Mixue is a low-cost milk tea and ice cream brand from China, famous for its affordable prices for the majority of consumers. Since entering the Vietnamese market (2022-2023), Mixue has quickly created a strong attraction, attracting a large number of customers thanks to its competitive pricing strategy and a simple, accessible franchise model for small investors.
In the field of milk tea franchising in Vietnam, Mixue is still considered the leading brand, almost "unrivaled", with thousands of stores covering all provinces and cities.
Vietnam is the second largest overseas market, with about 1,300 stores by September 2024, according to Mixue Group's report.
According to KrAsia , as of mid-2025, Mixue operated a total of 53,014 stores globally, an increase of 9,796 stores year-on-year, exceeding the number of new openings for the whole of 2024. In the first half of 2025, the group recorded revenue of 14.87 billion yuan (equivalent to 2.1 billion USD), up 39.3% year-on-year, while net profit reached 2.72 billion yuan (380.8 million USD), up 44.1%.
In addition to China, Mixue is also present in many international markets, of which Indonesia and Vietnam are the two largest markets.
Recently, the Vietnamese market has seen many Mixue stores "disappear" silently, leaving the premises to be returned to the owner or replaced by another business model.
On KrAsia , a representative of Mixue Group confirmed that the closure of stores in Vietnam took place at the same time as Indonesia. Mixue did not disclose the details of the number of stores reduced in each country, only stating that as of the end of June, the number of stores outside of China decreased by 162 compared to the end of 2024.
Cai Weimiao, chief executive officer and head of the end-to-end supply chain, said the company has closed underperforming stores in Indonesia and Vietnam. The closures are part of a “lean operations” strategy to increase efficiency. Relocated stores in those two markets saw average sales increase by more than 50%.
Reason for closure
In milk tea business groups, many members were not surprised by the news of Mixue closing down. One member said that the expansion phase in previous years was too hot, leading to market saturation. Stores near each other compete with each other, reducing the average revenue of each point of sale. In densely populated areas, the density of Mixue stores can reach 4-6 stores within a radius of less than 1km.
“It's no surprise that from 2023-2024, Mixue's owner has complained of heavy losses because the premises are expensive and the raw materials have not decreased in proportion to the selling price,” another member commented.
In addition, consumers also reflect on product quality and service style of some Mixue stores.
Facebook groups have been filled with posts about Mixue’s store transfers and liquidation. A Mixue store is being sold for 80 million VND, including the entire store, 3 TVs, and 2 air conditioners.
Talking to VietNamNet reporter, expert Tran Khanh Minh Son said that the franchise model operates on the mechanism of "those who are capable can do it, those who are not capable can withdraw", not the brand leaving the market.
This is the result of a period of rapid expansion, leading to high store density, fragmented revenue and many points of sale not operating efficiently enough to sustain. As operating costs increased, raw materials were forced to be imported from the company and profits were no longer as attractive as they had been at the beginning, more and more franchisees decided to withdraw, creating a phenomenon of mass store closures after the previous boom.
In fact, many Mixue stores in Vietnam have been forced to close because the business model has entered the “end of cycle” stage. The initial franchise investment cost is too high, ranging from 800 million to 1 billion VND, while the average selling price of a drink is only about 20,000 VND, causing low profit margins.
The shop owner also has to bear the cost of premises from 10 to 25 million VND per month, so whether it is winter or summer, the average profit is only about 30 million VND/month, equivalent to 360 million/year. With this profit, the shop owner has to take nearly three years to break even.
In a context where profits are no longer attractive, costs are increasingly heavy and autonomy is limited, it is completely reasonable for many stores to choose to dissolve or switch to a new business model.
With the explosion of new trends such as fruit tea, healthy drinks or unique “check-in” F&B models, industry experts believe that Mixue milk tea will face increasingly fierce competition in the near future.
Source: https://vietnamnet.vn/con-sot-mo-cua-hang-mixue-o-viet-nam-ha-nhiet-la-liet-tin-rao-nhuong-lai-quan-2465067.html
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