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.
Eric Volkman has no positions in Starbucks. The Motley Fool owns shares of Starbucks and has the following options: short JAN 2013 $47.00 puts on Starbucks. Motley Fool newsletter services recommend Starbucks. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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