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Trung Nguyen Legend and Highlands Coffee maintained primary brands in the Coffee Shop sector 2023

Vietnam has long been recognized for its unique and long-standing coffee culture. The daily practice of consuming coffee has become an integral part of the lives of a majority of Vietnamese citizens. Regardless of whether they find themselves on a leisurely or busy schedule, Vietnamese individuals still find time to enjoy a cup of coffee together to chat or discuss cooperation. Consequently, the beverage market, particularly the coffee sector, in Vietnam has witnessed strong growth.

Based on a recent report, the chain restaurant and beverage market in Vietnam presently boasts an estimated annual value of approximately $1.3 billion. However, the penetration rate of F&B chains (Food & Beverage) in this market is merely 5%. This reason is attributed to Vietnamese culinary preferences favoring small, convenient roadside shops. However, in-store beverage spending remains comparatively low in contrast to East Asian nations, thereby paving the way for substantial growth opportunities in the future.

Despite the effects of the global economic downturn, the economy in 2023 remains a promising year for the Vietnamese F&B market. After two challenging years due to the COVID-19 pandemic, beverage brands persist and are actively seeking avenues to expand sizes and augment their market presence.

According to a recent report, the number of coffee shops in Vietnam in 2023 has increased significantly, thanks to strong expansion from well-known brands such as Highlands, Phuc Long, and Trung Nguyen E-Coffee. From 2019 to now, the number of coffee shops has increased from 816 to 1657. Only within the last two years, from March 2021 to February 2023, the total number of stores of three leading brands in terms of market share such as Highlands Coffee, Phuc Long, and Starbucks have opened more than 1,000 new points of sale.

The competitive landscape in the Vietnamese beverage market is becoming progressively intricate, not only due to the presence of established "giants" but also owing to the emergence of "new players" such as Mixue, Phe La, Katinat, and Cheese Coffee. In April 2023, Mixue achieved a significant milestone by amassing 1,000 stores within just 5 years of entering the market. Similarly, Phe La also garnered attention by inaugurating a fresh branch in Hoi An, while introducing distinctive collections through social media platforms.

A noteworthy entrant is Katinat Saigon Cafe, which has captured substantial interest by surpassing both Phuc Long and Starbucks in terms of popularity among drink chains on social networks. Simultaneously, this brand has established 50 outlets, all strategically located in prime areas that draw in numerous customers.

Trung Nguyen Legend

Trung Nguyen Coffee stands as one of Vietnam's premier and renowned brands. Established in 1996, Trung Nguyen has brought forth the world's finest Robusta coffee beans, delighting consumers with millions of cups of exquisite coffee each day. As of now, Trung Nguyen E-Coffee has over 700 outlets nationwide, with more than 1,000 successful franchise contracts, therefore contributing to realizing the dreams of coffee enthusiasts venturing into entrepreneurship.

Trung Nguyen Legend's revenue displayed continual growth over three years. In 2020, the group's revenue exceeded VND 4.2 trillion. This figure witnessed a slight 6% rise in 2021 and a substantial 38.5% surge in 2022, reaching almost VND 6.2 trillion. However, the profit after tax of the brand demonstrated fluctuating patterns. Specifically, in 2020, the brand's profit neared VND 130 billion. By 2021, profit after tax soared remarkably by 337%, recording VND 560 billion. Subsequently, profits fell by 23% in 2022, reaching nearly VND 435 billion.

Highlands Coffee

Entering the market during the late 20th century, Highlands Coffee transformed from selling instant coffee to establishing a network of coffee shops. Over the years, Highlands Coffee gained widespread recognition. After more than a decade of growth, the Highlands Coffee brand was transferred to Jollibee and has since grown strongly and become the "leader" in the tea and coffee brand chains in Vietnam in the 2020s. As of May 2023, this chain has successfully established 635 outlets, exhibiting a notable discrepancy between Hanoi (144 outlets) and Ho Chi Minh City (201 outlets).

Highlands Coffee's revenue and profits after tax displayed fluctuations between 2020 and 2022. Specifically, in 2020, the brand's revenue reached nearly VND 2.15 trillion. This number declined by 19% in 2021 and rose by 38.5% in 2022, reaching more than VND 3500 billion. Regarding profit after tax, in 2020, profit after tax recorded nearly VND 80 billion. It plummeted to a deficit of VND 85 billion in 2021, then stood at a positive profit in 2022, reaching nearly VND 270 billion.

The Coffee House

Established in 2014, The Coffee House stands out as a distinctive and stylish coffee brand. Distinguished by its modern and inviting design, The Coffee House emphasizes delivering a quality coffee experience complemented by an extensive menu encompassing teas, juices, and cakes. As of February 5, 2023, The Coffee House holds the position as the second-largest brand by number of branches in the country with 157 outlets.

In 2022, The Coffee House recorded revenue nearing VND 800 billion, up 67% compared to 2021 and climbed 8% relative to 2020. Nonetheless, the brand's post-tax profits remained negative for three consecutive years. Specifically, in 2020, profit after tax reached a negative VND 111 billion. This number witnessed a loss of 124% upswing in 2021 before plummeting to a negative value of nearly VND 150 billion in 2022.

Phuc Long Coffee & Tea

Phuc Long Coffee & Tea has experienced more than 50 years of development and was established in 1968. With a delicate combination of coffee and tea, Phuc Long offers a classy experience space and a diverse menu with delicious dishes.

After returning to Masan, Phuc Long was evaluated to develop strongly. The flagship stores were on the upswing when Phuc Long hit a record number in the fourth quarter of 2022, opening 23 new flagship stores and 2 mini stores, bringing the total number of flagship stores to 111 stores.

Phuc Long Coffee & Tea's revenue exceeded VND 1.7 trillion in 2022, marking a 260% growth compared to 2021. However, profit after tax had a downward trend between 2021 and 2022. Specifically, profit after tax surpassed VND 60 billion in 2021 and declined by 18% in 2022, amounting to over VND 50 billion.


Introduced to the Vietnamese market in 2013, Starbucks makes a mark with its luxurious space and diverse menu, from traditional filter coffee to innovative drinks. After 16 years of operation in Vietnam, Starbucks boasts 87 outlets around the country, concentrated in major cities such as Hanoi and Ho Chi Minh City.

Starbucks Vietnam demonstrated fluctuating patterns in net revenue and profit after tax over three years. Specifically, the brand's revenue was more than VND 700 trillion in 2020, dropped by 21% in 2021, and grew by 87% in 2022, reaching over 1,000 billion VND. In terms of profit after tax, it recorded profits of just VND 5 billion in 2020, followed by a loss of more than 100 billion VND in 2021, before rebounding with a positive profit of almost 40 billion VND in 2022.

Cong Coffee

Presented in 2007, it was a coffee brand with a classic and exciting style. This brand focuses on combining the traditional Vietnamese coffee flavor with a unique and artistic atmosphere. In addition to its domestic development with more than 60 stores stretching from North to South, Cong Coffee also owns ten stores in international markets, namely Korea and Malaysia.

In 2022, Cong Coffee's revenue was at VND 11 billion, up 30% compared to 2021 and down 12% compared to 2020. Profit after tax recorded a positive recovery. Specifically, in 2020, profit after tax was more than a negative VND 5 billion. This number continued to drop to negative VND 670 million in 2021. Subsequently, it recorded a positive profit in 2022, standing at VND 1 billion.

Ong Bau

Ong Bau Coffee was established at the end of 2019 with a charter capital of 100 billion VND. This is a combination of 3 major businessmen who love and are associated with Vietnamese football. Compared to other coffee chains, Ong Bau coffee has a much "softer" price when each iced coffee only stops at VND 16,000. In addition, the store also serves other drinks such as smoothies, pearl milk tea, yogurt, macchiato, etc.

With a presence in over 35 provinces and cities, encompassing more than 150 outlets from North to South, Ong Bau Cafe distinguishes itself not only through its delicious drinks but also its charity. The brand deducts one thousand VND from each sale to contribute to a talent fund aimed at serving the community.

Ong Bau’s revenue has increased continuously for three years. In 2020, the brand's revenue reached nearly VND 43 billion. This number went up by 63% in 2021 and chimed by 40% in 2022, peaking at nearly VND 100 billion. However, the after-tax profit of the brand is constantly changing. Specifically, in 2020, the profit reached negative nearly VND 25 billion. In 2021, profit after tax increased by 134%, recording a negative profit of more than VND 55 billion. After that, profit after tax declined by 31% in 2022, reaching a loss of nearly VND 40 billion.


Established in 2016, Katinat Saigon Kafe is placed under the management of Katinat Cafe Joint Stock Company. At the time of launch, the brand was not famous because it did not conduct any aggressive marketing campaigns on media channels.

However, the turning point of development has come since the social distancing order was lifted and Vietnam entered the "new normal", which is considered the time when the F&B market was restructuring.

Taking advantage of this opportunity, Katinat Saigon Kafe continuously expands more branches. After 6 years, Katinat now has a total of 46 stores and serves more than one million cups of tea and coffee per month.

Katinat's revenue and profit after tax achieved upward growth in 2 years. In 2022, the brand's net revenue peaked at more than VND 300 billion, a remarkable increase of 403% compared to 2021. In terms of profit after tax, the brand recorded more than VND 6 billion in 2021, then rose sharply by 771% in 2022, nearly VND 60 billion.


First appearing in 2013, PhinDeli Cafe was launched to promote the filter coffee culture and unique drinking style of Vietnamese people. Going through the first steps of development, PhinDeli established a network of over 1,000 points of sale at convenience stores, cafes, educational institutions, and transit stops across Vietnam.

In 2021, Nova FnB - a corporation that develops and manages a chain of restaurants and coffee shops under the management of Nova Service Corporation - officially assumed and participated in the development of the PhinDeli coffee shops. Thanks to a careful and detailed development strategy, PhinDeli cafe has made many people curious about the return and impressive transformation of one of the leading brands.

PhinDeli's revenue and profit after tax recorded a continuous increase for three years. In 2020, the brand's revenue reached nearly VND 7 billion. This number went up by 460% in 2021 and rose by 144% in 2022, peaking at nearly VND 145 billion. Profit after tax in 2022 reached negative nearly VND 3 billion. It was VND 750 million in 2021 and a substantial rise of 686% in 2022, its profit was nearly VND 6 billion.

Chuk Tea & Coffee

As a member of KIDO Group, the original name of the brand is Chuk Chuk with 61% shares belonging to KIDO. After more than a year of launch, KIDO's F&B chain is undergoing major changes in all aspects, from the brand name to the drink menu. Last July 2022, KIDO quietly changed the name and brand identity of Chuk Chuk to Chuk Tea & Coffee.

With brand design and colors that make "love at first sight" in all visual stories, Chuk Tea & Coffee creates a "lifestyle" space to spread creative inspiration and energy. positive energy to everyone.

Chuk Tea & Coffee's revenue reached nearly VND 50 billion in 2022, up 30% compared to 2021. In terms of profit after tax, the brand recorded an upward trend in the two years 2021-2022. Specifically, in 2021, its profit after tax was negative, nearly VND 20 billion. This number continued to go up sharply by 350% in 2022, standing at a loss of nearly VND 90 billion.

Vietnam's distinctive coffee culture continues to provide a potential environment for a promising F&B market. Despite facing many challenges, coffee shop brands are still contributing to helping this market rise, increasing the number of branches, and expanding market share through always being innovative in products and pursuing sustainable development.

Source: Vietdata’s 2022 Coffee Shop Chains Market Report


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