NEW YORK (AP) -- PepsiCo Inc. plans to invest $250 million in Vietnam in the next three years in both its food and beverage businesses.

Saad Abdul-Latif, CEO of PepsiCo Asia, Middle East and Africa, said Vietnam is one of the company's biggest growth opportunities.

The company, based in Purchase, N.Y., said in a news release Monday it will spend the money to boost manufacturing capacity, add coolers at stores, and create new products.

In the past two years, the company has already built a new food plant in Binh Duong and a new beverages plant in Can Tho.

Soft drink makers are expanding in international markets as they face slumping demand in the U.S.

Last year, rival Coca-Cola Co. announced its plan to invest an additional $200 million in Vietnam in three years. That was on top of $200 million the company had spent in Vietnam since returning there in 1994.

Shares of PepsiCo fell 33 cents to $65.23 in late morning trading Monday.