Vincom Retail, Vietnam’s largest retail property network, has signed a memorandum of understanding (MoU) for strategic cooperation with QooQoo Franchise Group, the South Korean operator behind a network of nearly 90 premium buffet restaurants. The agreement, announced in Hanoi, sets out a framework for bringing QooQoo’s large-format dining concepts into Vincom shopping malls through 2027, with Hanoi and Ho Chi Minh City as the priority markets for the 2026–2027 period.
For a Korean franchisor, the route matters as much as the market. Rather than opening a standalone flagship and searching for sites one by one, QooQoo is lining up with the landlord that controls the country’s largest mall portfolio.
The signing ceremony was attended by Kim Young-gi, Chairman of QooQoo Franchise Group, and Pham Thi Thu Hien, Deputy CEO of Sales at Vincom Retail. Under the MoU, the two companies will explore introducing restaurant chains from the QooQoo portfolio into shopping malls and commercial districts that Vincom Retail manages.
The agreement is framed as a partnership to develop large-scale dining concepts across Vincom properties rather than a single-site lease. Vincom Retail gains established international dining tenants with an operating track record; QooQoo gains access to a market of more than 100 million people through a ready-made network of retail destinations.
The MoU also extends beyond restaurant openings. Vincom Retail will support QooQoo’s brand promotion in Vietnam, while QooQoo will help introduce Vincom’s mall network to South Korean consumers, businesses and retail investors. Chairman Kim described the partnership as an important milestone in the group’s strategy to expand into Vietnam.
The landlord is becoming the entry partner, not just the lessor.
Founded in 2011, QooQoo Franchise Group specialises in food service and restaurant franchising and is best known for its sushi buffet concept, which brings a wide range of dishes into one dining venue. According to the announcement, the group operates around 90 franchised restaurants across South Korea and recorded system-wide revenue of KRW 397.6 billion (about VND 7 trillion) in 2024, with average annual revenue growth of more than 30% since 2022.
Key facts from the announcement:
Buffet and hot pot formats need big floor plates, heavy kitchen fit-outs and steady family traffic. In Vietnam, the destinations that combine all three are concentrated in modern shopping centres in Tier 1 cities. Vincom’s statement ties the deal to the rise of experiential dining, with shoppers visiting malls for new experiences as much as for retail.
That logic is familiar to anyone tracking how Korean franchise brands are moving into Southeast Asia. It also contrasts with the kiosk and food-court route that suits small-format restaurant franchises, where site availability is a smaller constraint.
For Vincom Retail, the partnership is a tenant-mix play: another established international F&B brand, plus the possibility of new restaurant concepts that have not yet been seen in Vietnam. For QooQoo, the group’s supply-chain capability and multi-brand portfolio give it more than one format to test across different mall sizes.
It also fits a wider pattern of Asian brands leading Vietnam’s franchise drive, with Korean operators among the most active entrants. Investors weighing the structural side of market entry can find the regulatory and partner-structure detail in VF’s Vietnam franchise market guide.
An MoU is a framework, not a signed development schedule, so the next milestones to watch are the first confirmed sites, the opening sequence between Hanoi and Ho Chi Minh City, and which of the three QooQoo brands leads. The structure also signals something for master franchise negotiations in the region. When a landlord with a national portfolio is part of the entry plan, site risk falls, but the brand’s choice of local operating partner becomes the critical decision.
For multi-unit operators in Asia Pacific and the Middle East, the deal is a reminder that large-format Korean dining concepts tend to scale where a single landlord or developer can deliver several sites on a known timeline.
Source: Asia Food Journal — Vincom Retail partners with South Korean premium buffet giant QooQoo
