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In recent years, the Vietnamese bubble tea market has witnessed unprecedented fierce competition. Once a "promised land" with tremendous growth potential, this F&B industry has suddenly become a true battleground, where numerous brands, large and small, constantly emerge, continuously changing trends and reshaping consumer tastes.
While emerging brands are rapidly updating and innovating their products, designs, and communication strategies to gain market share, sadly, some brands deeply intertwined with the childhood memories of many generations are quietly leaving the game. These are the names etched in memory, associated with the "first cups of bubble tea" of the 80s and 90s generations, leaving behind a profound sense of regret.
Ten Ren: The unexpected withdrawal of a "giant"
One of the clearest examples of this fierce competition is the story of Ten Ren – a leading bubble tea chain from Taiwan (China). When it officially entered the Vietnamese market in 2017, Ten Ren received high expectations, especially with the backing of a large domestic corporation. With its reputation for high-quality tea and a modern, luxurious brand image, Ten Ren quickly expanded with many branches in prime locations and attracted strong attention from the bubble tea community. Many believed that, with its financial resources and experience from the international market, Ten Ren would easily capture a significant share of the promising Vietnamese market.
Ten Ren offers a rich, high-quality tea with an authentic Taiwanese flavor.
However, a surprising turn of events occurred less than two years later. In August 2019, Ten Ren Vietnam officially announced the closure of its entire system, withdrawing from the race much to the astonishment of many fans and industry professionals. Ten Ren's sudden departure is still considered one of the most regrettable "failed attempts" in the Vietnamese bubble tea market, leaving many questions about strategy, adaptability, and the intense competitive pressure that even a "giant" faces.
To this day, this brand is still considered one of the most regrettable "failed attempts".
-18°C: The "air-conditioned bubble tea" of yesteryear
If you were a student in Ho Chi Minh City between 2005 and 2010, the name -18°C will surely bring back many memories. It's considered one of the pioneering establishments that brought the "air-conditioned bubble tea shop" concept to Vietnam, a groundbreaking combination of a comfortable cafe atmosphere and a diverse bubble tea menu.
Besides serving bubble tea, the "legendary" dishes like egg rolls and stir-fried noodles, characteristic of the -18 degree climate, captivated young people for a time.
However, due to the rapidly changing market and shifts in consumer habits and tastes, new trends have emerged, leading to the appearance of countless more modern and dynamic bubble tea brands. In this context, -18°C has gradually faded into the background. Currently, the brand has only one modest branch in District 3, Ho Chi Minh City, operating quietly.
Hot & Cold: Teen legend says goodbye after 14 years together.
Launched in 2011, Hot&Cold quickly became a favorite spot, a legend associated with the teenage years of many young people in Ho Chi Minh City. Hot&Cold is not just a bubble tea shop; it's also a true "snack paradise" with a diverse menu ranging from skewers and mixed noodles to fried chicken, catering to every culinary preference of young people.
This bubble tea brand has been associated with many generations of high school and university students in Ho Chi Minh City.
The spacious and attractively decorated interior, along with the youthful and vibrant music, created an irresistible appeal. Thanks to this, Hot&Cold quickly expanded its chain to over 65 branches nationwide, becoming a true phenomenon in the F&B industry at the time – a place where young people could freely express their individuality and share their joy.
However, after 14 years of consistent operation, the brand recently announced that it will cease all operations of its entire system from June 30, 2025. This decision marks the end of a long and emotional journey, leaving behind regret for countless young people who have shared memorable moments with Hot&Cold.
This breakup leaves many with regrets.
Brian Dang, co-founder of UPWings - F&B Section, likened Hot&Cold to a "bubble tea icon" of Ho Chi Minh City. He shared his memories of first enjoying bubble tea at Hot&Cold about 14 years ago, when the Vietnamese bubble tea market was just beginning to form with early names like Hoa Huong Duong, Alo Tra, and -18 Do C. What particularly impressed Mr. Dang from the first glance was Hot&Cold's distinctive and eye-catching brand identity and packaging, which helped the chain quickly build its own image and attract attention in a nascent market.
Over time, drinking bubble tea has ceased to be a fleeting trend and has gradually become a popular habit, especially among young people and office workers in Ho Chi Minh City. For many, a cup of bubble tea is now not just a refreshing drink, but also a part of the work experience, a way to relax and enjoy moments of rest, sipping tea with various toppings while working.
Changes in taste preferences and appearance requirements force bubble tea brands to constantly "update" if they don't want to be left behind.
Customers are becoming increasingly discerning; they are not only interested in taste but also in the overall experience, the origin of the tea, and the reputation of the brand. This puts great pressure on businesses, forcing them to constantly innovate to meet the ever-increasing expectations of consumers.
The latest report from iPOS paints a comprehensive picture of Vietnam's beverage industry. While total industry revenue in 2024 reached over 118 trillion VND, equivalent to over 323 billion VND per day – the highest level since 2018 – the growth drivers have shifted significantly. Notably, this growth is no longer driven by premium products as before, but is primarily propelled by the affordable segment.
