Which gym chain leads Vietnam's fitness industry after Elite Fitness closes all Ho Chi Minh City branches?

California Fitness and Yoga is the gym chain with the most branches in the competitive landscape after Elite Fitness announced the closure of all its Ho Chi Minh City locations.

California Fitness and Yoga: scale built early, hit by the pandemic

Having entered the market early, California Fitness and Yoga pursued scale and built a health-and-lifestyle ecosystem. The company’s website says it operates about 50 studios across six provinces and cities, serving roughly 500,000 members, with around 6 million workouts per year and a staff approaching 6,000.

Vietdata data indicate the business was significantly affected by the pandemic. Revenue was about VND 931 billion in 2021, down more than VND 70 billion from the prior year, and the company recorded losses in the hundreds of billions.

For context, Forbes previously reported system revenue of about USD 75 million in 2016 and estimated it would exceed USD 110 million in 2017.

Elite Fitness: contraction after pandemic losses

Founded in 2010, Elite Fitness operates 11 studios. A notable competitor to California Fitness & Yoga, Elite Fitness was founded by Doan Quoc Huy, Chairman of BIM Group.

Elite Fitness began with a club on Xuan Dieu Street in Hanoi and expanded into a 5-star standard system with 11 facilities nationwide. Beyond traditional gym services, the chain offers kick-boxing, yoga, indoor swimming, and other activities.

Like peers, Elite Fitness was affected by the pandemic, with revenue declines and tens of billions in losses. The company later shifted to a more cautious strategy, limiting expansion and focusing on operational efficiency, with results gradually improving.

In 2022, Elite Fitness reported revenue of VND 453 billion, up over VND 250 billion from the previous year, and profit of over VND 6 billion.

However, recent developments show the company continues to shrink, closing all Ho Chi Minh City branches—an adjustment described as significant to its operating plan.

CitiGym: growth in revenue, but losses persist

Founded in 2018, CitiGym operates 10 studios. In addition to established major players, CitiGym is moving toward the triple-digit revenue group. The chain has 10 branches, all in Ho Chi Minh City, serving more than 100,000 customers and welcoming about 7,000 workouts daily.

Vietdata indicates CitiGym’s 2022 revenue reached VND 483 billion, up more than VND 350 billion versus 2021. While profits were eroded by an 80 billion loss, by 2022 cumulative losses stood at about VND 11 billion.

Sector dynamics: consolidation among large brands

Compared with the three chains above, other operators largely trail behind. Despite different gym models, market share remains concentrated among large players. Opening a budget gym is described as relatively easy, but building a high-end chain is more difficult, particularly due to capital requirements.

According to Thao Van, these dynamics reflect ongoing sector evolution as major brands consolidate and compete for scale.