Franchising - promising business model in Vietnam

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VOV News English - 29 month(s) ago 5 readings

Franchising - promising business model in Vietnam

(VOV) - A seminar was held in Ho Chi Minh City on June 12 to discuss the opportunities and challenges to franchising in Vietnam.

Franchising – new development trend in Vietnam

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The event was held jointly by the Ministry of Industry and Trade (MoIT), the United States Agency for International Development (USAID) and the Support for Trade Acceleration (STAR) Plus project.

Participants said that Vietnam has many favourable conditions for franchising development because of its large population, wide variety of income sources and high consumer purchasing power.

It also possesses huge potential for developing the retail sector, and is considered a promising market for franchise investors, they noted.

Frank Joseph, a representative from the US embassy in Vietnam, said that franchising offers significant benefits for both businesses and the national economy including increased revenues, trademark building, job creation, human resources training, and more choices for consumers.

Many US businesses are keen on cooperating with Vietnamese businesses in education and training, and marketing services through franchising, he said.

Sean T. Ngo from Vietnam Franchises Ltd. said franchising is growing fast in the global market. However, strong cooperation among all the partners involved in the franchises is essential.

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