ToCoToCo, a prominent player in Vietnam’s beverage market, has partnered with Bel Vietnam Co., Ltd., the distributor of Laughing Cow Cheese, to introduce a new and innovative product: Cheese Boba Milk Tea. This collaboration aims to blend high-quality ingredients with cutting-edge techniques to cater to the evolving tastes of consumers in Vietnam’s rapidly growing milk tea sector.
The partnership between ToCoToCo and Bel Vietnam marks a significant milestone in the Vietnamese food and beverage industry. With Vietnam’s F&B sector ranked third in Southeast Asia in 2023, projected to grow by 10.92% in 2024 to reach a staggering value of VND655 trillion (approximately US$26.2 billion), the timing of this product launch is strategic. The milk tea segment has emerged as one of the fastest-growing categories within this market, boasting a compound annual growth rate (CAGR) of 7.7% from 2021 to 2027.
According to Momentum Works, the overall milk tea market in Southeast Asia is valued at nearly US$3.7 billion, with Vietnam contributing over US$360 million to this figure. The introduction of Cheese Boba Milk Tea is poised to capitalize on this growth trajectory, appealing particularly to younger consumers who are increasingly seeking unique flavor experiences.
ToCoToCo’s Cheese Boba Milk Tea has quickly gained popularity among young people in Vietnam due to its distinctive flavor profile. The drink features boba pearls infused with Laughing Cow Cheese, creating a delightful combination of textures and tastes that resonate well with local preferences. This innovative approach not only sets ToCoToCo apart from competitors but also aligns with the cultural significance of milk tea as a social connector among consumers.
Gael Courcoux, General Director of Bel Vietnam Co., Ltd., expressed his admiration for ToCoToCo’s commitment to quality and innovation. After visiting ToCoToCo’s stores, he noted, “ToCoToCo consistently innovates with new product launches every 2-3 months while maintaining strict production standards. This partnership reflects shared values and a commitment to excellence.”
Since opening its first store in Hanoi in 2013, ToCoToCo has expanded its footprint significantly, now boasting nearly 1,000 locations across 56 provinces and cities in Vietnam. The brand’s success can be attributed to its ability to maintain consistent quality and competitive pricing through an efficient end-to-end supply chain that mitigates the impacts of price volatility in imported raw materials.
The collaboration with Laughing Cow Cheese underscores ToCoToCo’s dedication to creating uniquely Vietnamese products while leveraging global expertise. This partnership not only enhances the beverage experience for consumers but also strengthens both brands’ positions within the competitive milk tea market.
Van Le, Marketing Director at ToCoToCo, highlighted the brand’s focus on customer satisfaction and authenticity. “Customers choose us not just for our drinks but for our responsible business philosophy. We prioritize Vietnamese preferences in every product we launch,” he stated.
With an impressive annual sale of 36 million cups of milk tea, ToCoToCo showcases its resilience amidst increasing competition. The launch of Cheese Boba Milk Tea is expected to attract more consumers through targeted marketing campaigns and boost overall sales.
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