Lý Quý Trung
"Father of Pho 24" — Vietnam's F&B franchise pioneer, author of 10 business books
Who is Lý Quý Trung?
Lý Quý Trung (born 1966) is the founder of Pho 24 (2003), regarded as the "father" of F&B franchising in Vietnam, with 70+ stores across 5 countries. He sold Pho 24 to Highlands Coffee Group for $20 million in 2011. He is currently CEO of Nha Xinh, a professor at Western Sydney University, and the author of 10 business books on F&B and franchising.
Notable Quotes
“Mistakes teach you a lot. Success teaches you very little. Success passes, but mistakes stay with you.”
“In F&B, if you can tally the books at end of day and find profit, that's something to celebrate.”
“Don't overuse the saying "failure is the mother of success." Avoid failure whenever you can.”
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.
Apply this to your shop right now
Enter your specific numbers (capital, expected revenue, costs) → know if your shop is viable in 5 minutes. Free, no signup.
Articles & Resources
Frequently Asked Questions
›Who is Ly Quy Trung?
Ly Quy Trung (born 1966) is a Vietnamese entrepreneur best known as the founder of Pho 24 — the first Vietnamese fast-food chain to be internationally franchised. He has authored several business books and is now based in Australia focusing on entrepreneurship education.
›What is Pho 24 and who founded it?
Pho 24 is a Vietnamese pho chain founded by Ly Quy Trung in 2003. It pioneered the systematic franchising of Vietnamese cuisine, expanding to multiple countries. In 2011, Highlands Coffee/VTI acquired the chain.
›Why did Ly Quy Trung sell Pho 24?
Ly Quy Trung sold Pho 24 in 2011 as part of a strategic transition. The chain was acquired by Viet Thai International (owner of Highlands Coffee), which integrated Pho 24 into a larger Vietnamese F&B portfolio.
›What books has Ly Quy Trung written?
Ly Quy Trung has authored multiple business books on entrepreneurship, franchising and Vietnamese business practices — drawing on his experience building Pho 24 into an international franchise.
›What does Ly Quy Trung do today?
Ly Quy Trung is based in Australia where he focuses on entrepreneurship education, writing, and mentoring young Vietnamese entrepreneurs on how to build scalable and internationally franchisable businesses.
Other Experts
Đào Thế Vinh
Chairman & CEO of Golden Gate — Vietnam's largest restaurant group with 40+ brands and 500+ locations
Trần Lệ Nguyên
Vice Chairman & CEO of KIDO Group — from confectionery empire to ice cream, cooking oil, and F&B chains
Danny Le
CEO of Masan Group — architect of the $455M Phuc Long deal and "Point of Life" consumer ecosystem
Phạm Cao Vinh
Chairman of Goldsun Group — built an empire from Samsung packaging to 16 F&B brands and 200+ restaurants
Found this useful? Share with friends!
Help more F&B owners discover this free tool.
After reading Lý Quý Trung
Lý Quý Trung's insight is a starting point — your shop needs concrete numbers.
Don't just read and forget. Apply "father of pho 24" — vietnam's f&b franchise pioneer, author of 10 business books's thinking to your own model: check feasibility, benchmark costs, or ask AI a specific question.