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|Most Soya Garden stores have been closed in Ho Chi Minh City|
Recently, Soya Garden is said to have closed most of its shops in Ho Chi Minh City to stop losing and keep only three at golden land plots with enough customers to operate. In fact, 10 of the 13 Soya Garden shops located in suburban districts have been closed.
Elsewhere, others are still open, including the flagship one on District 1's Ly Tu Trong Street, the one on Tan Binh district's Le Van Sy Street, and the one on Binh Thanh district's Vu Huy Tan Street, while the one on Nguyen Dinh Chieu (also the representative office of Soya in Ho Chi Minh City) is open without serving.
Six of the shops closed are at 35 Phan Dang Luu Street (the first Soya Garden store in the city), three ones in Go Vap district, and two ones in Tan Binh and Tan Phu districts.
Moreover, on Facebook, a friend of Hoang Anh Tuan, the CEO of this chain, is offering to lease the house at 27B Nguyen Dinh Chieu Street, District 1, where the first floor is home to a Soya Garden, above which is the headquarters of the chain.
Meanwhile, the fan page of Soya Garden has stopped posting anything since May 11, and its website has been closed all of a sudden.
Soya Garden has also been shutting down stores in Hanoi. Some owners of franchised shops in Hanoi are offering to transfer their stores.
At the end of January, Soya Garden announced having 45 shops including 29 in Hanoi, 13 in Ho Chi Minh City, two in Haiphong, and one in Nha Trang. In last September, the chain inaugurated the 50th store at District 1's Ly Tu Trong Street. This means the chain closed five shops in the few months ending 2019.
After calling for investment on the TV show Shark Tank 2018, Soya Garden received a total of VND100 billion ($4.35 million) from EGroup of Shark Nguyen Ngoc Thuy – chairman of Apax Holdings JSC and EGroup – and has massively expanded for the last two years.
The CEO of Soya Garden originally targeted having 100 stores in 2019 and 300 ones in 2020 and setting foot in South Korea, Thailand, and Japan in the next years to make Soya Garden drinks as popular as coffee or bubble tea, which has come to naught after the global health crisis.