After nearly two decades, cola wars are set to resume in Vietnam. PepsiCo has teamed up with International Beverage, a joint venture between a state company and a Hong Kong investor group, and expects to sign a commitment letter to invest $2 million in production. The agreement depends on the lifting of the U.S. embargo on Vietnam investments, expected later this year.

Pepsi is eyeing a soda market that drinks approximately 30 million locally produced cases annually, a figure that could double in two years. Coca-Cola, which once dominated Vietnam, has its own memorandum of understanding with two state-owned companies.

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