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Golden Gate CEO: New Factory Enables Expansion Beyond Restaurant Business
Vietnam's leading food and beverage group, Golden Gate, has launched a new manufacturing facility, aiming for business expansion beyond the restaurant industry. The company, with annual revenues exceeding VND 7 trillion, plans to quadruple its production capacity with the new plant, eyeing product distribution to retail channels and exports.
Golden Gate, a leading food and beverage group in Vietnam, has launched its second food production facility, Golden Gate Foods Tiên Tiến, in Thinh Minh Commune, Phu Tho Province. This new plant, spanning 4 hectares and built with an investment of over VND 600 billion (approximately $24 million USD), is set to quadruple the company's current production capacity, enabling it to support a network of around 2,000 restaurants. This expansion signifies Golden Gate's ambition to venture into new sectors beyond its core restaurant business. CEO Đào Thế Vinh stated, "With the new factory, we can step into other fields, not just restaurant business." The company is exploring the production of ready-to-eat meals, distribution to retail channels, and even the export of certain consumer goods. Established in 2005, Golden Gate was among the pioneers of the chain restaurant model in Vietnam. It currently operates over 35 brands and approximately 600 restaurants, including popular names like Manwah, Kichi Kichi, iSushi, Gogi House, and Sumo BBQ. In the previous year, Golden Gate reported revenues of around VND 7.691 trillion (approximately $318 million USD), a 16% increase driven primarily by its food and beverage segment. Net profit more than doubled to VND 213.8 billion (approximately $8.8 million USD), marking the highest profit since 2022. For the current year, the company has set an ambitious target to improve revenue by 28% to VND 9.814 trillion (approximately $405 million USD) and expects net profit to increase by 65% to VND 1.202 trillion (approximately $49.7 million USD). If successful, these figures would represent a historic milestone in the company's over 20-year operational history. Notably, Golden Gate had its public company status revoked by the State Securities Commission (SSC) a month ago. The company has affirmed that this change does not impact its business operations, financial situation, shareholder rights, or commitments to customers, partners, and employees. Golden Gate remains committed to participating in the capital market in the long term and plans to proceed with its IPO when market conditions and its development plans align.
Original source
VnExpress