Full-Service Restaurants in Vietnam

PROSPECTS

Japanese and Korean cuisines continue to be reign, with barbeque and hot pot remaining the most popular cooking methods

Japanese and Korean cuisines continue to be the most popular foreign cuisines in Vietnam, while barbeque and hot pot are the most popular cooking methods. Dookki, a famous Korean tteokbokki (spicy rice cakes) buffet chain, entered Vietnam in mid-2018 and quickly became popular.

Chained pizza full-service restaurants thrive, with new outlet openings contributing to strong revenue growth

Chained pizza full-service restaurants recorded the fastest growth among all categories of full-service restaurants in 2019. Leading players such as Pizza Hut, The Pizza Co and Pizza 4P’s opened many new outlets, which contributed to the strong revenue growth.

New international players arrive via franchising, but Vietnamese consumers care less about foreign brand image than they do about service, quality and price

To capture the potential of the Vietnam market, many international players have stepped in via franchising. For example, in 2018, Korea’s Dookki and Singapore’s Hill Street entered Vietnam, followed by Japan’s Ippudo Ramen and China’s Haidilao in 2019.

COMPETITIVE LANDSCAPE

Golden Gate Trade & Service maintains its lead in fragmented landscape with its popular chained Asian full-service restaurants

Golden Gate Trade & Services with its chained full-service restaurants GoGi House, Kichi and Sumo BBQ continued to be the leading player in the highly fragmented competitive landscape in 2019. The company operates many successful chains, mainly in the Asian full-service restaurants category, including various concepts such as hot pot, barbeque, and Japanese dining.

Pizza 4P’s records strongest growth, moving up to rank fourth among full-service restaurants after rapid outlet expansion

Pizza 4P’s was the most notable player in 2019, recording the strongest, double-digit value growth and moving from fifth to fourth place among full-service restaurants just behind Pizza Hut. The company received investment from Mekong Capital, resulting in a rapid outlet expansion from 10 in 2018 to 17 in 2019.

Financial difficulties force leading domestic player to close all of its Mon Hue outlets

The domestic player Huy Vietnam Group closed down all of its chained Mon Hue outlets in late 2019 due to bad debts. Mon Hue had been one of the leading players in the full-service category.

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