January 3, 2013
Starbucks (NASDAQ: SBUX ) is to debut on the Vietnamese market by opening its first coffee house in the Communist country, the firm announced in an official press release. The outlet, located in Ho Chi Minh City (formerly Saigon), is scheduled to open its doors in February.
The company has granted a license to Hong Kong-based restaurant and cafe management firm Maxim's Group to operate its Vietnam outlets.
The move is part of Starbucks' effort to expand its presence in Asia. Its ambition is to have 4,000 of its coffee shops in the continent by the end of this year. That number currently stands at around 3,300.
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