Vietnam’s tea chain to open first store in the U.S
Phuc Long beverage chain will open its first store in the U.S. next month, following in the footsteps of other Vietnamese coffee brands that have branched out to other markets.
A subsidiary of the Masan Group conglomerate has signed an agreement to acquire a 20 percent stake in tea shop chain Phuc Long Heritage Jsc.
Phuc Long tea chain to open first US store, the store will be located in Garden Grove, California, the company said in a Facebook post.
Phuc Long has over 80 stores in Vietnam. It had recently signed a deal with conglomerate Masan Group to establish Phuc Long kiosks in over 2,200 VinMart+ conveniences stores.
Last month, TNI King Coffee chain opened its first store inside a mall in California.
Other Vietnamese coffee chains that have branched out to foreign markets include Cong Ca Phe with six stores in South Korea and two in Malaysia, and Trung Nguyen E-Coffee with a store in Laos, VNExpress reported.
Vietnam’s tea and coffee market is valued at $2.3 billion and is expected to grow more than 10 percent per year, according to data from Masan, which also estimates that popular brands like Highlands Coffee, The Coffee House and Starbucks account for 25 percent of the market.
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