Vietnam third largest market for bubble tea in Southeast Asia: study

The region’s largest market was Indonesia with an estimated $1.6 billion annual turnover. Thailand came in second with $749 million, according to a study by Singapore-headquartered venture outfit Momentum Works and digital payments solution firm Qlub.

Turnover in the Southeast Asian market last year accumulated to $3.66 billion, it added.

As of April 2022, Vietnam had 439 bubble tea shops, with over half located in Ho Chi Minh City, a survey by German data portal Statista and Vietnamese market researcher Q&Me showed.

Bobapop, a local brand, was the leader in terms of locations with 89 stores.

It was followed by three foreign players, Tiger Sugar (48 stores), The Alley (47) and Gong Cha (42).