Clevers announced on the 19th that it has confirmed the opening of 11 branches in Vietnam. This comes just three months after fully launching its expansion strategy in Vietnam in September this year.
The company signed English curriculum export contracts in June with local Vietnamese education companies Kienguru and XGenius, and began pilot launches. The goal is to restart growth momentum in the Vietnamese market, where operations were suspended in 2020 due to COVID-19.
Currently, the partners have already opened four directly operated stores and one franchise in Hanoi, focusing on northern Vietnam. They are finalizing locations and conducting construction to open two more directly operated stores and four franchises within the year. Including math branches, Clevers has secured a total of 20 branches in Vietnam.
The company first entered the Vietnamese market in 2014 through a license agreement for English curriculum with Apex. Since then, it has achieved rapid growth every year and became the number one player in the Vietnamese English education market. At that time, within five years of entry, it opened 125 branches in Vietnam, registering about 50,000 students.
The current branch opening speed is significantly faster than in the past. Contract terms have also changed from the previous license agreement to royalties based on sales, raising expectations for performance growth as the number of enrolled students increases.
Lee Dong-hoon, CEO of Clevers, said, “Based on our successful track record in the Vietnamese market, we are attempting a leap forward after four years,” adding, “Next year, through English content, we will confirm the expansion of direct and franchise stores and successful entry into public education.” He emphasized, “Along with offline expansion through math content, we will also enter online education and firmly monopolize market share.”
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