Singapore restaurant owner confident in Vietnam market, picks country for first overseas venture

He chose Vietnam as the company’s first overseas market after considering several destinations across Southeast Asia.

According to Tan, what convinced him was not only the size of the market but also the pace of economic and urban development.

"Vietnam is on a recovery path with an eight-percent VAT rate. It is not particularly low, but it remains competitive compared to other economies in the region," he said.

Tan recalled that when he first visited Vietnam more than a decade ago, the streets were far less modern and street vendors were much more common.

More than 10 years later, the country's improvements in infrastructure, urban landscapes, and living standards have left a strong impression on him.

"I can see that Vietnam is developing very quickly. I have confidence in this market. That's why I chose Vietnam," Tan said.

He added that economic growth has been accompanied by rising consumer spending and a faster pace of life.

The country's purchasing power was one of the key reasons behind his investment decision.

"Strong consumer spending is one of the reasons I chose Vietnam first," he said.

Tan also noted a growing number of Vietnamese customers, particularly on weekends when families dine out together.

The comments come as Pin Wei expands its presence in Ho Chi Minh City.

The company opened its first outlet near Ben Thanh Market, where foreign tourists account for around 70 percent of the customers, and plans to open additional locations in Thao Dien and Landmark 81.

Local resources, young talent add to Vietnam's appeal

One of the biggest surprises for Tan since entering Vietnam has been the quality of locally sourced ingredients, particularly seafood.

"Vietnam has excellent seafood, which helps elevate the quality of our dishes," he said.

According to Tan, ingredients such as shrimp, crab, and scallops available in Vietnam are of higher quality than those found in Singapore.

Most ingredients used by the restaurant are sourced locally, with only a few specialty items imported to preserve the brand's original recipes.

Beyond consumer demand, Tan also praised Ho Chi Minh City's business environment.

"In my view, the business environment in Ho Chi Minh City is very open, and security is very good compared to some other countries that I have researched or heard about," he said.

He also expressed confidence in Vietnam's young workforce. Tan said he prefers to recruit and train young employees from the beginning so they can grow alongside the company.

"They are young, have good English skills, and learn very fast," he said.

Factors ranging from economic growth and consumer spending to local supply chains and human resources have contributed to Vietnam's appeal among foreign businesses.

Pin Wei’s owner added that he is far from the only investor recognizing the country's potential.

"Just around the Ben Thanh Market area alone, there are already many restaurants opened by foreign owners," he said.