Starting with only 2 million VND, Vietnamese bread brand now has 1,000 franchise partners

DNHN - In 2020, Ma Hai Bread achieved total revenue of $2 million. However, due to the impact of the Covid-19 pandemic, the company reported a loss in 2021. Currently, Ma Hai Bread’s revenue has recovered, averaging between $200,000 to $300,000 per month.

In episode 8 of Shark Tank Vietnam season 5, the first startup to pitch was the Ma Hai Bread brand. The brand was founded by Ho Duc Hai and co-founder Doan Van Minh Nhut. They attended the show to seek an investment of 5 billion VND for 10% equity in the company.

Ma Hai Bread began its journey in 2013 and 2014, becoming one of the first brands to popularize fish-ball bread in Ho Chi Minh City. However, shortly after, the market saw many competitors emerging.

Few people know that Ma Hai Bread started with just over 2 million VND. By 2016, the company had opened 40 sales points in Ho Chi Minh City and created hundreds of jobs for students. In 2018, Ma Hai Bread decided to switch to a franchise model. Despite initial challenges, over its 10 years of formation and development, more than 1,000 partners have joined Ma Hai Bread's franchise model, with a distribution system reaching 40 provinces and cities across all three regions of the country.

When expanding to the northern market, Ma Hai Bread faced difficulties due to the taste not being quite suitable. The CEO of the company noted that the palate of Hanoi residents differs from those in Ho Chi Minh City, necessitating adjustments to the flavor to accurately reflect customer preferences.

In 2020, Ma Hai Bread reached a total revenue of $2 million. However, in 2021, due to the Covid pandemic, the company recorded a loss. Currently, the startup’s average monthly revenue ranges from $200,000 to $300,000 (equivalent to over 5 billion VND). This indicates the company's recovery and growth potential in the post-pandemic market.

A representative from the brand asserted: "We continuously strive to control quality and expand our system, aiming to be a friendly partner accompanying everyone each morning, serving all Vietnamese, anywhere and anytime; and to spread the beauty of Vietnamese cuisine abroad, reaching international friends".

H.C