Organic soy milk chain Soya Garden has closed its last store in HCMC and now focuses entirely in Hanoi.
A spokesperson for Egroup, which owns Soya Garden said the closures are part of a plan to cut rents and labor costs. He also added that the pandemic has changed consumer behavior, and they are buying products online more than from traditional stores.
Soya Garden was established in 2016 by two Vietnamese siblings who managed to raise Dong 20 billion (US$870,000) from Egroup. Egroup later injected a further Dong 80 billion (US$3.48 million) in 2019 to enable the startup to expand to 50 stores by July 2019. There are ambitious plans to have 300 stores by 2021, but soon after the pandemic came and Soya Garden started closing its stores to 17 by August 2021.
As of present, it only 8 stores and all in Hanoi.
Soya Garden is also developing an online selling channel, distributing through food delivery services such as Grab Food, Now, Foody, and Baemin. It also plans to develop the Soya Bistro chain to sell food in addition to soy beverages since such stores have become popular in large cities like Hanoi, HCMC and Danang.