Not saying it's the best banh mi ever, but the newish Pho Kim, on West Alameda (next to La Montanita in the old Xiclo space) does Santa Fe's only real-deal rendition. (I like the faux banh mi special at Counter Culture well enough, but grilled chicken breast and prosciutto on a hoagie roll is really stretching the definition.)
Good toasted 12" baguettes, light and crusty. The veggies aren't pickled enough for my taste, and they add tomato, which seems wrong (I'll probably ask them to leave it out next time). Big slices of jalapeno with the seeds in makes some bites perhaps a little too spicy for good balance, but still glad they're in there. Nice balance of meat and veggies.
Just south of $7 for a traditional pork cold cut version, $6 for meatball or grilled chicken, beef, or pork. This is actually pretty outstanding value for the size; you could probably get two lunches out of it...two sandwiches for three people would be about ideal.
Banh Mi Coda in ABQ is still a major step better, but Pho Kim adds something unique to Santa Fe. Tip o' the hat to my better half (who is 10x the chowhound I'll ever be) for checking it out.
930 Baca St, Santa Fe, NM 87505
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