AIRLINK 67.70 Increased By ▲ 2.50 (3.83%)
BOP 5.45 Decreased By ▼ -0.12 (-2.15%)
CNERGY 4.48 Decreased By ▼ -0.08 (-1.75%)
DFML 25.71 Increased By ▲ 1.19 (4.85%)
DGKC 68.75 Decreased By ▼ -1.21 (-1.73%)
FCCL 19.93 Decreased By ▼ -0.37 (-1.82%)
FFBL 30.30 Increased By ▲ 1.19 (4.09%)
FFL 9.89 Increased By ▲ 0.06 (0.61%)
GGL 10.03 Increased By ▲ 0.02 (0.2%)
HBL 114.01 Decreased By ▼ -0.24 (-0.21%)
HUBC 130.25 Increased By ▲ 1.15 (0.89%)
HUMNL 6.70 Decreased By ▼ -0.01 (-0.15%)
KEL 4.41 Decreased By ▼ -0.03 (-0.68%)
KOSM 4.80 Decreased By ▼ -0.09 (-1.84%)
MLCF 36.40 Decreased By ▼ -0.60 (-1.62%)
OGDC 132.00 Decreased By ▼ -0.30 (-0.23%)
PAEL 22.45 Decreased By ▼ -0.09 (-0.4%)
PIAA 25.65 Decreased By ▼ -0.24 (-0.93%)
PIBTL 6.64 Increased By ▲ 0.04 (0.61%)
PPL 112.72 Decreased By ▼ -0.13 (-0.12%)
PRL 29.05 Decreased By ▼ -0.36 (-1.22%)
PTC 14.87 Decreased By ▼ -0.37 (-2.43%)
SEARL 57.60 Increased By ▲ 0.57 (1%)
SNGP 66.14 Decreased By ▼ -0.31 (-0.47%)
SSGC 10.97 Decreased By ▼ -0.01 (-0.09%)
TELE 9.00 Increased By ▲ 0.20 (2.27%)
TPLP 11.60 Decreased By ▼ -0.10 (-0.85%)
TRG 68.26 Decreased By ▼ -0.36 (-0.52%)
UNITY 23.50 Increased By ▲ 0.10 (0.43%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,335 Increased By 40.4 (0.55%)
BR30 23,902 Increased By 47.4 (0.2%)
KSE100 70,541 Increased By 251.1 (0.36%)
KSE30 23,230 Increased By 59.4 (0.26%)

imageHO CHI MINH CITY: Four decades after the Vietnam war ended, US fast-food giant McDonald's opened its first restaurant in the communist country Saturday, aiming to lure a rising middle class away from rice and noodles.

The arrival of one of the most potent symbols of US capitalism in southern Ho Chi Minh City -- known as Saigon when American troops dramatically withdrew in 1975 -- is the result of a partnership with the son-in-law of Vietnam's powerful Prime Minister Nguyen Tan Dung.

McDonald's is following US rivals Burger King, KFC and coffee giant Starbucks into Vietnam -- a country many Americans associate more with an unpopular war than a newly wealthy middle class.

But with its 90 million-strong population and average per capita income of more than $1,500, "Vietnam is on the radar now" for US franchises, said Sean Ngo, managing director of consulting firm Vietnam Franchises Ltd.

Critics say that Vietnam's rapid economic growth since "Doi Moi" reforms opened up the country in the early 1990s masks rising inequality and inefficiencies in an economy still dominated by state-owned enterprises.

But signs of the country's rising affluence were on display Saturday as hundreds of people queued at the McDonald's store on Ho Chi Minh City's Dien Bien Phu street -- named after the battle that forced the French to withdraw from their former colony Vietnam.

"I like fast-food. I don't like Vietnamese food. I don't like fish sauce," Nguyen Hoang Long, 25, told AFP as he devoured a Big Mac meal, referring to the pungent condiment made from fermented fish and sea salt that is used liberally in local cooking.

A Big Mac costs about $2.85 at the new outlet, while a bowl of traditional pho noodle soup can be bought on most street corners for around $1.50.

The arrival of McDonald's marks a full turnaround for the fortunes of US brands in former wartime foe Vietnam.

Iconic brands such as Coca-Cola were available in US-allied South Vietnam until the end of the war, but the companies pulled out after the communist victory which paved the way for the unification of the country in 1975.

McDonald's local partner, Henry Nguyen, stood outside the store Saturday directing traffic -- mostly motorbikes and the odd cyclo -- into the drive-thru.

Also known as Nguyen Bao Hoang, he once flipped burgers for McDonald's while growing up in the United States, where his family fled at the end of the war. He returned to his native country more than a decade ago.

Comments

Comments are closed.