Bangkok, 12th July 2024,
City Coin Laundry Sdn Bhd, the largest launderette operator in Malaysia, is eyeing opportunities to expand into the Vietnam market.
Founder and group managing director Paul Ang said outside Malaysia, the group has operations in Thailand, Brunei and Turkey.
The group’s next target for expansion would be Vietnam due to its large population although the local laws for setting up a business would be a concern, he added.
“Currently, we have more than 750 branches in Southeast Asia with a gross turnover of RM75 million in Malaysia,” he told Bernama.
He explained that while expanding overseas is a great opportunity, it is also important to find a good local partner and understand the local laws and practices.
Earlier, Minister of Entrepreneur Development and Cooperatives Datuk Ewon Benedick, who was on four-day International Franchise Trade Mission in Bangkok, together with
Malaysian Franchise Association (MFA) chairman Datuk Dr Radzali Hassan and Perbadanan Nasional Bhd chairman Datuk Hazimah Zainuddin visited City Coin’s LaundryBar booth.
City Coin is participating in the Thailand Franchise & Business Opportunities 2024 expo held here from July 11-14, 2024.
Meanwhile, Ang said companies planning to expand outside Malaysia should utilise the right platforms such as the MFA and the Malaysia External Trade Development Corporation (MATRADE).
“Whenever a company ventures outside Malaysia, they must customise their content and business methods to suit the local context for them to be successful,” he said.
For the Thai market, Ang said the demand for launderettes remains strong, especially in big cities like Bangkok.
He said that under the joint-venture company, LaundryBar Thai Co., Ltd, the company has 300 outlets in Thailand, with 40 per cent based in Bangkok.
“We are looking to set up more outlets in Chiang Mai and the southern provinces of Thailand as we see a lot of potential in these areas,” he said.
Based in Kuala Lumpur, Malaysia, City Coin is the first and largest modern technology self-service laundromat operator in the country, with over 10 years of experience.
Source: Bernama
Full Article: https://www.bernama.com/en/news.php/news.php?id=2317038#:~:text=BANGKOK%2C%20July%2012%20(Bernama),in%20Thailand%2C%20Brunei%20and%20Turkey.
