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Starbucks to Open First Shop in Vietnam

Vietnam is the largest producer of coffee after Brazil


Starbucks SBUXVietnamese coffee lovers will soon be able to sip their favorite drink at Starbucks (NASDAQ:SBUX).

The popular U.S.-based coffee shop chain will open its first store in Vietnam in early February, Reuters notes.

Starbucks Completes Deal to Buy Tea Chain
Starbucks Completes Deal to Buy Tea Chain

Starbucks is looking to expand its presence in the Asia-Pacific region. It will partner with the Hong Kong-based Maxim’s Group to launch the shop located in Ho Chi Minh City.

Vietnam, which is the world’s second largest coffee producer, behind Brazil, supplies arabica coffee to Starbucks.

In a media interview in November, Starbucks CEO Howard Schultz said that the company planned to open 1,200 new locations this year, with between 70% and 80% of those based in overseas markets. He also noted that the company expected to have 1,000 shops in Japan and China by the end of 2013.

Shares of Starbucks rose fractionally in Thursday morning trading.

Article printed from InvestorPlace Media,

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