HANOI: Vietnam's coffee shop industry is growing remarkably despite a rising number of business closures, Vietnam News reported Friday (Feb 28).
According to data from the consultancy group Mibrand, Vietnam now boasts over 500,000 coffee shops, ranging from small alleyway coffeehouses to high-end coffee chains.
F&B research firm Ipis forecasts that the South-East Asian country's coffee market, valued at approximately US$510 million in 2024, will reach US$765 million by 2029.
While success is possible, experts caution that profitability requires careful financial management, strategic marketing and a long-term commitment.
According to trade experts, Vietnam's coffee industry contributes around three per cent of the country's gross domestic product. The country's overall beverage sector generates approximately 60 trillion Vietnamese dong (US$2.3 billion) to state revenues annually. - Xinhua
