According to research firm Momentum Works' "Southeast Asia Coffee & Tea Chains 2026," Vietnam's coffee chain market was an estimated USD 725 million in 2025, making it the third largest in Southeast Asia. This represents a reported 27% increase from USD 572 million the previous year. However, this figure does not represent "Vietnam's coffee industry as a whole," which would include independent local shops and bean exports.
The USD 725 million figure covers the coffee chain segment
The same report puts Vietnam's combined modern coffee and tea chain market at USD 1.34 billion. The Southeast Asia-wide coffee and tea chain market stands at USD 9.9 billion. An earlier version of this article listed USD 9.9 billion and USD 725 million side by side as if they covered the same market scope, so the two have been separated here. These are private research estimates with associated methodology and may not correspond to official retail statistics.
Store counts change depending on the date of tallying
At the time the report was introduced, Milano Coffee was said to have over 2,500 locations, and Highlands Coffee was reported to have 928 locations by end of 2025. Meanwhile, later materials from Jollibee Foods include reports citing Highlands at 985 locations. Differences arise from openings, closures, and how brands are counted, so "928 locations" cannot be treated as a fixed current figure. Milano operates many small franchise outlets, while Highlands includes many large-format stores in commercial facilities and urban areas, making store count alone an insufficient basis for comparing sales or popularity.
The IPO is under consideration, not a done deal
It has been reported that Highlands Coffee is considering an IPO to raise USD 300–400 million in Vietnam. No announcement has been made confirming the timing or terms of a listing. There is also no basis for concluding that a listing consideration directly leads to expansion into Japan, so speculation to that effect from the earlier article has been removed.
How travelers can choose between them
Highlands Coffeeis easy to find at airports and commercial facilities, making it convenient for rest stops and meeting points. Milano Coffee tends to have smaller street-corner shops, with differences in facilities and menus from one location to the next. Rather than asking which is more "authentic," choose based on your priorities: price, air conditioning, power outlets, beans, and sweetness adjustment. For souvenirCoffee Beansplease check not only the chain name but also the roast date and ingredients.
Connecting the numbers to your own judgment
When I look at rankings or figures, I first check the surveying body, the period covered, the sample, the currency, and whether it is a calendar year or fiscal year. A national growth rate does not directly reflect the prices or crowds at the specific places you visit. For travel planning, it is more practical to treat statistics as background context and make final decisions based on fares, accommodation rates, and operating information on the days you plan to travel.
Sources
Before using figures to make travel decisions
The meaning of rankings and monetary figures changes depending on the surveying body, the period covered, the sample, the currency, and whether a calendar year or fiscal year is used. Rather than simply copying headline numbers, check the title and notes of the primary source, the date of publication, and whether the figures are preliminary or final. It is also important not to apply national statistics directly to individual shop prices or crowd levels.
