Vietnam’s Phuc Long Coffee & Tea is set to expand its presences in Hanoi and Ho Chi Minh City in 2024 by up to 60 stores, World Coffee Portal is reporting. The company,a subsidiary of major Vietnam food and beverage conglomerate, Masan Group, is aiming to hit year-on-year sales growth of up to 41 percent.
This is a significant change in tact for Masan which had previously tried to use its chain of Winmart convenience stores to grow Phuc Long Coffee & Tea. Kiosks had appeared in both corner stores and supermarkets around the country but many were reportedly not as successful as the firm had hoped.
Of note, coffee consumption in the country is often a long drawn out experience. Loitering for hours at local cafes and coffee shops is common. In this context, it may be that the quick-fix model Phuc Long was pursuing may not have resonated with local consumers.
See also: How to Open a Cafe in Vietnam: Ultimate Guide 2024