A Time of Glory
Many of us may still remember a time when, walking along busy streets in Saigon or Hanoi, it was easy to come across the signs of Món Huế, Phở Ông Hùng, Cơm Thố Cháy… These names all belonged to the F&B “empire” known as Huy Vietnam — once regarded as a new symbol of Vietnam’s restaurant chain model.
Behind that spotlight was a polished overseas Vietnamese entrepreneur — Huy Nhat, the founder and CEO. With strong communication skills and a structured business mindset, he turned Huy Vietnam into a “bright spot” in the eyes of international investment funds. Within just a few years, the company raised more than USD 65 million from prominent names such as Templeton, Welkin, Fortress and others.
Investors were drawn to a distinctly Vietnamese startup story: Món Huế — modernizing traditional cuisine and preparing to take Vietnamese food to the world. They bet on the vision. They placed their trust in the founder. But choosing the wrong person to trust is always a lesson that comes at a high price.
A Silent Collapse
One morning in October 2019, everything unraveled. A series of Món Huế outlets suddenly shut down without prior notice. No signs. No announcements. Employees were left stranded. Suppliers gathered at the company’s office to demand payment. Social media erupted. People began asking: “What is happening to Món Huế?” The truth gradually came to light.
Investors did not expect that the financial statements previously used for fundraising had allegedly been falsified. Many bank documents and accounting records were also allegedly forged. Investment funds were quietly withdrawn and transferred to another company owned by Huy Nhat himself — Horizon Property Group — to develop a “ghost” resort project in Hue that had never been approved. Worse still, the company allegedly misused the name of Bánh Mì Như Lan — a long-standing and reputable brand in Saigon — to create internal contracts and withdraw money from Huy Vietnam.
The total amount allegedly misappropriated: more than VND 1.8 trillion.
From Partners to Plaintiffs
No one could have imagined that the same investors who had once praised Huy Nhat would later become plaintiffs bringing legal action against him. They accused him of fraudulently appropriating assets, falsifying financial statements and breaching fiduciary duties. The police stepped in. A criminal case was initiated. Assets were frozen. A once-glorious restaurant empire became mired in disputes, debts and the anger of hundreds of partners. Even more painfully, Huy Nhat had fled.
I have always remembered this case as a classic lesson on the cost of choosing the wrong partner:
- A founder may be capable, but if he lacks business ethics, even the most attractive plan can carry serious risks.
- Even seasoned international investors can make mistakes when they are drawn into a beautiful “dream story” without effective control mechanisms.
- Once trust collapses, nothing can hold the ecosystem together — not the brand, not the employees, not the suppliers, and not the customers.
My concluding thought is this: Do not look only at the vision. In business, everyone hopes to find the ideal partner. But a grand vision, an attractive model and impressive numbers can never replace business ethics and the courage to act responsibly in times of crisis.
The story of “Món Huế” is a clear reminder that when choosing a partner, we should not look only at the vision. We must also look at how they use money, how they honor their commitments, and how they behave when a crisis comes. And there is one truth: even the “old wolves of Wall Street” can be deceived by imaginary numbers wrapped in compelling stories.
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Picture: Ky Thu
