Vietnam's Coffee Boom - Highlands Leads, New Players Emerge

Vietnam's Coffee Boom - Highlands Leads, New Players Emerge

Vietnam's coffee and tea market surged in 2023. Highlands Coffee expanded aggressively, adding over 170 stores, while Phúc Long and new entrant Katinat Saigon Cafe also grew swiftly. Despite fewer store openings than expected, industry revenue jumped 11.6%, hitting $24.1 billion. Highlands focused on increasing locations, unlike rivals who diversified menus. Trung Nguyên emphasized international reach, planning major expansions in China and the US. Meanwhile, The Coffee House downsized, and Starbucks took a cautious expansion route.

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