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Business Listening: Coffee in the world

Are you a lover of coffee? What is your favorite brand of coffee? No matter where you live, you have probably tasted some hot coffee at a Starbucks Coffee cafe. The Saigon Times.vn reports that the US-based company will start business in Vietnam in 2013.

“Starbucks Coffee, the global top coffee chain already in over 60 countries worldwide, will add Vietnam to its list next month after years of market research in the Southeast Asian nation.

A source told thesaigontimes.vn under the condition of anonymity that the first Starbucks in Vietnam will be in Ho Chi Minh City. The company plans to then open stores throughout the country via franchise agreement. . .

Many experts said its entry will be a threat to local coffee chains, while some argued that it will make the market “more vibrant,” according to thesaigontimes.vn . . .

The coffee giant confirmed to the media last year that it will enter Vietnam before 2013, adding it was “excited” about Vietnamese market’s prospects.

Starbucks now has more than 18,000 stores globally as of September 30, [2012] a 6 percent increase from a year ago, according to a Starbucks Coffee Company . . . It confirmed its presence in many Asian nations, including China, India, the Philippines, South Korea and Thailand.

Its total revenue in the current fiscal year is up 14 percent over the prior year to US$13.3 billion, the release said.

The company also unveiled its fiscal targets for 2013, saying that it plans to open roughly 1,300 new outlets around the world, with about 46 percent of them in China and the greater Asia/Pacific region. It also forecast a revenue growth of up to 13 percent.

Several foreign coffee chain operators, including the US’s Coffee Bean & Tea Leaf and Australia’s Gloria Jean’s Coffees, entered Vietnam, joining leading local coffee companies Trung Nguyen Coffee and Highlands Coffee, making the market a virtual battleground.
The two foreign coffee chains also came to Vietnam through franchising.”

Check your understanding

A. What do these words mean? Match the word with its definition.

1. brand
2. chain
3. source
4. franchise
5. threat
6. prospect
7. fiscal
8. release
9. unveil
10. forecast

a. a group of businesses
b. chance of success
c. news item
d. predict
e. a danger
f. having to do with finances
g. someone who gave information
h. reveal
i. a group of stores
j. a distinctive name

B. Which of the following statements are true according to the article?
1. New Starbucks coffee stores in Vietnam will be privately owned.
2. Starbucks plans on opening soon close to half of its new stores in China.
3. Starbucks has the most coffee stores in the world.
4. It is unclear whether Starbucks´ entry in Vietnam will help or hinder local coffee stores.

Answers.
A
1. j, 2. i, 3. g., 4. a., 5. e., 6. b., 7 .f., 8. c., 9. h, 10. d
B
True: 2, 4

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