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ToCoToCo and Bel Vietnam Co., Ltd. have partnered to create exquisite cheese boba. Photo courtesy of ToCoToCo |
Vietnam’s F&B industry, ranked third in Southeast Asia in 2023, is projected to grow by 10.92% in 2024, reaching a value of VND655 trillion (US$26.2 billion), according to the F&B industry outlook report by Kirin Capital. Within this sector, milk tea has emerged as one of the fastest-growing categories, with a compound annual growth rate (CAGR) of 7.7% from 2021 to 2027.
According to Momentum Works, the milk tea market in Southeast Asia is valued at nearly US$3.7 billion, with Vietnam ranking third at over US$360 million.
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ToCoToCo’s Cheese Boba Milk Tea has become popular among young people recently. Photo courtesy of ToCoToCo |
The Vietnamese milk tea market is highly competitive, characterized by diverse products and brands. For many, milk tea serves as a symbol of social connection, making it crucial for brands to align their offerings with local preferences and cultural values.
ToCoToCo’s Cheese Boba Milk Tea has captured significant attention due to its unique flavor. The product features boba pearls made with Laughing Cow Cheese, offering a balance of textures and tastes that resonate with Vietnamese consumers.
Gael Courcoux, General Director of Bel Vietnam Co., Ltd., praised ToCoToCo’s innovation and dedication to quality after visiting its stores. “ToCoToCo consistently innovates with new product launches every 2-3 months while maintaining strict production standards. This partnership reflects shared values and a commitment to excellence,” Courcoux said.
Since opening its first store in Hanoi in 2013, ToCoToCo has expanded to nearly 1,000 locations across 56 provinces and cities in Vietnam. The brand’s ability to maintain consistent quality and competitive pricing is supported by its end-to-end supply chain, which mitigates the impact of price volatility in imported raw materials.
The collaboration with Laughing Cow Cheese highlights ToCoToCo’s focus on crafting distinctly Vietnamese products while leveraging global expertise. This partnership not only delivers a unique beverage experience but also strengthens both brands’ positions in the market.
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Representatives from ToCoToCo and Bel Vietnam celebrate their collaboration. Photo courtesy of ToCoToCo |
Van Le, Marketing Director at ToCoToCo, emphasized the brand’s dedication to customer satisfaction and authenticity. “Customers choose us not just for our drinks but for our responsible business philosophy. We prioritize Vietnamese preferences in every product we launch.”
ToCoToCo sells 36 million cups of milk tea annually, showcasing the brand’s resilience in an increasingly competitive market. The launch of Cheese Boba Milk Tea, supported by targeted marketing campaigns, is expected to attract more consumers and boost sales.
The partnership with Laughing Cow Cheese has resulted in an exclusive product that reinforces ToCoToCo’s competitive position. By introducing a distinctive menu offering, the brand aims to diversify its portfolio, attract media attention, and enhance customer loyalty.Bel Vietnam, part of the France-based Bel Group, has over 100 years of expertise in producing processed cheese and is the exclusive distributor of Laughing Cow Cheese in Vietnam. The collaboration demonstrates a shared commitment to delivering high-quality products and driving sustainable growth in Vietnam’s milk tea market.
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