Chinese hotpot chain Haidilao fetches $88M in Vietnam revenue

Vietnam accounted for 10% of Haidilao’s global revenue (excluding China), according to a disclosure of Haidilao foreign markets operator Super Hi International to the U.S. Securities and Exchange Commission.

A Haidilao hotpot restaurant in Hanoi. Photo courtesy of Haidilao

The chain has seen growing revenue in Vietnam for three consecutive years since it began disclosing data for the market in 2022.

Singapore was the largest international market of Haidilao last year with a revenue of $158.9 million, followed by the U.S. ($103.5 million) and Malaysia ($81.2 million).

The chain posted $778 million from all international markets, representing a growth of 13.4% from 2023.

Haidilao launched its first restaurant in Vietnam in 2019 in Ho Chi Minh City.

It has since brought the total number of outlets in the country to 17, including 10 in HCMC, 6 in Hanoi, and one in the central beach town of Nha Trang.

Founded in 1994 by Zhang Yong and partners, Haidilao originated as a single restaurant in a small town in China's Sichuan province. It has grown into one of the most globally recognized Chinese restaurant brands.

By the end of last year, Haidilao operated 122 restaurants outside of mainland China, having added 7 new international locations during the year.

The chain served 29.9 million customers internationally in 2024, marking an increase of almost 11% increase from 2023.

This translated to an average revenue per customer of $25, slightly up by $0.2 from the previous year.

Despite improvements in revenue and customer traffic, the international division's profit saw a decline of roughly 15%, settling at $21.4 million for 2024.

Super Hi International has attributed the decline to unfavorable foreign exchange rate fluctuations.