Vincom Retail entered into an agreement with South Korea’s QooQoo Franchise Group on October 22 to introduce dining concepts to Vietnam. The rollout targets properties across Hanoi and Ho Chi Minh City through 2027.
Founded in 2011, QooQoo recorded KRW 397.6 billion, or approximately VND 7 trillion, in 2024 system-wide revenue across roughly 90 locations in its home market.
The partnership introduces QooQoo’s sushi buffet alongside conveyor-belt format Blue Rail and hot pot brand Always Shabu to Vincom Retail’s portfolio. QooQoo Chairman Kim Young-gi and Vincom Retail Deputy Chief Executive of Sales Pham Thi Thu Hien signed the agreement in Hanoi. Under the terms, Vincom Retail will support local marketing, while QooQoo introduces the landlord’s properties to Korean retail groups and investors.
Anchor Tenants Shift Toward Experiential Dining
Vietnamese shopping center owners face structural shifts in floor space allocation as standard apparel retail yields ground to large-format dining. Landlords in Southeast Asia increasingly rely on high-capacity food operators to draw steady footfall during weekday evenings and weekends. Dedicating several thousand square meters to a multi-brand Korean buffet group locks in regular traffic, but it also ties rental yields to high customer volume and tight inventory turnover.
For mall operators, high-turnover buffets reduce vacancy risk in multi-level developments where upper floors struggle to draw fashion shoppers. The risk shifts directly to operational execution. All-you-can-eat seafood concepts require constant cold-chain deliveries and strict waste control to maintain margins, particularly in tropical climates where spoilage costs mount quickly.
Supply Lines and Franchise Competition in Southeast Asia
Founded in 2011, QooQoo built its domestic Korean business around an integrated supply chain that handles food imports, logistics and digital commerce. That background protects margins in South Korea, where the business maintained average annual sales gains above 30 percent since 2022. Replicating those logistics in Vietnam tests the company against entrenched regional competitors.
QooQoo brings recognizable scale from its home market, but it enters Vietnam without an established domestic ingredient network. Sourcing fresh sushi components and maintaining consistent pricing across two major metropolitan areas will determine whether its unit economics survive beyond promotional launch periods.
Cross-Border Retail Push Through 2027
The Korean operator expanded steadily over the past decade, securing industry recognition that includes six consecutive Brand of the Year titles in South Korea for its sushi buffet division alongside ministerial awards in 2024 and 2025. Partnering with Vietnam’s dominant commercial property owner gives it immediate access to a market of more than 100 million people without negotiating site leases one property at a time.
Site selections and initial lease allocations for the first QooQoo outlets in Hanoi and Ho Chi Minh City are scheduled to take shape as the rollout phase runs through late 2027.
