Haidilao restaurant operator, Jollibee fast food chain thrive in Vietnam

Super Hi International, the operator of the Haidilao brand, posted global revenue of US$396.7 million from January to June, a seven-percent increase compared to the same period last year.

Vietnam accounted for more than 10 percent of that total, placing it among the company's top four overseas markets alongside Singapore, the United States, and Malaysia.

In Vietnam alone, Haidilao generated $43.6 million during the first six months, up 1.6 percent year on year, according to a filing with the U.S. Securities and Exchange Commission.

Meanwhile, Jollibee Foods Corporation (JFC), the Philippines' largest fast-food company, named Vietnam as its highest-performing market.

Jollibee's global systemwide sales rose 15.4 percent in the second quarter, led by a 35-percent jump in Vietnam.

Jollibee now ranks first in Vietnam in terms of market share, revenue, and profit, despite being only third in store count.

JFC also operates 896 Highlands Coffee outlets, the vast majority of which are in Vietnam. The Philippine company acquired the local coffee chain in 2012.

In the second quarter, Highlands Coffee reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of nearly $21 million, a 5.8-percent hike from the same period last year.

That figure accounted for almost 26 percent of JFC's coffee and tea segment EBITDA and 5.9 percent of its overall EBITDA.

Industry experts credit the success of international chains in Vietnam to their emphasis on quality, service, and cultural adaptation.

"Gen Z consumers are very selective and demand personalized dining experiences, which forces the market to filter out unfit players," said Le Vu, managing partner at F&B Academy.

He noted that many foreign brands expand slowly and carefully, relying on loyal, high-spending customers rather than rapid growth.

He pointed to Starbucks Vietnam as an example, which operated 125 stores and generated more than VND1 trillion (about $38 million) in revenue in 2023.