Hello everyone, I am Phung Van Quang, currently the Founder and CEO of IQFOOD VIETNAM and IQ Chicken chain stores. Today I will introduce to you about the Vietnamese branded IQ Chicken chain stores.
As you all know, fast foods such as Fried Chicken, Pizza, Hamburger are no longer strange to the Vietnamese market, and many big players in the world have entered the Vietnamese market including: KFC, Jollibee, Popeyes, McDonald's và Pizza Hut.
And according to the 2020 data of Kantar World Panel Vietnam, up to 60% of consumers are looking for products with lower prices but still ensure quality.
I have more than 5 years of experience in the fast food processing industry in Vietnam.
And I want to offer products with: high quality, reasonable price and suitable for the majority of consumers in Vietnam.
At the same time, creating an effective business model with: Low investment, low risk, high profit and owned by Vietnamese people.
Therefore, I have decided to build and invest in IQ Chicken chain stores, which I want to spread across 3 regions of Vietnam and towards the Southeast Asian market.
By May 2021, IQ Chicken had had 21 stores in markets such as: Ho Chi Minh, Binh Duong and Dong Nai
According to data, to build a KFC store, it takes billions of VND to invest in building facilities and buying equipment, plus the cost of renting space up to hundreds of millions VND, cost of operation and personnel up to 20% of revenue
The difference of IQ Chicken from that big system is
Investment cost of 1 store is only from: VND 120 - 150 million / store
Break-even time from 3 to 5 months
Net profit up to: 15%
Easy to operate, Easy to manage and Easy to scale
The difference of IQ Chicken compared to smaller systems and spontaneous stores are:
- Products are constantly updated and renewed
- Quality control to the hands of consumers
- Products ensuring food hygiene and safety
- Having its own and exclusive recipe on the system
IQ Chicken's target customers are:
Students and young people from 20 to 30 years old who like and often use fast food.
Target market: Schools, residential areas, crowded amusement parks.
IQ Chicken's main products are: Fried chicken, Pizza and accompanying drinks.
IQ Chicken’s goals to 2025:
Opening 250 stores
Revenue : VND 540 billion
Profit: VND 97.2 billion
Spreading across the country and Southeast Asia market.
Thank you for listening to the IQ Chicken project, Hope you guys support it
Thank you !!!