Vietnam Considered As The Next Move for Starbucks
The American giant is looking into possibility to expand its business in Asia, including Vietnam.
For many readers, Starbucks is a familiar name, with its products often accompanying laptops and smartphones. The American coffee giant has established a significant global footprint, expanding far beyond its U.S. origins, from campuses in Canada to airports around the world. Currently, it is estimated that over 30% of Starbucks' revenue is generated from its international operations, and the company is aiming to increase this percentage even further.
In its recent financial report, Laxman Narasimhan, the current CEO of Starbucks, outlined a restructuring plan focusing on growth in key international markets. This includes the successful establishment of its stores in India and Vietnam, with expansions continuing into 2025. The growing populations of these Asian countries present an appealing opportunity for the brand, particularly in the context of a recovering global economy.
In Vietnam, Starbucks has found a welcoming environment, joining a competitive market that includes international brands like Gloria Jean's and Illy. The anticipation surrounding Starbucks' offerings resonates strongly with the Vietnamese youth, who are embracing modern lifestyles that prioritize convenience and quality. Notably, Burger King has also recently opened its first restaurant at Tan Son Nhat International Airport, reflecting growing interest from international franchises in the region.
The influx of various franchises into the Vietnamese market can be seen as a positive trend, offering increased employment opportunities and more choices for coffee enthusiasts looking for their favorite frappuccino or other beverages.
