The Heart and Soul of Vietnam

 
Pho can safely be described as the national dish of the Vietnamese who eat this noodle soup almost around the clock - most often in the morning but also at lunch time and in the evening. Although pho is a classic street-kitchen dish, Dr. Ly Qui Trung turned it into a QSR brand in 2003. Today, he is the country's biggest foodservice entrepreneur. His Pho24 concept has over 70 units in Vietnam and some other Asian countries. Soon starting in London. www.pho24.com.vn 
 

 
This is a unique success story in a rapidly upcoming country. With the population nearing 90 m people and consisting mostly of young urbanities, Vietnam has transformed into a dominant developing nation. In the near future, McDonald's and Starbucks will open their first pilot operations in Ho Chi Minh City (HCMC), the former Saigon. And, as you can imagine from its mega success in China, KFC is already well established in Vietnam - and has been for around ten years.Much more interesting than an analysis of international brands in Vietnam is, however, a close-up look at Pho24. And this is not at all difficult given the presence of over 40 units in HCMC and another ten in the capital, Hanoi.
 
The brand image is modern, the outlets are fresh and clean, and the food is delicious. The latter is particularly important because the hundreds of thousands of street-food kitchens offer great meals for low to very low prices. Dr. Ly Qui Trung, co-founder and CEO of the Nam An Group, the brand's owner: "We deliberately opened our first outlet in the most expensive part of the city, Nguyen Thiep Street, opposite the prime landmark Saigon Sheraton Hotel. That was a good six years ago and we had to lift the most popular street-food dish, pho, to restaurant level by means of a prestige location and higher prices. Initially, the Vietnamese were shocked but soon accepted Pho24 as a local quickservice brand." Born in 1966, Trung opened his first restaurant in Hanoi at the end of 2004 - another important test because the capital of  vietnam is also the capital of pho. "The same success from day one", adds Trung.
 

 

Dr. Ly Qui Trung, co-founder and CEO of Nam An Group. He also pioneered franchising in his country. 20 years ago, his mother opened one of the very first private restaurants in Ho Chi Minh City. He studied and took his PhD in hospitality management in Australia. "From the very beginning, I liked the idea of having a chain and building a strong brand. To me this is more relevant than revenues. In Vietnam, fast-food is perceived as a premium product and this is one of the differences to the United States. Here, premium means that customers are served in a nice modern environment and not just outside, on a street corner. We want to be the first restaurant company on the Vietnamese stock exchange and plan to go public in about three years. We need solid  ashflow in achieving our vision of making Pho24 a worldwide brand."