Leading bubble tea brands by revenue in Vietnam 2023

In 2023, Mixue, a Chinese franchise specializing in iced tea, bubble tea, and ice cream, emerged as the leading bubble tea brand in Vietnam, with an impressive revenue of 1,260 billion Vietnamese dong. Meanwhile, local brand Phê La secured a strong fourth-place ranking, generating 300 billion Vietnamese dong in revenue that same year. This demonstrates not only the growing popularity of bubble tea but also the competitiveness of local brands in a market dominated by international names.

Bubble tea - the trendy beverage captivating Vietnamese consumers

While Vietnam is celebrated for its rich coffee culture, bubble tea has quickly become a strong contender in the beverage scene, appealing to people of all ages. From students to office workers, this sweet and versatile drink has won over a diverse range of consumers. A 2023 survey revealed that most people in Vietnam visit bubble tea shops at least once or twice a month, with typical spending ranging between 41,000 and 50,000 Vietnamese dong per visit. The bubble tea craze is particularly intense in Vietnam’s bustling cities, where new shops regularly pop up, adding to the competitive and ever-evolving landscape.

Vietnam tea market at a glance

Vietnam's diverse geography is perfectly suited for tea cultivation, making the country a major player in the global tea trade. In 2023, Vietnam produced over one million metric tons of fresh tea, with most of it grown in the northern midland and mountainous regions. Internationally, Vietnam ranks among the top tea exporters, placing fifth in the Asia-Pacific region. In 2023 alone, Vietnam's tea exports were valued at 208 million U.S. dollars, with green tea leading the way as the country's most in-demand product.