Diageo thirsty for local alcohol in Vietnam

While a select class of wealthy Vietnamese men like nothing more than cracking open a bottle of Johnnie Walker with their mates at a karaoke bar, the vast majority of alcohol consumed here is home-made “rice wine” served in re-used plastic water bottles.

But tastes are changing as the middle class grows and Diageo, the global drinks group, has forked over £33m for a stake in a local vodka maker as it seeks to tap into the growing fondness for higher quality but affordable Vietnamese brands.

Read the rest of this blog post over at the FT's Beyond Brics, which is free to all comers.