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Make a Fortune in Food, Bubble Tea and Duty-Free: The Ultimate Guide to Building a Lucrative F&B Empire

5 August, 2025

The latest statistics from the General Statistics Office (Ministry of Finance) show that in the first six months of the year, international arrivals to Vietnam reached nearly 10.7 million, an increase of 20.7% over the same period. Of these, the majority, about 9.1 million, arrived by air, accounting for 85.2% and an increase of 22.7% over the previous year.

The strong recovery of the aviation industry is giving a significant boost to airport service businesses, especially companies specializing in catering, lounge services, and duty-free shops.

Selling bubble tea and hot meals brought in more than VND 170 billion

In the North, Noi Bai Aviation Catering Joint Stock Company (stock code: NCS) recorded Q2/2025 revenue of over VND 206 billion, up 21% over the same period last year. The main segment is providing in-flight meals such as hot meals and bubble tea, contributing more than VND 171.6 billion, or 83% of revenue.

After deducting cost of goods sold and operating expenses, the company reported a post-tax profit of nearly VND 15.9 billion, up 31%. According to NCS, this result comes from the increase in international and domestic flights during the summer travel season, along with the expansion of catering services for events and conferences. In addition, the company’s cost control strategy has also significantly improved business efficiency.

In the first half of 2025, NCS‘s post-tax profit reached VND 33.4 billion, up 23% over the same period last year. This growth was significantly contributed by its parent company, Vietnam Airlines.

Customers shopping at the airport Source: Sasco

Huge profits from duty-free stores

In the South, Tan Son Nhat Airport Aviation Service Joint Stock Company (Sasco, stock code: SAS), which operates the business lounge system and a chain of duty-free shops in the airport, also had a brilliant business quarter.

Specifically, Sasco’s Q2 revenue exceeded VND 770 billion, up 17% over the same period last year. Of this, duty-free store revenue accounted for the largest proportion with more than VND 245 billion, followed by the lounge segment with VND 216 billion. While contributing less, the lounge segment has a much higher profit margin due to a cost of goods sold of only about VND 36 billion.

After deductions, Sasco’s pre-tax profit reached VND 136 billion, up 61%, and after-tax profit reached VND 108 billion, also up 61% over the same period. In the first half of 2025, the company reported after-tax profit of VND 221 billion, nearly doubling (up 95.5%) from the previous year.

Sasco representatives said that the company’s growth came from the recovery of the aviation market, along with effective sales promotion programs and reasonable cost management policies.

On the stock exchange, NCS and SAS stocks are also reflecting positive business results. As of August 4, NCS shares stood at VND 37,100, up 43.8% since the beginning of the year, while SAS shares traded at VND 39,600, up 14%.

Le Tinh

– 16:51 08/04/2025