Chinese hotpot chain Haidilao reports $44M Vietnam revenue in H1

Vietnam is one of its four largest overseas markets along with Singapore, the U.S. and Malaysia, with each contributing over 10% of revenues, according to a company filing with the U.S. Securities and Exchange Commission.

A Haidilao restaurant in Hanoi. Photo courtesy of Haidilao

Run in foreign markets by Super Hi International, the chain entered Vietnam in 2019 with its first outlet at the Bitexco Tower in HCMC.

It now has 16 restaurants nationwide: five in Hanoi, 10 in HCMC, and one in central beach town Nha Trang.

Haidilao posted $396.7 in overseas revenue in the first half of the year, up 7% from a year earlier.

Excluding its home market of China, the company opened eight new restaurants and closed four underperforming ones in the period.

By the end of June, Haidilao had 126 overseas outlets, mainly in Southeast Asia, East Asia, and North America.

Super Hi International recorded a pre-tax profit of $34.7 million, 43 times higher than the same period last year.

The company explained that the surge in profit was mainly due to favorable exchange rates after re-evaluating certain assets in U.S. dollars.

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.

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