[VC Now] Acquisition of a Vietnamese Chicken Chain... Why The Ventures Is Betting on Southeast Asia

Interview with The Ventures Partner Kim Daehyun
The only Korea-affiliated VC resident on the ground, sourcing deals locally
"Feels like Korea 10 years ago... a 100-million-people market is compelling"
"Vietnam's entertainment industry is booming... preparing a film fund"

"As Vietnam's middle class grows, the very first thing that is changing is food. The market is evolving from a country where people mainly ate cheap pho to one where they also spend several hundred thousand won per meal on French cuisine with wine."

The Ventures, a Korean venture capital (VC) firm, has carried out a management rights acquisition (buyout) of the Vietnamese chicken franchise "Chicken Plus." It is an unusual move even in the Korean VC industry to acquire a 65% stake in a local Vietnamese dining company.

In an interview on February 10, 2026, at The Ventures' office in Seongsu-dong, Seongdong-gu, Seoul, Kim Daehyun, a partner at The Ventures, explained the background of the acquisition, saying, "It felt insufficient to only make small minority investments in the face of such massive market growth," and, "We decided we needed to actively jump in, focusing on food and beverage (F&B) and entertainment."

"Founder-led VC The Ventures executes a buyout in Vietnam"

Kim Daehyun, a partner at The Ventures, is being interviewed by The Asia Business Daily. Reporter Hwang Seoyul

Partner Kim is a former founder who co-founded the secondhand trading service Sellit in 2014 with The Ventures CEO Kim Chulwoo. After a successful exit, the two joined The Ventures in 2020. While CEO Kim Chulwoo focuses on investments in Korea, Partner Kim spotted opportunities during a business trip to Vietnam, and now lives in Ho Chi Minh City with his family, overseeing The Ventures' investments in Vietnam and Southeast Asia.

He said, "I judged that there is roughly a 10 to 12-year gap between the startup environments of Korea and Vietnam," and added, "I believed that if we shared our experience and network, we could also generate strong results in Vietnam."

Chicken Plus, the company acquired this time, operates 75 stores across Vietnam. There will be no changes to the existing management team or staff; only the position of controlling shareholder has been transferred to The Ventures. As the core of its future management strategy, the company has identified "strengthening the delivery model." Partner Kim explained, "Up to now, we have run the business mainly with small and mid-sized stores of around 66 to 99 square meters, targeting in-store customers. Going forward, we plan to reduce store size and strengthen delivery and online channels," adding, "Vietnam's delivery market is growing as fast as Korea's."

He also made it clear that the goal is to build a "comprehensive dining group." Partner Kim said, "To put it simply, we are aiming to become the 'Harim of Vietnam,'" and added, "Ultimately, our goal is to operate our own chicken farms, produce the exact chickens we want, and sell them under our own brands." They are planning business-to-consumer (B2C) brands for products such as chicken breast, and are also reviewing partnerships with Korean convenience store brands that have entered Vietnam.

The exit strategy is mergers and acquisitions (M&A). He said, "Large restaurant corporations with annual sales of between 300 billion won and 500 billion won are emerging in Vietnam," and predicted, "If we succeed in scaling up the value of the business, there will be a series of M&A attempts not only from Korean companies but also from other overseas firms."

"Vietnam is the country closest to Korea... policy risk is also low"

Chicken Plus Vietnam store. The Ventures

He cited economic and cultural proximity to Korea as the reason for choosing Vietnam as a strategic market. Partner Kim said, "Vietnam is a core trading partner of Korea, and more than 100,000 Korean expatriates live there. The physical distance is also close, with around 30 flights a day operating between Seoul and Ho Chi Minh City," adding, "The largest foreign bank in Vietnam is even a Korean financial institution, which shows how active Korean companies are in entering the local economy and industry."

He also gave a positive assessment of the foreign investment environment. According to Euromonitor and local reports, Vietnam's dining-out market last year was worth about 31 billion dollars (approximately 4.1 trillion won), growing more than 10% year-on-year. As income levels among those aged 35 and under rise, demand for delivery of Korean food is also surging.

He said, "Vietnam has a population of over 100 million and a workforce that is more diligent and sincere than neighboring countries," and continued, "Above all, the thing foreign investors fear most is a situation where policy changes abruptly, but Vietnam sends consistent signals from the government in favor of overseas investors. Recently, as discussions have begun on establishing an international financial center in Ho Chi Minh City, visa and tax benefits for foreign investors are also being reviewed."

He also shared his analysis of the broader Southeast Asian market. Partner Kim said, "Most companies in the Southeast Asia region have a structure where the holding company is based in Singapore and subsidiaries operate in each country. Singapore makes it easy to set up corporations, allows free cross-border capital flows, and has no capital gains tax," adding, "However, because Singapore's domestic market itself is small, founders design their businesses from the outset to target the entire Southeast Asian region. Indonesia is also a huge market with a population of over 300 million, and its IPO (initial public offering) market is relatively active, so it is a region we must keep watching."

"Aiming to become Asia's top global investment institution"

Kim Daehyun, partner at The Ventures, is being interviewed by The Asia Business Daily. Reporter Hwang Seoyul

The Ventures is focusing not only on the growth potential of the F&B market in Vietnam and Southeast Asia, but also on the growth of the entertainment industry. It is planning to set up a Vietnamese film investment fund in the future. Partner Kim said, "Just as the Korean film 'Shiri' once triggered a theater boom in Korea, I believe a 'Shiri moment' will come to Vietnam as well," adding, "A blockbuster war film released in Vietnam last year attracted 8 million viewers, yet its production cost was only about one-tenth of a comparable Korean film. The return on investment reached 700 to 800%."

Among its local investment portfolio, Ecomobi and Refeed stand out. Ecomobi, in which The Ventures has invested 1 million dollars (approximately 1.4 billion won), is an influencer-based commerce company. Recently, it introduced a 24-hour live-broadcasting system using AI (artificial intelligence) show hosts, dramatically reducing costs. When users send questions through the platform, real-time interaction is possible based on AI. Refeed is a climate-tech startup that supplies sustainable aviation fuel (SAF) using a solution for collecting used cooking oil in Vietnam, and The Ventures has invested in the company four times so far.

Partner Kim also said, "Many domestic and overseas investment firms are looking for opportunities in Vietnam and the broader Southeast Asian market. Japan already has three corporate venture capital (CVC) arms of large corporations that have opened offices in Vietnam and are deploying capital to preempt the market. Malaysian VCs are also actively investing," and added, "Based on our currently managed 'Global K-Consumer Goods Fund,' The Ventures will cement its position as Korea's fastest early-stage consumer goods investor."

He added, "Having been on the ground in Southeast Asia for six years making investments, I believe we have built a strong local network and deal pipeline," and continued, "Our top priority is to leverage this foundation to build a solid investment track record and deliver successful exit experiences to our limited partners (LPs)."