Vietnam's fast-food market: Jollibee's breakthrough
- gamlthvietdata
- 21 hours ago
- 2 min read
Excluding its home markets of the Philippines and China, Jollibee's EBITDA in Vietnam is the highest among its operations in Europe, Asia, and the Middle East (EMEA).
Jollibee reports an EBITDA exceeding VND 400 billion in 2024, up 20%.
Filipino fast-food giant Jollibee has, for the first time, disclosed its profitability in the Vietnamese market in its 2024 Annual Report. The report, published by Jollibee Foods Corporation (JFC) – the parent company of the Jollibee restaurant chain – revealed impressive figures: by the end of 2024, Jollibee was operating 213 outlets across Vietnam.
This marks Jollibee’s second-largest store count globally, trailing only its domestic network in the Philippines, which boasts 1,279 locations. Of Jollibee’s 480 international stores, Vietnam accounts for a significant share, outperforming its presence in the U.S. (75 stores), the Middle East (60), Canada (28), Singapore (22), Brunei (21), and other territories.
In terms of financial performance, the Vietnamese market contributed an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of PHP 904 million (approximately VND 424 billion) in 2024, representing a 20.2% year-on-year increase.
Excluding its home markets of the Philippines and China, Vietnam delivered the highest EBITDA among Jollibee’s operations in EMEA regions.
In Vietnam, another strong-performing brand under the JFC portfolio is Highlands Coffee, which has become the country’s largest coffee chain with 850 stores. In 2024, Highlands Coffee recorded an EBITDA of PHP 2.34 billion (roughly VND 1,050 billion), marking a 4.5% increase year-over-year.
In comparison to a key competitor – South Korea’s Lotteria – Jollibee demonstrates a stark contrast in business results.
Lotteria Vietnam: 250 stores, sustained losses in the hundreds of billions of VND
Lotteria remains one of the largest fried chicken chains in Vietnam with around 250 outlets nationwide. According to the 2024 annual report of South Korean chaebol Lotte, Lotteria Vietnam Co., Ltd. operates under Lotte GRS, the subsidiary responsible for Lotte’s foodservice business.
Despite its sizable footprint, Lotteria Vietnam reported a net loss of KRW 6,903 million in 2024 and KRW 5,616 million in 2023, equivalent to approximately VND 106.7 billion and VND 86.8 billion, respectively.
In contrast, the company posted a profit in 2022 – the year Vietnam reopened following widespread COVID-19 vaccination – with a net income of KRW 2,292 million, or about VND 35.4 billion.
(According to Markettimes)
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