Lý Quý Trung

"Father of Pho 24" — Vietnam's F&B franchise pioneer, author of 10 business books

Notable Quotes

“Mistakes teach you a lot. Success teaches you very little. Success passes, but mistakes stay with you.”
Source: VnExpress

“In F&B, if you can tally the books at end of day and find profit, that's something to celebrate.”
Source: CafeF

“Don't overuse the saying "failure is the mother of success." Avoid failure whenever you can.”
Source: CafeF

Advice

A busy restaurant doesn't mean profit

High revenue doesn't equal profit. You must control operating costs daily — if you can count the register at end of day and find profit, celebrate.

Learn with other people's money first

If you lack experience, work for someone else first. Learn with their capital before risking your own.

Location decides life or death

No matter how beautiful a restaurant is, the wrong location means failure. Most of my failures came from choosing the wrong spot.

Key Highlights

✓Founded Pho 24 (2003) — Vietnam's first franchised pho chain, 70+ locations
✓Sold Pho 24 for $20 million USD (2011) — largest Vietnamese F&B deal at the time
✓Author of 10 business and entrepreneurship books (NXB Tre)
✓Professor at Western Sydney University (Australia) since 2016

Biography

Lý Quý Trung (b. 1966, Saigon) comes from an entrepreneurial family — his mother ran Thanh Nien Restaurant for 30+ years in District 1. In 1985, after failing his university entrance exam, he started as a floor mopper at Equatorial Hotel. A foreign guest noticed his dedication and sponsored him to study in Australia. With a Master's in Tourism (Griffith University) and a Doctorate in Business Administration, he returned to co-found Nam An Group with premium dining brands. In 2003, he opened Pho 24 — Vietnam's first air-conditioned pho restaurant, pioneering the F&B franchise model. The chain grew to 70+ locations across Vietnam, Indonesia, Philippines, South Korea, Japan, and Australia. In 2011, he sold Pho 24 for $20 million USD. He openly shares his many failures: Jazz Club, Gloria Jean's Coffee, Yogen Fruz, restaurants in Singapore and Thailand. He is now a Professor at Western Sydney University and founded the LQT Entrepreneur Institute.