PTT Oil and Retail Business PCL (OR) is withdrawing its flagship coffee brand, Café Amazon, from Vietnam after struggling to gain traction in an increasingly competitive market. The move forms part of a broader strategic shift to restructure operations and “cut losses” on underperforming assets.
OR, a subsidiary of the PTT Group, has reached an agreement with Central Plaza Hotel Public Company Limited (CENTEL) to dissolve their joint venture, ORC Coffee Passion Group Joint Stock Company (ORCG).
The venture was initially created to spearhead Café Amazon’s entry into Vietnam’s beverage sector, widely regarded as one of the most competitive in Southeast Asia.
The dissolution process is expected to be completed by the end of September 2025.
Sources close to PTT told Krungthep Turakij that the decision is not a full exit from Vietnam but represents a critical “reset” of strategy. The existing joint venture model was deemed unable to secure a strong foothold in the market, leading to a rapid reduction in store numbers.
Café Amazon branches, which stood at 22 in 2023, have now dropped to fewer than 10 and are expected to close entirely within this month.
“A business that cannot continue must accept reality and adapt,” a source said. “Adjustment to local conditions is essential, similar to how global coffee brands must restructure their ownership in markets like China to give local partners a greater role.”
The withdrawal aligns with PTT Group’s broader portfolio restructuring plan. According to insiders, the company is actively divesting from subsidiaries that are unprofitable or no longer fit the current global economic climate.
“Before the pandemic, many businesses looked promising. But as the world economy shifts, adaptation is necessary,” the source noted. Divestments have also taken place in areas such as electric vehicle (EV) manufacturing to preserve financial stability during ongoing economic volatility.
In a filing to the Stock Exchange of Thailand (SET) on 30 September 2025, CENTEL officially confirmed plans to liquidate the joint venture. Its indirect subsidiary, Central Restaurants Group (Vietnam) Company Limited (CRG VN), held a 40% stake in ORCG.
CENTEL’s Chief Financial Officer, Kan Srisompong, stated that the termination was necessary due to “fierce competition.” The company further confirmed that its remaining investment value, totalling 56.0 million baht, will be fully recovered following the liquidation.
The funds will be redirected to support other high-potential ventures, reflecting the Central Group’s flexible approach to international risk and investment strategy.
