Italian catering giant Autogrill on Tuesday said in a statement it would jointly manage 82 airport cafes in Vietnam in a business with planned yearly revenues of $20 million (15 million euros).
“With this deal we are entering a country with high potential for growth and strategic value,” Autogrill chief executive Gianmario Tondato Da Ruos said in a statement.
Autogrill is the world’s top transport catering company and it said it would set up a joint venture with the Vietnam Food and Beverage Services Company, the biggest catering company in the country and part of Imex Pan Pacific Group.
The joint venture will manage 28 existing IPP cafes established in airports in Ho Chi Minh, Da Nang and Phu Quoc. It will open six in Hanoi in the second half of the year and 48 more around the country over the next 18 months.
Autogrill, which belongs to the Benetton Group, said the revenue would be $20 million by 2014.
IPP Group president Le Hong ThuyTien was quoted as saying that the partnership with Autogrill would “bring new skills to the Vietnamese market, which is characterised by heightened dynamism, allowing for major investments.”
Autogrill said Vietnam had the third highest forecast increase in passenger numbers in the world after China and India. The Italian firm is present in 38 countries, employs around 63,000 people and manages 5,300 shops.
Italian catering giant announces Vietnam joint venture
