Vietnamese education company Egroup has committed to invest an additional sum of 55 billion dong ($2.4 million) in beverage brand Soya Garden. With this, Egroup’s total commitment in the F&B player stands at 100 billion dong ($4.5 million).
Soya Garden CEO Hoang Anh Tuan did not reveal any financial details such as the Egroup’s holding in the firm.
Soya Garden had initially received 20 billion dong from Egroup founder and chairman Nguyen Ngoc Thuy as the company appeared on the Shark Tank Vietnam show where Thuy was a judge, before it bagged another 25 billion dong from Egroup earlier this year.
Founded in 2016, Soya Garden has opened 33 stores and aims to increase the network to 100 stores across the country in 2019 and 300 stores by 2021.
The company also targets to expand its offering from soya drinks to other FMCG products in the future.
Recently, Egroup, known for its English language training business unit Apax, brought Singapore soya products brand Mr Bean to Vietnam with seven locations in Hanoi and Ho Chi Minh City.
According to the Vietnam Beverage Industry Report by the EU-Vietnam Business Network, Vietnamese consumers were seen as the most health-conscious in Southeast Asia. It predicted the nonalcoholic drinks sector would witness a 6.1 per cent CAGR by 2020.
The nation’s statistics bureau estimated last year that spending on F&B accounted for 15 per cent of the country’s GDP, which translated into a $35.7 billion value in 2018.