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Category: Food

Retail News Asia is committed to providing both local and global retailers with the latest Food and Food & Beverage news throughout the Asian market. This on a daily base.

  • Domino’s Pizza buys German, Asian businesses for $150m

    Domino’s Pizza buys German, Asian businesses for $150m

    Domino’s Pizza Enterprises is raising to $165 million in fresh capital as it moves to full ownership of its pizza business in Germany, seven years after it made a foray into that market in a joint venture with its British stablemate.

    The Australian-listed pizza group made an original buyout of Joey’s Pizza chain in Germany in 2015 in conjunction with a British Domino’s Pizza entity. That joint venture followed up in 2017 with the acquisition of Hallo Pizza in Germany.

    The Australian-listed business is now buying out the remaining one-third of the joint venture entity, with funds raised via a $150 million placement and a $15 million share purchase plan.

    There are 412 Domino’s outlets in Germany, where soaring energy costs significantly drag the economy because of its dependence on gas from Russia. That has been upended after the Russian invasion of Ukraine.

    Chief executive Don Meij said on Thursday that Germany offered long-term solid growth prospects. In the short term, the company was trying to emphasize the value of its pizza meal offers, positioning them as cheaper for a family of four than burger and chicken chains.

    At its annual meeting, the broader group warned a month ago that overall profits in the first half would be “materially lower” than a year ago.

    Mr. Meij said on Thursday there had been little change in trading conditions since the trading update on November 2. “The business continues to track to plan,” he said.

    The final price in the placement will be determined via a book build, but there is an underwritten floor price of $65.05. This compares with a closing price of $66.38 on November 30. Domino’s shares went to a trading halt on Thursday.

    The company’s shares were trading at $164 in mid-September last year before inflation started to rise and input costs jumped.

    In August, the company expanded in Asia with the acquisition of 287 stores in Malaysia, Singapore and Cambodia in a deal with an upfront price of $214 million, in what was the biggest acquisition in the company’s history. The Malaysia, Singapore and Cambodia businesses had also been trading in line with expectations, the company said.

    The capital raising comes after Domino’s outlined three weeks ago that it had received an option exercise notice from Domino’s Pizza Group Plc requiring the purchase of all of its shares in the German joint venture.

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  • Vietnamese consume over 1,000 tons of instant noodle daily

    Vietnamese consume over 1,000 tons of instant noodle daily

    Over 1,127 tons of instant noodles were consumed a day in Vietnam last year, surging than 20% compared to 2016, according to the UK-based market research firm Euromonitor.

    In 2021, Vietnam consumed about 411,500 tons of instant noodles, up 9% against 2020.

    Total instant noodle sales in the country surpassed VND3.8 trillion (over $153.2 million) in 2021, increasing more than 11% against 2020 and nearly 18% against 2016.

    The research for Euromonitor’s annually-published global instant noodle consumption report is carried out in 80 countries.

    Previously, data from the World Instant Noodles Association (WINA) also showed that Vietnam surpassed South Korea as the world’s highest per capita consumer of instant noodles. On average, every Vietnamese uses 87 packets a year.

    Euromonitor pointed out that Acecook from Japan and Masan from Vietnam are the Vietnamese instant noodle market’s two leading firms, holding a combined market share of 33%.

    Japanese instant noodle market share in Vietnam decreased from nearly 24% in 2017 to over 19% in 2021, while that of Viet

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  • Food, beverage prices soar ahead of Tet

    Food, beverage prices soar ahead of Tet

    Consumer goods, including vegetables and seafood, have seen prices surge by double digits in the last month.

    Oanh in Ho Chi Minh City’s District 1 said prices have risen in recent weeks at a traditional market she often shops at.

    “The price of snakehead fish this morning was VND20,000 up from last week to VND90,000.”

    The Tra Vinh Province Department of Agriculture and Rural Development said fish prices have been rising because of increasing demand as input for making products for Tet, Vietnam’s biggest holiday, which falls in January.

    Besides, the supply of some fish, such as snakehead has dropped by 50-60% compared to a year ago, it said.

    Soft drink and beer prices have risen by VND2,000-15,000 per carton this month, according to shops, who said transportation and storage prices have been rising.

    Vegetable prices have also been increasing. Cauliflower now costs VND70,000 per kilogram, up 7.7%. Scallion prices have risen by 15.4% to VND75,000 per kilogram.

    Hue, a vegetable vendor at Ba Chieu Market in Binh Thanh District, said prices are at their highest levels this year.

    Hoang Thanh Hai, director of the Hai Nong Vegetable Cooperative in Cu Chi District, HCMC, said prolonged rainfall in November has hit output by up to 70%.

    His cooperative used to deliver 2.5-3 tons of vegetables to the city daily, but now only sends 0.7-1 ton, he said.

    Vegetable farming costs have risen by 40-50% year-on-year to record levels, and declining consumption has caused farmers to reduce production.

    Vietnam’s consumer prices in November rose 4.56% from a year earlier, fueled by rising costs of educational services and construction materials, according to the General Statistics Office.

    For the first 11 months of 2022, average consumer prices rose 3.02% from a year before, it said.

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  • Vinamilk, Kido pull plug on bottled water joint venture

    Vinamilk, Kido pull plug on bottled water joint venture

    The Vinamilk – Kido Beverage Joint Venture Company has announced its dissolution after just a year of doing business.

    Vinamilk, the country’s largest dairy company, decided to end its joint venture with ice-cream producer Kido with effect from December 1 due to “certain changes in the development perspective of both parties.”

    Kido gave a similar statement, elaborating that the unpredictable changes in the domestic market and global economy were also a factor.

    Vibev was registered in March 2021, and started out with an investment of VND400 billion (US$16.3 million).

    Vinamilk held a 51% share and Kido the rest.

    Mai Kieu Lien, CEO of Vinamilk, had said then that the collaboration stemmed from the two companies seizing mutually beneficial opportunities.

    Several months by the Covid pandemic had delayed its product launch, but the company had ambitious goals like maintaining its dominant share in the bottled water market and producing 150 million bottles annually (equating to sales of VND2 trillion) within five years.

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  • Johnnie Walker releases Blue Label Ghost and Rare Port Dundas

    Johnnie Walker releases Blue Label Ghost and Rare Port Dundas

    Johnnie Walker Blue Label needs no introduction. For 30 years it has existed as the standard in ultra-premium blended scotch. The juice is drawn from some of the finest casks in Diageo’s massive stockpile of malt and grain. Its elegant bottle, with gently sloping shoulders, is immediately recognized along the top shelf of any stylish bar or cocktail lounge. And now that bottle is about to get a special redesign in honor of the upcoming Lunar New Year. Here’s everything you need to know about the seasonal release.

    The first thing to note is that the liquid inside the bottle is, in fact, the same liquid that master blender Emma Walker and her team consistently bring to the standard Blue Label offering. In other words, you can expect a plum-like sweetness to the nose and a rich and nutty mouthfeel that promotes vanilla and pepper spice from mid-palate through the finish line. It’s a balanced expression carrying characteristics from all four major regions of scotch production: Highland, Lowland, Speyside and Islay (sorry, Campbeltown, but you’re going to have to sit this one out)

    Separating this limited edition from the standard release is its presentation. Both the bottle and its case feature colorful, vivid artistry courtesy of Shanghai-based designer Angel Chen. Across all this art a certain animal assumes center stage. And as 2023 is the Year of the Rabbit, you already know who’s the star of the show.

    But there’s a touch more brand symbolism layered on top. The rabbits are depicted prancing about mountainous peaks, which Chen incorporated to echo the motto of Johnnie Walker: Keep Walking. And as a happy coincidence, the rabbit also signifies longevity in traditional Asian culture. An apt icon for the blended label which celebrated its 200th anniversary back in 2020.

    “There’s a defiant energy to my illustrations which bring to life the vibrant spirit of the rabbit as it leaps across the design,” adds Chen, who studied fashion in the prestigious Central Saint Martin College of Art of London. “It symbolizes how we need to keep moving forward, spreading goodness throughout the year to come.”

    Chen goes on to specify that she consulted with Walker when looking for inspiration. Those results are now sitting proudly on shelves nationwide, retailing for $275 a bottle. That gives you plenty of time to be ready for the gift giving traditions of the Chinese New Year, which begins on January 22nd, 2023.

    And for those seeking something different inside the bottle, Johnnie Walker Blue Label Ghost and Rare Port Dundas is a sensible place to start. It’s the fifth installment in the brand’s ongoing series dedicated to shuttered distilleries. This one contains a blend of juices from the eponymous facility—which formerly sat on the banks of the Forth and Clyde Canal—along with treasured liquid from Brora and Cambus. Creamy on the tongue, with a whisper of smoke in the fade, it’s currently selling for $370.

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  • Retail Food Group reports robust sales, plans expansion in 16 countries

    Retail Food Group reports robust sales, plans expansion in 16 countries

    Multibrand food chain franchisor Retail Food Group says sales across its domestic network have grown 16.5 percent in the first 21 weeks of this year.

    The company owns and operates Gloria Jean’s, Crust Gourmet Pizza, Donut King, Brumby’s Bakery, Cafe2U Michel’s Patisserie, Pizza Capers, and The Coffee Guy.

    In August, the business reported that its tax-paid profits increased threefold to $5.3 million in its full-year results.

    Continuing into the new financial year, same-store sales are up by 20percentt with Donut King performing exceptionally well, up by 47.6 percent.

    Customer visits to stores have grown by 20.6percentt during the quarter to date, although staffing shortages are an ongoing issue for many outlets.

    To alleviate operational pressures, the company says it has launched a baker recruitment program in partnership with the state-based TAFEs to create career opportunities.

    For the first half of this year, 32 new outlets were opened while an additional 50 stores are planned across 16 countries in the remainder of FY23 (which includes four new US-based Gloria Jean’s drive-thru outlets).

    In its international division, the company has reported that restructuring activity and improved trading conditions boosted underlying EBITDA by 35.5 per cent last financial year.

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  • Low-quality rice imports to be restricted

    Low-quality rice imports to be restricted

    The Ministry of Industry and Trade is drafting a decree on rice trade to limit the import of low-quality grain.

    The volume of low-grade rice imported from India has surged due to low vietnaprices and zero import tax under the ASEAN-India Free Trade Area, potentially affecting Vietnam’s own rice production and food security.

    Last year Vietnam imported a million tons of rice from various countries, including over 72% from India, according to ministry statistics.

    The low-quality grain, including broken, imported from India is mainly used to make noodles, cakes, animal feed, beer, and liquor.

    Vietnam, which exports 6-6.5 million tons of mainly high-grade rice annually to 156 countries and territories, had imported only around 5,000 tons of Indian rice in 2019, according to the ministry.

    Pham Thai Binh, general director of Trung An Hi-tech Farming Joint Stock Company, said “Vietnamese farmers’ income is still very precarious. Instead of importing low-quality rice, enterprises can buy rice in the domestic market, helping increase selling prices and farmers’ income.”

    According to the draft decree, if rice import volumes increase sharply, potentially affecting domestic production, they will be restricted. Besides, rice traders face stiffer penalties for failure to make quarterly and annual reports on exports and inventories as required.

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  • Masan receives $600-mln foreign syndicated loan

    Masan receives $600-mln foreign syndicated loan

    Conglomerate Masan Group has received a syndicated loan of US$600 million at 6.7% interest from international financial institutions.

    The five-year loan was arranged by BNP Paribas, Credit Suisse, HSBC, and Standard Chartered Bank from a consortium of 37 financial institutions.

    Masan said improved business results in the consumer and retail segments have made it easier to access foreign loans though borrowing in U.S. dollars would admittedly entail greater foreign exchange risks.

    Last weekend, before obtaining the loan, it issued bonds worth VND1.7 trillion ($68.5 million) also with a five-year maturity.

    The company said it has paid debts and interest due this year of over VND6.9 trillion and prepaid debts of VND6.66 trillion due next year.

    Masan operates Win Mart, the largest consumer retail chain in Vietnam, and has a majority stake in Phuc Long beverage chain and interests in tungsten mining.

    According to a recent report by HSBC Global Research, Vietnam is set to become the tenth-largest global consumer market in 2030, overtaking Turkey, Thailand and Britain.

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  • Casella Family Brands sells 35 vineyards

    Casella Family Brands sells 35 vineyards

    Southern Premium Vineyards has acquired 35 vineyards from wine group Casella Family Brands. The sale comprises 7215 hectares across South Australia and NSW, including water entitlements and plant and equipment attached to the vineyards. The vineyards are located across the Clare Valley, Langhorne Creek and Limestone Coast regions of South Australia, and the Riverina precinct in NSW.

    Southern Premium Vineyards (SVP) already owns about 460 hectares of vineyards in the Coonawarra in South Australia’s south-east and the Barossa Valley. Public Sector Pension Investment Board owns it is one of Canada’s largest pension investment managers. SPV director Nick Gill said, “SPV’s strategy is to offer wine companies a multi-regional grape supply solution for their winegrape sourcing as an alternative to owning or leasing vineyards – and a partnership with Casella is a perfect fit with this strategy.”

    John Casella said: “We are pleased to be entering this partnership with SPV, a platform of PSP Investments, which is an investor with a proven track record of successful long-term investment in agribusiness in Australia and around the world.

    “We are confident that SPV will continue to deliver the quality and consistency of the grapes we require, safeguard and preserve the vineyards and ensure the wellbeing of employees.”

    Marc Drouin, senior managing director, Real Assets and Global Head of Natural Resources Investments, PSP Investments, said, “Our commitment to sustainable farming combined with our long-term investment horizon allows PSP Investments to lever Australia’s unique global competitive position for its quality winegrapes.

    “Casella is a best-in-class group with an impressive portfolio of vineyards in some of the country’s most highly regarded wine regions.

    “This acquisition is a cornerstone investment for both SPV and PSP Investments’ global wine portfolio.”

    Casella put most of its vineyards in NSW and South Australia on the market in May, following a strategic review of the business.

    The review by Australia’s largest privately owned winemaker led to a decision to divert the company’s funds into brand-building rather than running vineyards. The Australian described the move as “the biggest single sale of vineyards as one lot in living memory in Australia”, which is anticipated to raise tens of millions of dollars for Casella. Casella has entered into long-term grape supply agreements for all 35 vineyards to ensure ongoing supply for its established brands.

    John Casella said: “The company is in a sound financial position, having recently experienced global record sales for Yellow Tail during the COVID-19 pandemic.

    “While demand has stabilised, we are forecasting future growth due to ongoing investment in our brands supported by a strategic innovation pipeline.

    “The intended strategic partnership will allow us to focus on strengthening our brands globally, and therefore deliver positive outcomes for the Australian wine ­industry.”

    Some Casella-owned vineyards located in the Riverina and Barossa were not included in the sale, as well as its Victorian vineyards, which include Baileys of Glenrowan and Morris of Rutherglen. The company plans to use the funds to build its growing wine brand portfolio, create new alcoholic beverage brands – in categories such as spirits, beer and seltzer – and expand its whisky distilling business.

    Coca-Cola Europacific Partners sold its stake in Australian Beer Co (ABCo), which is located next door to the Casella winery in Yenda, NSW, to Casella Family Brands in January.

    Coca-Cola Europacific Partners vice-president and general manager for Australia, Pacific & Indonesia, Peter West said: “Casella Family Brands is a highly respected partner, and when we approached them as part of our strategic review of our beer and cider strategy, John and his team were keen to explore the opportunity to take full ownership of ABCo. We have had a terrific partnership with Casella Family Brands for almost a decade now and exit on good terms. We genuinely wish them
    the very best for the future.”

    John Casella said: “ABCo is an exciting business led by a state-of-the-art brewery, and we welcomed the opportunity to acquire full ownership. We will endeavor to maintain the excellent relationships the CCEP team has established with customers in the beer and cider category in Australia. We have enjoyed partnering with CCEP to grow ABCo’s business, and we both leave the joint venture arrangement on excellent terms.”.

    Casella Family Brands took over full ownership of the Australian Beer Co on July 1.

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  • First Vietnamese pomelo exported to US

    First Vietnamese pomelo exported to US

    Pomelo became the seventh Vietnamese fruit to be officially exported to the U.S. Monday with the first 100 tons being transported from the southern province of Ben Tre.

    The batch is split into six containers. Four of them will be exported by air and two by sea.

    Deputy Minister of Agriculture and Rural Development Tran Thanh Nam said at the announcement ceremony Monday that the U.S. is one of the most difficult markets in the world but has large demand for fresh fruits.

    He added that Americans consume about 12 million tons of fruits annually, with 30% of them imported.

    The exported pomelo must come from the 36 growing areas in Vietnam that have been registered with U.S. authorities.

    They span 752 hectares, or 0.71% of Vietnam’s total pomelo growing area.

    Many measures must be strictly taken to ensure the fruits are clean and healthy.

    Ben Tre Province Chairman Tran Ngoc Tam said that of the seven Vietnamese fruits that are exported to the U.S., the province has three: pomelo, longan and rambutan.

    Other fruits that have been approved for official U.S. exports are mango, dragon fruit, star apple and lychee.

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  • Vietnam’s seafood exports nearing $11 bln in 2022

    Vietnam’s seafood exports nearing $11 bln in 2022

    Vietnam’s seafood exports this year could reach $11 billion for the first time, spearheaded by shrimp, pangasius and tuna, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Truong Dinh Hoe, VASEP general secretary, said at a conference in HCMC Saturday that by November, seafood exports had already crossed $10 billion, so by the end of the year, it could reach $11 billion for the first time.

    The largest seafood export markets for Vietnam are the U.S., Japan, China and the EU. The EU, the U.S., and China account for 60% of the global seafood trade and 50% of Vietnam’s export turnover in the first ten months of this year.

    Hoe said all sectors of the seafood industry grew 18-77%, but exports began to slow down amid lower purchasing power, higher interest and fluctuating exchange rates. He added that as the world enters a recession and inflation increases, demand is falling globally.

    As such, Vietnam’s seafood industry would face tough competition from competitors that offer lower costs and prices, like Ecuador or India.

    Economist Dinh The Hien said that the global economy would worsen in 2023, directly affecting the seafood industry.

    “However, businesses shouldn’t be too pessimistic; they should search for new opportunities to grow,” he said.

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  • Thai durian farmers feel threatened as Vietnam makes China debut

    Thai durian farmers feel threatened as Vietnam makes China debut

    Thai farmers who’ve enjoyed a virtual monopoly in exporting fresh durian to China are worried about Vietnam entering the fray because the latter’s proximity to the importer generates several advantages.

    When Vietnam’s first batch of fresh durian was exported to China under official quota in September, Thai farmer Busaba Nakpipat said she was concerned about heightened competition in a market that Thailand has dominated for decades.

    “Thailand used to be the only country allowed to export fresh durians to China, while Vietnam used to export processed durian,” she said. “But now Vietnam is our competitor and it worries me.”

    During a trip to Vietnam in September, Busaba saw an increasing number of durian orchards and found there was large potential in the country to further expand cultivation of the special fruit.

    Vietnam has been exporting processed durian to China for years, but now that the export of fresh durian to the world’s largest consumer market has been approved, local farmers see a great opportunity to make bigger profits.

    China has approved exports of fresh durian from nearly 3,000 hectares in Vietnam. It took Vietnam four years to negotiate the approval as China has become a difficult market with high quality standards.

    “Our exports need to meet Chinese consumers’ standards and we need to respect their desires and regulations. That is how we can ensure a sustainable export channel to this market,” said To Ngoc Son, deputy head of the Asia and Africa division under the Ministry of Industry and Trade.

    Industry insiders in Thailand view this development with some trepidation because its market dominance is threatened now.

    Thailand was the first country to export fresh durian to China. In 2021, Thai durian exports to China grew at a record 68% year-on-year to more than 875,000 tons.

    However, Vietnamese farmers have an advantage over their Thai counterparts because they can afford to pick durians for export later than in Thailand. Shipments from Vietnam take less time to reach China, said Thai academic and agriculture specialist Sakda Sinives.

    “Even without any clear difference in terms of taste … the riper fruit from Vietnam will slowly attain higher prices from buyers, while the price of durians from Thailand will fall. This quality control issue is why Thai [durian production] will fall as farmers can no longer shoulder the costs,” Sakda said.

    Sakda said that many traders operating in Thailand – more than a few acting on behalf of buyers from mainland China – have moved to Vietnam, lured by higher profit margins though very few Vietnamese farms have received export approval from China, he added.

    Long way to go

    However, Vietnamese officials say farmers in the country have a long way to go in improving their standards and practices to ensure export of high quality fruit.

    The nearly 3,000 hectares of durian orchards approved for exports to China only account for 3.5% of total area dedicated to cultivating the fruit.

    In the Central Highlands province of Dak Lak, where many durian orchards are located, only 16 out of 25 applications were approved by Chinese officials.

    “Some farmers are not aware of the benefits of being approved. Of those who have been approved, some do not keep a careful record of their farming activities,” said Vo Thanh Toan, an agriculture expert in Krong Pak District.

    Other officials have said that Chinese buyers have warned Vietnamese farmers about the failure to follow their standards by growing durian in the same area with other fruits, which increases the risks of pests and diseases. Some farmers have been warned about low hygiene and weak anti-Covid-19 measures.

    Nguyen Thi Thu Huong, deputy head of the Plant Protection Department, expressed concern at a recent forum that some Vietnamese durian farmers who have not been approved by Chinese officials are looking for ways to export to the neighboring country illegally.

    Farmers have registered to export 1.3 million tons of durian to China a year, which is double the approved amount by Chinese officials, suggesting that unapproved farmers are trying to add their fruit to the inventory of approved ones, she said.

    “If Chinese officials find out, all our negotiations and efforts of the last four years will be thrown away.”

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  • 7-Eleven unveils 7Cafe concept store at Jewel Changi

    7-Eleven unveils 7Cafe concept store at Jewel Changi

    7-Eleven is usually a place where people pop in and out in a jiffy. However, this isn’t the case at the convenience stores’s first 7Café concept store at Jewel Changi Airport. The 7Café concept store at Jewel Changi Airport is located in Basement 2.

    It has an extended range of 7Café items, including Salted Caramel Coffee, Mocha, and Matcha Frappés priced at $5.50 each. There are also offerings featuring the local flavors of Singapore – Banana Caramel Smoothie inspired by Goreng Pisang and Pandan Lemonade cooler.

    Those who love cheesecakes can try several flavors, including Yuzu, Lychee, or Cookies & Cream all priced at $5.50 each.

    Warm pastries and finger food will be available at the hot food counter. Savoury hot food items include a range of fried chicken favorites including Hot and Spicy Drumlets, Chicken bites with a choice of Red Pepper or Garlic Herb seasoning, Chicken Drumsticks, Nuggets, and Wings.

    Other light options include sandwiches, burgers, and onigiri. There will also be Ready-To-Eat meals too.

    The grand opening of the Jewel 7-Eleven outlet will take place from 25 to 27 November 2022, 11 am to 9 pm daily. Over the weekend, customers can enjoy a sampling of drinks and snacks, free cotton candy floss and 7-Eleven balloons. There will also be chances to walk away with Spin and Win rewards, with a minimum spend of $10, and freebies for completing Jewel Challenge card activities.

    “At 7-Eleven, we always broaden our horizons and create innovative offerings for our customers. The 7-Eleven Jewel Changi store seeks to provide a first-of-its-kind mini café experience with food being served at the counter for the convenience of our customers. We have also expanded our well-loved product range by adding a slew of new options. From items highlighting the iconic local flavors of Singapore to delectable ready-to-eat food options, there’s something for everyone! We hope that everyone will be able to enjoy our new concept store with its unique design and exclusive menu,” said Mr. Steven Lye, Managing Director of 7-Eleven Singapore.

  • Tim Hortons teams up with Alibaba to woo Chinese coffee drinkers

    Tim Hortons teams up with Alibaba to woo Chinese coffee drinkers

    The operator of Canadian coffee chain Tim Hortons in China said on Thursday it had forged a two-year partnership with Alibaba Group’s grocery chain that will see the two launch co-branded products.

     Freshippo will begin sales next month at its stores, of which it has more than 300, as well as through its official app, it said in a statement. Products will include drinks such as Velvet Cocoa Coffee.

    Tims China, whose backers include Tencent Holdings, opened its 500th outlet in China last month and has set its sights on having a “profitable network” of 2,750 stores in the country by 2026.

    Even so it would still lag Starbucks, the dominant foreign coffee brand in China with 6,000 stores and which also has a wide-ranging partnership with Alibaba.

    Tims China was founded in 2019 by Cartesian Capital Group and Canada’s Restaurant Brands International, which also owns the Burger King and Popeyes brands in addition to Tim Hortons.

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  • The Coffee House operator sees revenues surge of 50%

    The Coffee House operator sees revenues surge of 50%

    Seedcom, the operator of The Coffee House beverage chain and June fashion outlets, gained revenues of over VND1.5 trillion ($60.5 million) in the first 9 months, a 50% year-on-year surge, despite losses.

    The company posted losses in the period, Seedcom CEO Nguyen Hoanh Tien said, not revealing the exact amount of loss.

    It is expected to profit next year. “With big investments, firms under Seedcom are expected to see much improved financial results in the last months of this year,” he said.

    Seedcom, established in 2014, also owns delivery companies AhaMove, Giao Hang Nhanh, and retail chain Kingfoodmart.

    Of Seedcom’s total revenues in the first nine months, over 37% came from The Coffee House, more than 25% from the fashion group, and some 20% from Kingfoodmart.

    Last year, Seedcom branched into finance by partnering with Thai bank Kvision to provide payment and loan services to small and medium companies, focusing on cashless finance.

    It also sold the farming unit Cau Dat Farm, which grows and processes coffee, to Nova Consumer under NovaGroup to focus more on retail.

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