Table of Contents
Technique of measurement
It is the fact that, human life is increasingly busy, they need more time for working, studying and other demands. It leads to that the fast food restaurants appeared and developed in order to meet that needs. Obviously, in Vietnam, fast food demands are increasing. Moreover, the integration brought the fast-food of foreign culture which attracts a large number of the youth in Viet Nam. In a few years, there were many fast-food restaurants that were opened in Viet Nam to serve the demand of customers at the every age; such as KFC, Lotteria, BBQ, Pollito… And of course, these fast-food restaurants would be the first choice of most people like fastness and convenience. People want to decrease time spent for their meals. Instead of coming home and making a traditional meal, they tend to have fast meals outside which spend less time but still ensure good taste, enough nutrition. In 2010, fast food continued to display impressive current value growth of 13%, to reach VND 7.1 trillion. There were various reasons for the growth of this channel. Firstly, despite the high interest rate, fast food companies tried to maintain their prices to make their food affordable to consumers. Moreover, these fast food shops are located in many shopping centres, busy streets which is very convenient for customers to buy. For example, Trang Tien, Cau Giay, Vincom, Parkson, Big C… all is highly priced places which can attract a lot of customers. One more reason makes fast food develop significantly in Vietnam is that they offer new and special tastes which can be twisted to suitable with Vietnamese taste with a wide range of choices for customers. They also paid more attention to local taste preferences. Fast food also attracted many teenagers and young working adults due to its modern image and good taste. Furthermore, these fast-food shops have professional services. All staffs are trained carefully to satisfy customers speedy. These shops are nicely decorated to give customers comfortable… What’s more, for take away orders, food is packaged clean, nice in a short time. This makes customers convenient when they want to eat out or they do not have time in restaurants. Vietnam’s fast food market is very potential in comparison with mature markets in Singapore, Thailand and Malaysia. What's more, Vietnamese people are rather easy to change their eating habits and have gradually supporting fast food concept. They are more concerned about food safety and quality. It is possible to say that the market is in the early stage. Fast food in Vietnam is expected to continue to display robust growth over the forecast period, with a constant value CAGR of 6%. Vietnamese consumers are adopting Western lifestyles and cuisines, and changing their eating and drinking habits, which will foster the growth of fast food. The government also helped with legal regulations for franchising to provide players with more freedom and options to expand their businesses. Three biggest fast food chains serving fried chicken in Vietnam are KFC, BBQ and Lotteria. KFC is known as the biggest and most famous chain serving fried chicken all over the world with 10000 shops in 92 countries. KFC started in Vietnames market in 1997, within 15 years, now KFC have 100 shops in Vietnam. According to marketing manager of KFC Vietnam, Mr. Nguyen Hai Nam, this number will increase at 116 restaurants at the end of 2012. Each year, KFC attract about 20 millions time of domestic customers, makes up 60% of Vietnamese fast food market. In 2010 KFC Vietnam remained the leading player in fast food in terms of outlets (1% share) and value sales (12%). Being one of the first international players to enter the Vietnamese market, KFC successfully built its outlet...
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