Starbucks' Next Stop: Vietnam
First China, then India, now Vietnam: Starbucks is continuing its global domination with its first store in Vietnam, opening this Friday.
It's part of the company's goal to open 4,000 stores in Asia by the end of the year, reports The Motley Fool. Good thing Starbucks already operates 3,000 stores in Asia, and is planning to open 1,500 stores in the U.S. in the next five years. "Vietnam is one of the most dynamic and exciting markets in the world and we are proud to add Vietnam as the 12th market across the China and Asia-Pacific region," Starbucks China and Asia Pacific president John Culver said in a statement.
The Starbucks location, in Ho Chi Minh City, will be operated by a Hong Kong partner, Maxim Group. The good news for Starbucks? Unlike India, a primarily tea-based market, Vietnam is one coffee-guzzling culture. "We know coffee is a national pride for many Vietnamese and as such, we look forward to contributing and growing Vietnam’s already vibrant coffee industry," Culver said in the statement. (It may also help that Starbucks hopes to harvest more of the sought-after Arabica coffee bean, in Vietnam.) The real question is, can a Vietnamese Starbucks compete in a populated coffee market — and stay true to its roots?