Soya Garden

About Soya Garden

Soya Garden, founded in 2016 by siblings Hoang Anh Tuan and Hoang Thu Thuy, operated as a chain of soy-based beverage shops in Vietnam. The concept was born from Hoang Anh Tuan's travels in Singapore and his belief that soy-based products could become a popular, healthy alternative to coffee and milk tea in the Vietnamese market. Tuan, a former IT engineer with a background in strategic planning, identified a gap in the market for a modern, upscale soy beverage chain, as soy milk was primarily available through traditional, small-scale vendors.

The business centered on offering a variety of beverages and food items made from organic soybean seeds, such as soy milk with various toppings, soy coffee, beancurd, and waffles. Its target demographic was initially office workers and older adults who are health-conscious. The company's business model focused on creating an in-store experience in well-designed, spacious locations in prime urban areas. Revenue was generated directly from the sale of these products to consumers.

A significant milestone in the company's history was its appearance on Shark Tank Vietnam in 2017. The founders secured a substantial investment from Egroup, which eventually totaled 100 billion VND (approximately $4.35 million USD). This capital injection fueled a rapid expansion strategy, with the chain growing from two initial stores to 50 locations across major Vietnamese cities by 2019. However, this aggressive growth led to high operational costs from rent and staffing. The business model proved difficult to sustain, resulting in significant financial losses. The COVID-19 pandemic further strained the company, accelerating the closure of most of its stores. Founder Hoang Anh Tuan departed from his CEO role in 2020, and by 2022, the chain had ceased all operations.