Starbucks to open first store in Vietnam

  @CRrileyCNN January 3, 2013: 5:04 AM ET
starbucks vietnam

Starbucks will open a store in Ho Chi Minh City in February.

HONG KONG (CNNMoney)

Where can't you find a Starbucks? Cross Vietnam off the list.

Starbucks will open its first store in Vietnam next month, the Seattle-based coffee behemoth said Thursday.

The store, set to open in Ho Chi Minh City, will be operated by Hong Kong Maxim's Group, a heavyweight restaurant player with substantial holdings in the region. Maxim's Group already runs more than 130 Starbucks locations in Hong Kong and Macau.

The expansion comes just months after Starbucks opened its first stores in India, one of the world's largest markets boasting more than a billion potential consumers. As in Vietnam, the Starbucks expansion in India will be completed with a partner -- Tata Global Beverages.

Vietnam has a substantial history with coffee, and some Starbucks beans are already sourced from the country.

"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," John Culver, president of Starbucks China and Asia Pacific, said in a statement.

Related: Eyeing huge market, Starbucks opens first India store

The move is part of a concerted effort by Starbucks to expand its Asia footprint. The company already has 3,300 stores in the region.

Starbucks currently operates in 61 countries. Vietnam will be number 62.

-- CNN's Pamela Boykoff contributed to this report. To top of page



Join the Conversation
CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.