StageSeries C | Alive
Last Raised$15M | 8 yrs ago
About Huy Vietnam
Huy Vietnam is an international, professionally managed restaurant chain operated in Vietnam based on traditional Vietnamese food with formulated family-owned recipes. Founded in 2007, the Company operates 24 restaurants in Ho Chi Minh City, Vietnam serving traditional, high-quality, healthful and yet affordable, Vietnamese delicacies and staples in a sit-down, quick service restaurant chain. The restaurants operate under the brand name of Mon Hue, which brings authentic royal Vietnamese food to the masses; and Com Express, the first restaurant in Ho Chi Minh serving rice dishes fast food style.
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Latest Huy Vietnam News
Nov 9, 2019
09/11/2019 10:38 GMT+7 Before its Mon Hue chain had to shut down, Huy Vietnam was praised as the pioneer in developing food & beverage (F&B) chains, which had successfully called for tens of millions of dollars worth of foreign investment. Prior to that, The KAfe, which served Aian-European food, also had to shut down as it owed money to suppliers, and the founder Dao Chi Anh left. Mon Hue restaurants were located on advantageous positions More recently, Tra Ca Phe Viet Nam (The Coffee House) announced the suspension of Ten Ren, a bubble tea chain in Vietnam, franchised from Taiwan. Making its debut in 2017 when the bubble tea movement was at its peak, Ten Ren had 23 shops until it closed. Ten Ren left the market because the franchisee realized that the current business model doesn’t fit Vietnam’s conditions and customers’ requirements. Before its Mon Hue chain had to shut down, Huy Vietnam was praised as the pioneer in developing food & beverage (F&B) chains, which had successfully called for tens of millions of dollars worth of foreign investment. “With unsatisfactory business results, we stopped the operation of Ten Ren and redrew the strategy for this field,” the press release read. While The Coffee House accepted to give up the bubble tea game, Huy Vietnam seemed to ‘live beyond its means’ when becoming the franchisee of TP Tea in late 2018. Prior to that, in 2015, the company ran a media campaign for the construction of two factories capitalized at tens of millions of dollars. However, there has been no further information. On social networks, people comment that it is not a surprise at all that Mon Hue has to shut down. The food there was not special, while the prices were high. Mon Hue had to spend too money on retail premises (its shops all are located in advantageous positions) and branding, therefore the operation cost xas high. An analyst commented that high retail premises rent is a headache to any eatery chain. To attract customers, F&B chains have to be located in advantageous positions in the central areas of cities, or in large shopping centers. Meanwhile, the premises rent in Vietnam has increased. Duong Nguyen, CEO of DCorp R-Keeper Vietnam, confirmed that the costs of retail premises in Vietnam are higher than other markets. Besides, he said the operation costs of F&B chains are high, so investors have to solve the question of network administration. “If western restaurants need 8-10 servers, Vietnam needs two or three times as much. The administration costs alone eat up the profit,” Duong commented. According to Do Hoa, an administrative expert in running F&B chains, the most important factor is taste. “The taste needs to be standardized to optimize production costs,” he said, adding that if F&B chains don’t have a large coverage, the chains will incur losses. Mai Lan Major investors of Huy Vietnam Group Limited have taken legal action against Huy Nhat, the founder and chairman of Mon Hue, a chain of up to 80 restaurants across the country, as the firm has closed its eateries due to heavy debts.
Huy Vietnam Frequently Asked Questions (FAQ)
Where is Huy Vietnam's headquarters?
Huy Vietnam's headquarters is located at Ho Chi Minh City.
What is Huy Vietnam's latest funding round?
Huy Vietnam's latest funding round is Series C.
How much did Huy Vietnam raise?
Huy Vietnam raised a total of $36.8M.
Who are the investors of Huy Vietnam?
Investors of Huy Vietnam include Prosperous Alliance Investments, Welkin Capital Management, Templeton Asset Management and New Asia Partners.
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