries, said deputy general director Nguyen Duc Hung.
Companies - Tue, November 19, 2024 | 7:45 am GMT+7
The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment
A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.
Economy - Tue, November 19, 2024 | 7:00 am GMT+7
Indonesia promises Asia-Pacific investors more incentives
Indonesian President Prabowo Subianto recently told the press that he will create more incentives and expand special economic zones (SEZs) so as to lure investors from Asia-Pacific.
Southeast Asia - Mon, November 18, 2024 | 11:01 pm GMT+7
Indonesia, Brazil enhance aviation cooperation
Indonesia's state-owned aircraft manufacturer, Dirgantara Indonesia (DI), and Brazilian aerospace company Embraer have signed a memorandum of understanding (MoU) to expand collaboration in the commercial aviation sector.
Southeast Asia - Mon, November 18, 2024 | 11:00 pm GMT+7
Indonesia eyes to become member of BRICS
Indonesian President Prabowo Subianto has shown his country’s desire to become a member of the BRICS - the alliance of major emerging economies initiated by Brazil, Russia, India, China, and South Africa.
Southeast Asia - Mon, November 18, 2024 | 10:57 pm GMT+7
Former Party chief, chairman of Vinh Phuc province face disciplinary action
Vietnam’s Central Inspection Committee has proposed disciplining Pham Van Vong, former Party chief of Vinh Phuc, and Phung Quang Hung, former chairman of the northern province, for violations related to Phuc Son Group.
Politics - Mon, November 18, 2024 | 9:17 pm GMT+7
Shaping a waterway into a key shipping channel: Viconship gets dredging nod
A major dredging project will allow safer ship navigation and increased cargo transportation capacity on the Hai Phong shipping channel, thereby enhancing competitiveness of Vinconship’s port system, says the company.
Companies - Mon, November 18, 2024 | 7:08 pm GMT+7
Former assistant to State President appointed general director of state-owned financial firm HFIC
Truong Tuan Anh, an official at the State President Office and former assistant to a state president, has been appointed general director of Ho Chi Minh City Finance and Investment Stated-owned Company (HFIC).
Companies - Mon, November 18, 2024 | 5:35 pm GMT+7
MBBank’s takeover of weak OceanBank to have limited impact on its credit profile: Fitch
Military Commercial Joint Stock Bank's (MBBank) takeover of Ocean Commercial Bank Limited (OceanBank) will have limited financial impact on the former’s credit profile, Fitch Ratings said Monday.
Banking - Mon, November 18, 2024 | 5:06 pm GMT+7
Win-win philosophy indispensable for sustainable growth: Bamboo Capital founder
A win-win cooperation strategy is not just desirable, but a necessary condition for sustainable development, says Nguyen Ho Nam, founder of Vietnam’s private conglomerate Bamboo Capital Group.
Bamboo Capital - Mon, November 18, 2024 | 4:46 pm GMT+7
Vietnam central bank resumes selling gold after 1-month hiatus
The State Bank of Vietnam (SBV), the country's central bank, on Monday announced that it will reactivate the sale of SJC-branded gold bars to meet market demand.
Banking - Mon, November 18, 2024 | 4:02 pm GMT+7
Vietnam 2nd biggest market of Thai giant Central Retail in Jan-Sept
Thailand’s leading retailer Central Retail earned a revenue of THB37.99 billion ($1.09 billion) in Vietnam in the first nine months of this year, up 0.9% year-on-year.
Companies - Mon, November 18, 2024 | 4:00 pm GMT+7
Singapore firm to invest in $19.7 mln garment factory in central Vietnam
Singaporean-based HGQ ASIA Pte., Ltd will pour nearly VND500 billion ($19.7 million) into building a garment factory in the south-central province of Binh Dinh.
Industries - Mon, November 18, 2024 | 2:23 pm GMT+7