LISTED casual dining chain operator Max’s Group Inc. (MGI) will open Yellow Cab Pizza outlets in Vietnam over the next five years as part of its strategy to expand abroad.
In a statement on Thursday, MGI said it signed a development agreement with Vietnamese food and beverage (F&B) company Blue Star Food Corp. to bring its Yellow Cab Pizza brand to Vietnam.
This is the group’s first development agreement signed for 2017, which will increase its international outlets to 165 in the coming years.
“We are encouraged by the interest and result of our initial foray in Vietnam. This reaffirms the global mainstream appeal of some of our brands. As we prepare to launch Yellow Cab Pizza, we will constantly seek opportunities to broaden our reach within the region,” said Robert F. Trota, MGI president and chief executive officer.
To date, Yellow Cab Pizza operates a network of 150 branches, including eight franchised outlets located in Qatar, two in the United Arab Emirates, one in Saudi Arabia, two in China, one in Hawaii and one in Singapore. Plans are also underway to open flagship stores in Jordan, Kuwait, Bahrain, Egypt and Oman.
“Vietnam is a fast-growing young country. About 60 percent of the 95 million population is under 35 years old, and the country’s middle class is expected to double to 33 million people by 2020. This young and affluent demographic is leading the change of the F&B industry and a lot of western and casual dining restaurants are flourishing in Vietnam,” Nguyen Thanh Nam, Blue Star CEO, said.
“We are very excited to partner with Max’s Group. We are looking forward to working closely with MGI to bring the best quality pizza experience to Vietnam,” he added.
Since 2011, Blue Star has also been operating more than 45 outlets of Baskin Robbins in Vietnam
MGI has programmed a capital expenditure of P700 million to P800 million yearly from 2016 to 2020 as it targets to open 70 to 80 stores in the Philippines and abroad. Its portfolio of restaurants include: Max’s Restaurant, Pancake House, Yellow Cab Pizza, Dencio’s, Kabisera ng Dencio’s, Teriyaki Boy, Max’s Corner Bakery, Maple, Sizzlin’ Steak, Meranti, Singkit and Le Coeur de France, as well as international brands Krispy Kreme and Jamba Juice.