Starbucks is committed to further expansion in Vietnam with a plan to open its 100th store by the end of the second quarter of this year — a decade after opening its first store in HCMC in February 2013, Vietnam News Agency reported.
To date, the American coffee chain has 87 locations in seven cities and provinces nationwide, with 50 in HCMC and 24 in Hanoi and more than 1,000 employees (including 200 coffee masters).
“So, as you can see, there are plenty of opportunities to continue growing in the market,” Patricia Marques, CEO of Starbucks Vietnam, told reporters in Hanoi on Friday.
According to the CEO, Starbucks will continue to open more stores in addition to places the chain has visited to better serve customers in their neighborhood.
The American chain recently opened a new store in Hoi An on December 9. For this year’s plan, it also focuses on new opportunities in Bình Dương and Quy Nhơn provinces.
A recent report from the fast-moving consumer goods (FMCG) in the Asian region, announced by Kantar World Panel, showed that the beverage industry in Vietnam has recovered after being hit by the COVID-19 pandemic for two years. The third quarter of 2022 recorded an average growth rate of 5.2 percent, just 0.4 percent lower than the average growth rate for all of Asia.
“The beverage sector will recover from the lockdown in Vietnam and appears to be thriving again after two years of decline,” said the Kantar report.
Despite being a giant in the international markets, Starbucks has to compete with emerging local brands.
Vietnam’s tea and coffee market is dominated by local franchise brands, including Highlands Coffee (573 stores), The Coffee House (154) and Phúc Long (118), according to data from Statista as of December 2022.
According to India-based market research firm Mordor Intelligence, increasingly busy lifestyles and longer working hours are likely to boost coffee consumption. The coffee market in Vietnam is expected to experience a compound annual growth rate (CAGR) of 8.07 percent in 2022-2027.
To increase competition in the “coffee capital of the world,” the CEO of Starbucks Vietnam, in addition to continued expansion, said the chain will strive to optimize costs by increasing management capacity, staffing capacity and operational efficiency in each store. improve.
In addition, to celebrate its 10-year journey in Vietnam, customers in Vietnam will have the opportunity to enjoy Starbucks Vietnam Đà Lạt coffee in September 2023.
@ Vietnam Press Agency