It will sell ice cream, milk tea, tea, coffee, and fresh bakery products. It will invest VND100 billion ($4.3 million) in the chain, branded Chuk Chuk, for a 61 percent stake, but has not revealed who will own the remaining shares.

The company is expected to spend VND1 billion on each store, VND200 million on a kiosk and VND100-150 million on a street stall. The kiosks and carts will however start operating in July.

Chuk Chuk will to expand to other Asian countries in future through franchising.

Tran Le Nguyen, CEO of KIDO Group, said it is venturing into food and beverages because it is a promising sector that has grown at 9 percent this year despite the Covid-19 pandemic.

Last year, the food and beverages market was worth VND700 trillion, according to U.K. research company Euromonitor International.

"The project targets modern families and the young," Nguyen said.

The stores would be on main streets and in shopping malls, the kiosks inside large retail stores and the carts on small streets, he said.

KIDO aims to have 58 stores, kiosks and street carts this year, and target revenues of VND141 billion. It targets 1,000 outlets by 2025 and revenues of VND7.8 trillion.

The company currently has 450,000 outlets in the country selling dried foods and 120,000 selling frozen products.

It is Vietnam’s leading ice cream and edible oil seller, with market shares of 43.5 percent and 30 percent.