Doan - Quang Minh

Banh Mi Food Truck in Viet Nam
Doan Quang Minh

Haaga-Helia University of Applied Sciences
Bachelor of Hospitality Management
Product-based thesis
2023
Abstract
Author(s)
Doan Quang Minh
Degree
Bachelor of Hospitality Management
Report/Thesis Title
Banh Mi Food Truck in Viet Nam
Number of pages and appendix pages
46 + 6
With the use of this product-based thesis, the intention is to devise a business strategy that is not
only practicable but also competitive and profitable for the banh mi food truck firm in Vietnam.
The purpose of the thesis is to provide a step-by-step guidance on how to develop a new start-up
firm, as well as a tool to analyze the viability of the business. By bringing together and establishing
a connection between the theory and the findings of the research, the primary purpose is to de-
velop a business strategy.
Within the framework of the thesis, the theoretical section includes subjects that are associated
with the banh mi and the food truck industry. The author conducted research and analysis on the
history of banh mi, along with a comparison of the food truck market in Vietnam and throughout
the world, the importance of business plans, and the format of business plans.
The author used the observation method to observe and evaluate the food cart market and cus-
tomer behaviors towards street food in Viet Nam. Additionally, the author conducted interviews
with owners of food carts in order to gain a better understanding of the phenomenon of the street
food movement and the mobile catering sector in Viet Nam.
In order to complete the thesis, the author developed a practical and distinctive business plan that
addresses the most important aspects of the business plan format. This plan serves as the final
output of the thesis. An innovative company concept known as "A Banh Mii" was developed by
the author.
The concept of "A Banh Mii" has a hypothetically high probability of being successful in the busi-
ness environment, according to the market analysis, research, observations, and financial projec-
tions that have been conducted.
The thesis was researched and developed in summer 2023 and completed in November 2023.
Key words
Business plan, Banh mi, food truck, start-up
Table of contents
1 Introduction ................................................................................................................................ 1
2 History of Bánh Mì ...................................................................................................................... 2
3 Food truck .................................................................................................................................. 3
3.1 Food truck market ............................................................................................................. 3
3.1.1 Food truck market around the world ....................................................................... 3
3.1.2 Food truck market in Vietnam ................................................................................ 4
4 Business plan ............................................................................................................................. 5
4.1 The importance of a business plan .................................................................................... 5
4.2 Format of a business plan ................................................................................................. 6
5 Methodology ............................................................................................................................. 12
5.1 Observation method and SWOT...................................................................................... 12
5.2 Qualitative interview method ........................................................................................... 14
5.3 Results and outcomes ..................................................................................................... 19
6 Business plan for Bánh Mì food truck ....................................................................................... 23
6.1 Title page ........................................................................................................................ 23
6.2 Executive Summary ........................................................................................................ 23
6.3 Business Description ....................................................................................................... 23
6.4 Management ................................................................................................................... 26
6.5 Product Development ...................................................................................................... 27
6.6 Marketing plan................................................................................................................. 28
6.6.1 Flyer..................................................................................................................... 29
6.6.2 Website and social media .................................................................................... 29
6.7 Financial Data ................................................................................................................. 30
6.7.1 Sales forecast ...................................................................................................... 30
6.7.2 Salary calculation ................................................................................................. 32
6.7.3 Depreciation......................................................................................................... 34
6.7.4 Bank loan and interest ......................................................................................... 34
6.7.5 Income Statements .............................................................................................. 35
6.7.6 Cash Flow Statement ........................................................................................... 37
6.7.7 Balance Sheet ..................................................................................................... 38
6.8 Application of Funds ........................................................................................................ 38
7 Discussion and conclusion ....................................................................................................... 39
References ................................................................................................................................... 40
Appendices ................................................................................................................................... 42
Appendix 1. Questionaire for food cart owner ........................................................................... 42
Appendix 2.Title page of A Banh Mii business plan .................................................................. 44
Appendix 3. Draft design for menu ........................................................................................... 45
Appendix 4. Flyer draft design .................................................................................................. 46
Appendix 5. Website draft design ............................................................................................. 47
1
1 Introduction
Bánh Mì is a cuisine that is essential for any Vietnamese person, regardless of where they live in the
country or the world. A cuisine that can be found in a variety of settings in Vietnam, including sidewalk
stalls, restaurants, and hotels. This thesis was written by the author with the intention of opening a
food truck that specializes in selling bread. The author was motivated to write the thesis by the cui-
sine the author enjoyed as a youngster called banh mi.
The author spent his first 12 years of high school in Vietnam, where his go-to breakfast dish was
bánh mì. This recipe was inspired by the author's youth. When the author went to Finland to pursue
his education at a foreign institution, he witnessed for the first time mobile food trucks serving ice
cream, burgers, kebabs, and other such items for the first time. This experience inspired the author
to implement the food truck concept in Vietnam. Mobile food trucks are common in Finland, particu-
larly during the warm summer months and late at night throughout the year. At the cherry blossom
festival that took place in May 2022, the author once indulged in some ice cream from an ice cream
truck. Since more than a year ago, the author has been working on developing the concept of a food
truck that sells banh mi sandwiches. The concept of operating a food truck business in Vietnam is
still in its infancy as a market for the food and beverage sector in Vietnam.
In point of fact, the majority of fast food and snacks served on the street are done so by street
vendors who set up shop on the sidewalk, often using small mobile vending carts. This is the con-
ventional version of the mobile sales truck vehicle that is seen all around Vietnam, from rural areas
to urban areas. You can spot these trucks just about anywhere.
2
2 History of Bánh Mì
According to Thuy An, Banh Mi, a culinary gem synonymous with Vietnam, traces its roots back to
a time when the country was under French rule from 1887 to 1954. The French, faced with the
cimpracticality of importing their traditional foods to Vietnam, introduced a variety of crops and live-
stock to sustain their diets. Wheat, a crucial component of the iconic French baguette, proved chal-
lenging to cultivate in Vietnam, making this loaf a luxurious item reserved solely for the French elite.
The Vietnamese, considered inferior, were denied the privilege of sharing the same cuisine as their
colonial masters.
The narrative takes an intriguing turn during World War I, as French authorities seized two German-
owned import companies. Unveiling a treasure trove of Western foods in their warehouses, these
goods found their way to local markets in Ho Chi Minh City, offered at discounted prices within the
reach of the local population. The surge in wheat shipments from America, coupled with a shift to-
wards locally sourced ingredients, demystified the baguette, transforming it from an elusive luxury to
an accessible commodity.
In the late 1950s, the transformative moment for Banh Mi occurred in Ho Chi Minh City when Mr.
and Mrs. Le ingeniously melded the French baguette with Vietnamese ingredients. Departing from
the French tradition of serving toppings separately, they introduced a revolutionary approach, em-
bedding diverse ingredients directly into the bread for convenience. This innovation heralded the
birth of Banh Mi, a quick and easy-to-make dish that quickly gained popularity and made its way to
Hanoi. (Thuy An 2021).
Banh Mi transcended its breakfast origins and became a versatile dish enjoyed throughout the day.
Originally filled with ham and pork liver pâté, Banh Mi has evolved to include an extensive array of
fillings such as grilled pork, chicken patties, pickled veggies, and even French fries. The choices are
seemingly limitless, reflecting the creativity and adaptability embedded in Vietnamese culinary cul-
ture
This culinary evolution of Banh Mi serves as a testament to the resilience of cultural traditions in the
face of historical upheavals. The dish's transformation from a symbol of French elitism to a staple of
Vietnamese cuisine mirrors the adaptive spirit of a nation. Banh Mi stands as a living testament to
the power of cultural exchange, showcasing how a fusion of flavors and ingredients can give rise to
a beloved dish that transcends borders and time. In every bite of Banh Mi, one can savor not just
the delightful combination of spicy, salty, sour, savory, sweet, and aromatic notes but also a rich
tapestry of history and innovation that has shaped this iconic Vietnamese delicacy. (Thuy An 2021).
3
3 Food truck
A food truck is a large vehicle containing cooking and selling equipment. Weber says mobile food
vendors have been in the US since the 1860s. Chuck wagons were established by Colonel Charles
Goodnight in Texas to bring pre-prepared meals to his cowboys during long treks. Food carts sold
tamales, which became famous during the next decade and could be found everywhere in Los An-
geles. More others opened ta-male carts near the gas station and water line. Walter Scott opened
his first "food truck" in 1872. He sold local workmen breakfast sandwiches and pies. At the start of
the 20th century, thousands of mobile meal vendors appeared in New York City as more individuals
worked outside the home. Theatergoers may buy them at night, when most stores are closed. Weber
et al. (2012). In the 1980s, several would-be entrepreneurs began food trucks. Food trucks used to
sell hamburgers, sandwiches, hot dogs, and ice cream. After being fired amid the 2008 restaurant
sector slump, more chefs started their own businesses. In the late 2000s, food trucks proliferated
across the US, allowing customers to choose their meal. The addition of Mexican and Korean cuisine
had broadened the food truck business, according to Chilangoswa (2022).Advanced technology,
minimal operating costs, and simple management enable this. From North America to Europe and
Asia, food trucks are everywhere.
3.1 Food truck market
The purpose of this section is to examine the market in Vietnam in comparison to the market in other
countries across the world in order to determine the potential of the food truck business model.
3.1.1 Food truck market around the world
“According to a market research study published by Custom Market Insights, the demand analysis
of Global Food Truck Market size & share revenue was valued at approximately USD 5.01 Billion in
2022 and is expected to reach USD 5.26 Billion in 2023 and is expected to reach around USD 7.55
Billion by 2032, at a CAGR of 6.2% between 2023 and 2032”, said Custom Market Inisghts. (Limited,
2023).
Food trucks are a global phenomenon that has taken off in recent years, changing local cuisine in
many places. Food trucks have spread throughout North America, Europe, Asia-Pacific, Latin Amer-
ica, the Middle East, and Africa, providing a variety of cuisines and distinctive dining experiences.
North America: North America pioneered the food truck movement. Food trucks in American cities
have increased significantly. Food trucks are now frequent at events and college campuses. This
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trend is driven by the region's diverse culinary culture and the demand for fast, unique dining expe-
riences. Due to its mobility, food trucks can serve a wide range of clients searching for a unique
dining experience.
Europe: Food trucks are growing in Europe, but slower than in North America. Gourmet food trucks
are more common in London, Berlin, and Barcelona. These trucks serve cosmopolitan dishes and
elevate street fare. However, severe rules and lengthy authorization procedures in some locations
have hindered food truck expansion across Europe. Despite these challenges, the business is es-
tablishing itself by combining gastronomic variety and regulatory flexibility.
Asia-Pacific: Food trucks are popular here. Food trucks with creative menus that incorporate fusion
and traditional cuisines have taken off in South Korea, Japan, and Australia. Urban youth, who want
unique dining experiences that meet their shifting tastes, have driven the food truck revolution.
Latin America: Food trucks are a vital component of the gourmet scene in Latin America, particularly
in places like Mexico City, São Paulo, and Buenos Aires. Modern food trucks are a nod to the area's
street food heritage. Mobile kitchens showcase Latin American food's dynamic spirit by keeping tra-
ditional flavors and adding innovation and technology.
Middle East and Africa: The food truck sector is young in these regions, but growth is encouraging.
Food trucks have become more popular in South Africa and the UAE, offering a variety of cuisines
to satisfy customers. As these places urbanize and adopt worldwide culinary trends, the food truck
movement will increase, offering a new perspective to local dining. Limited (2023).
3.1.2 Food truck market in Vietnam
In Vietnam, food trucks are a novel and unique F&B paradigm. Even so, Vietnamese people had
food vendors during the late 1900s French war. Pho, banh mi, and other meals were sold from
shoulder-mounted stalls. Street sellers carried food from rural to urban areas. They will start early in
the morning, while people are still sleeping, and bring wooden benches for consumers to enjoy
morning offers near sellers. It's still part of Vietnamese culture. Vietnam has sidewalk vendors with
plastic tables and chairs. Food poles were replaced by wheeled food carts after sellers invested.
They may add fire or electric burners and adorn carts to attract customers. Vietnamese entrepre-
neurs rarely invest in food trucks since they cost tens of times more than a little cart that can be
pushed or dragged by a vehicle. Trung Tin (2020) reports that Pizza 4P's and other popular food
truck businesses are still around. The food truck development environment in Vietnam is still young,
thus entrepreneurs and start-ups have many opportunities. Food truck companies in Vietnam are a
short-term solution for businesses since they can learn about customer segmentation and get prod-
uct feedback without worrying about rental costs, facilities, or staff.
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4 Business plan
A business plan is a thorough document that serves as a company's strategic roadmap, defining its
goals and strategies for accomplishing them. Every entrepreneur or startup must have a business
plan that defines how their firm will operate, whether it will be successful or unsuccessful, and
whether it will be good enough to attract investors and loaners. The next parts will describe the
importance of a business plan and how it should be formatted.
4.1 The importance of a business plan
A well-thought-out plan is essential to running a profitable enterprise. This carefully crafted strategic
plan provides specific estimations and breaks down in detail the steps that are necessary for a com-
pany to take in order to achieve its objectives. A business plan is more than just a formality; it assists
business owners in defining their vision and establishing goals that are within their reach. The pro-
prietor is obligated to do a comprehensive examination of all operational elements, including market
positioning and analysis of the competition, before developing a marketing strategy that is consistent.
A business plan fulfills several vital purposes and is an essential tool for entrepreneurs and compa-
nies:
+ Creating a Clear Path: Putting a vision into a workable action plan is made easier with the aid of a
written business plan. (Jackson 2022).
+The Planning Process: It's interesting to note that the process of writing a business plan is fre-
quently regarded as having greater value than the plan itself. It describes the actions required to
convert a concept into reality and is crucial for planning and growth. This procedure calls for rigorous
analysis of the company's objectives, strategy, and operating procedures, all of which are crucial for
a successful enterprise. (Jackson 2022).
+Outlining Goals and Strategy: The business plan aids in outlining a plan for launching and operating
the company. It offers information on the actions that must be taken, the materials needed, and a
schedule for accomplishing company objectives. Notably, companies that use planning typically see
a 30% quicker rate of growth than those that don't. (Dickman 2022).
+Setting Objectives and Acquiring Resources: Establishing precise objectives and rules for company
administration requires a business plan. Setting goals for employees, obtaining capital, and even the
process of selling a business can all benefit from it. (Indeed editorial team 2022).
To sum up, a business plan is more than just a document—it's an essential instrument that may help
steer a company from its inception to its expansion, assist in defining objectives and strategies, and
6
offer a framework for allocating resources and making decisions. It is essential to a company's de-
velopment and success.
4.2 Format of a business plan
As was just discussed, it is absolutely necessary for every enterprise that intends to be profitable to
have a business plan. Having a company of your own might help you determine whether or not the
financial aspects of your business plan are feasible. It has been proposed by Les Nunn and Brian
McGuire that a good business strategy should include a total of eleven sections, including: : (1)Title
Page, (2) Table of Contents, (3) Executive Summary, (4) Business Description, (5) Management (6)
Market and Business Analysis, (7) Business and Market Development, (8) Marketing and Sales, (9)
Financial Data, (10) Application of Funds, and (11) an Appendix. ( Nunn, L. and McGuire, B., 2010
95-104).
Title Page
On the cover page of the business plan, you should include the following key details: the company
name, the logo, the date the company was formed, the contact information of the person who will be
in charge of the finances, and the website address. Include a disclaimer that you will not disclose
the information in order to safeguard your company ideas.
When you showing your business plan to many people remember that a master list of recipients
should be kept, control numbers should be written on each copy of the business plan, and it should
be made sure that copies may be retrieved after they have been reviewed. ( Nunn, L. and McGuire,
B., 2010 97).
Table of Contents
In certain situations, it is possible that certain prospective investors or lenders may not read a busi-
ness plan in a sequential manner. Therefore, it is advisable to include a comprehensive and well-
structured table of contents in order to facilitate ease of navigation and comprehension. The inclusion
of a table of contents, with separate tabs for each section, will facilitate navigation and facilitate
review for both investors and the author.
Enhance the plan's usability and optimize its impact on potential investors or lenders through the
implementation of a clear and organized presentation of all sections and appendix attachments. This
will facilitate the process of information retrieval for both the author and the readers, ensuring timely
access to the required information. ( Nunn, L. and McGuire, B., 2010 97).
Executive Summary
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The Executive Summary should be a short but complete summary of the business plan and model
that is meant to get people interested. Even though it's only two pages or less, it needs to be well-
written and easy for people who aren't familiar with the industry to understand. This part should
clearly explain the company's aims, plans, and reasons for existing. It should be easy for everyone
to understand, even possible investors and bankers.
The Executive Summary should quickly talk about every part of the business plan. The goal is to get
people interested enough in the plan to want to read more. It should clearly explain the main points
of the business, like how much money is needed and what it will be used for, in a way that is both
useful and interesting, making a good first impression on possible investors or lenders. ( Nunn, L.
and McGuire, B., 2010 97).
Business Description
 Mission: In the mission section, use plain, simple language to clearly articulate your compa-
ny's objective or major purpose. Include a list of key principles that are important to your
company. Ensure that the mission statement expresses your enthusiasm for the company
and underlines the distinctive characteristics that set it apart from the competition. This clarity
and sincerity are critical for communicating your company's underlying ideas and aims. (
Nunn, L. and McGuire, B., 2010 97-98).
 Facilities: You should include and describe your current facilities in this section of your com-
pany plan, including their location, size, function, and how they are used. Include a simple
drawing of the property for better visualization. Be brief yet specific, explaining what your
facility looks like or is envisioned to look like, as well as how these facilities contribute to your
business operations. Forecast the demand for new facilities as well, describing expansion
indications as well as plans for building and funding them. Mention the anticipated financial
benefits of these expansions briefly, and lead readers to the financial data section (with a
specific tab number) for further information.
Explain why you chose to build or buy rather than lease, or vice versa, based on your busi-
ness strategy. Discuss the areas of your business operations that you intend to outsource to
others, as well as the reasoning for these decisions. ( Nunn, L. and McGuire, B., 2010 98).
 Business Strategy: Describe your company's products and services, emphasizing value
propositions and target markets. Discuss the problems your company will solve for possible
clients, as well as alternative markets and future product or service expansions, as well as
indicators for when it's time to extend your services. Explain how your products and services
may be perceived by customers, emphasizing the unique values and benefits they provide. (
Nunn, L. and McGuire, B., 2010, 98-99).
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Management
Emphasize the Composition of the Management Team: Incorporate a distinct segment inside the
business plan that is specifically allocated to the management team. Provide a comprehensive list
of significant persons, accompanied by concise biographical descriptions highlighting their qualifica-
tions and notable accomplishments within their respective responsibilities. The significance of this
part should be pointed out, as investors and lenders frequently evaluate the strength and proficiency
of the management team when contemplating financial support.
Description of Unfilled Positions and Advisors: In the case of any unoccupied managerial positions,
a clarification of the preferred skills and personal attributes sought in potential candidates. Provide
a comprehensive enumeration of all external advisers engaged in the business, including but not
limited to accountants, lawyers, insurance agents, and business advisors. If relevant, it is important
to give information regarding the board of directors in the context of corporations. The resumes of
both in-house and external managers and advisers should be included in the Appendix section of
the business plan. ( Nunn, L. and McGuire, B., 2010 99).
Market and Business Analysis
This part is critical to comprehending and assessing the potential and current state of your company
endeavor. To help lenders or investors understand your company's existing situation, start by outlin-
ing its current structure and operations. Perform a SWOT analysis to offer a thorough evaluation:
 Strengths: Enumerate and highlight the key areas in which your business succeeds. Deter-
mine your areas of strength in your business activity and accentuate them.
 Weaknesses: Identify the areas in which your company needs to improve, such as possible
issues with bookkeeping and accounting. Since acknowledging these flaws is a sign of in-
depth self-analysis, be forthright about them. Talk about solutions to these shortcomings as
well.
 Opportunities: Determine whether there are any holes or needs in the market that your
company can address. Explain how you intend to take use of these chances for development
and achievement.
 Threats: Take into account outside variables that can have a detrimental effect on your com-
pany, such as localized economic downturns or fierce rivalry. Describe the steps you will take
to counter and lessen these hazards.
Additionally, compare and contrast the various SWOT analysis components. Demonstrate how your
strengths can help you seize chances and defeat dangers, as well as how you intend to resolve any
9
weaknesses that may arise in connection with these opportunities and threats. This analysis shows
that you can create well-thought-out answers to possible problems.
Lastly, pay attention to your rivals. Talk about their background, how they operate, and how your
company will set itself apart from them. Think about the possibility of new competitors appearing and
how you plan to position your company to counter that. In addition to aiding in strategic planning,
this thorough analysis reassures investors of your understanding of and readiness for market prob-
lems. ( Nunn, L. and McGuire, B., 2010, 99-100).
Business and Market Development
Discuss your company's proposed location, whether to build or buy, and the labor market's availa-
bility, cost, and skill level in relation to your demands. Regional labor and management relations and
growth prospects can affect site selection. Consider whether your product or service needs expen-
sive or scarce resources and their availability. Credibility increases with image-supported focus
group comments about your business's potential.
After describing your market and industry, discuss operations. Discuss customer preferences, in-
dustry trends, and pertinent surveys to gain credibility. Your company's strategy, market share
growth, and estimates should be explained. Explain your client selection process in footnotes or
appendix.
Assess, reduce, and control risks. Discuss your plan for each main risk. List products and services,
their advantages over competitors, and consumer value. Attach supporting Appendix brochures and
posters.
Discuss labor market developments, trained personnel shortages, and subcontracting. Explain how
you'll satisfy clients. Include online surveys, complaint processing, and company decision-making.
Develop a comprehensive customer service strategy to assure availability and responsiveness. (
Nunn, L. and McGuire, B., 2010, 100-101).
Marketing and Sales
Explain your marketing strategy and how your company will attract new customers in your business
plan. This includes providing lenders or investors with a comprehensive sales strategy that differen-
tiates your organization and appeals to the target market. List your mail, flyer, networking, radio, TV,
and internet marketing strategies. The appendix should contain photographs of sales brochures for
easy reference. These details show you've considered your plan and are ready to sell.
10
Your plan should address how marketing and PR may affect customer perception. Small focus
groups altered your marketing. They can help you explore joint ventures, design market research
methods, and discover partners. You should show that you understand your market and have a
customer retention strategy. Emphasize the importance of balancing direct involvement and dele-
gating. Startups that try to handle everything themselves may miss details. To succeed, show you'll
get help from others, like recruiting or creating deals.
Finally, talk about your marketing goals, especially the one you want quickly: more sales. Start with
your "no-frills" attitude and marketing campaign evolution. Discuss how you'll set your firm apart from
competitors for the same clients. Offering a monthly newsletter or other creative marketing methods
could attract and maintain customers. Your marketing plan should evolve with your company and
market demands and competition. ( Nunn, L. and McGuire, B., 2010, 101).
Financial Data
This section highlights the value of financial information in your business plan, which is frequently
considered by investors to be the most important component. It's critical to show that you have a
solid grasp of the financial resources available to your company. Key components consist of:
+Estimate the number of customers, utility bills, insurance premiums, and other financial factors for
your profit and loss statement. Prior to investing your own or someone else's money, it is imperative
that you comprehend these expenses and incomes. If your business plan isn't working, make the
required changes. Make precise cost estimates by applying your expertise of the sector, and seek
advice from experts such as accountants for further information.
+Income Statements and Projections: Create a three-year profit and loss statement while also taking
a five-year plan into consideration. Provide a thorough forecast of revenues together with an expla-
nation of the assumptions used. Describe how new tools or techniques could save expenses and
boost productivity. Make sure the pertinent elements of your company plan, such as the marketing
and industry analysis sections, bolster your financial predictions.
+Cash Flow Statement and Balance Sheet: Create an owner's equity, liabilities, and assets balance
sheet. Even if it's occasionally disregarded, this is essential for proving your company's financial
stability. The cash flow statement, which shows how your company will handle its finances to main-
tain operations, is crucial. It should forecast cash flows in and out, highlighting how crucial cash flow
management is to the long-term viability of the company. ( Nunn, L. and McGuire, B., 2010, 101-
103).
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Application of Funds
This document will delineate the financial prerequisites, encompassing the initial operational capital,
asset acquisitions, development expenditures for services/products, marketing outlays, and working
capital necessities in accordance with the cash flow projections. Please provide further clarification
on the allocation of investments or loans among the four specified groups.
Provide a comprehensive outline of the "Repayment Proposal," delineating the specific duration dur-
ing which lenders and investors will be reimbursed, predicated upon meticulous financial estimates
pertaining to profitability and cash flow. The purpose of this communication is to highlight the objec-
tive of utilizing excess revenues for the purpose of mitigating outstanding obligations owed to banks
and investors. It is crucial to underscore that the long-term viability of the organization is contingent
upon consistent financial management and strict adherence to a meticulously formulated strategy. (
Nunn, L. and McGuire, B., 2010, 104).
Appendix
The Appendix should contain essential data to support Business Plan claims. This data may come
from population surveys, product literature, sales sheets, customer lists, media coverage, market
research, patents, and advertising. The Business Plan can be strengthened by adding these re-
sources.
To guarantee a comprehensive comprehension of the subject matter, include resumes of key staff
and advisers, detailed explanations of market analysis formulas and procedures, and copies of sales
brochures and flyers. This technique provides a complete background for the topic.
The plan must have tabs and references for each exhibit, such as "Exhibit A" and "Exhibit B." The
investor/lender and business owner should be able to easily navigate these exhibits in the Table of
Contents. This is vital since the business plan guides its creation and operation. ( Nunn, L. and
McGuire, B., 2010, 104).
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5 Methodology
Owing to time constraints, the author was unable to conduct interviews with food truck owners in
Vietnam. However, to comprehensively explore the dynamics of Vietnam's street food environment,
customer behaviors, and the management tactics of food cart operators, two different research meth-
odologies were employed. The Observation method was used for examining fast food vendors and
assessing customer profiles. In contrast, to capture the viewpoints of food cart owners, the author
opted for a Qualitative interview technique.
5.1 Observation method and SWOT
Observation method
An entire day was devoted to the author's exploring of the city of Hanoi, which is where the author
resides. In order to select locations, the author takes into consideration a variety of factors, such as
densely populated regions, schools, businesses, and offices. In accordance with the aforementioned
criteria, the author chose three locations: the Hanoi Old Quarter, the Hanoi National University, and
the THL Investment Business Company Limited, which is located directly across from the author.
The majority of small businesses, according to the author's findings, are food cart business concepts.
When it comes to this business model, there will be two primary types: the traditional food cart model
and the food cart model that follows trends.
The author makes use of the observation method and the SWOT analysis in order to observe and
evaluate the food cart market and customer behaviors towards street food in Viet Nam. This allows
the author to gain an understanding of how the market operates, what the current trends in the
catering industry are, what potential target groups of customers are, what people are willing to pur-
chase, what kind of food they want to try, and what the price range is for the products that are being
offered.
SWOT
Table 1. SWOT Analysis between traditional food cart model and trendy food cart model
traditional food cart model food cart model following trends
Strength +Diversity in food and beverage +Food and beverage products are
products widely known based on trends on so-
cial networks
+Low investment (ingredients, lease,
labor, electricity, etc)
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+High mobility +Low investment (ingredients, lease,

labor, electricity, etc)
+ Cheap price (from 50 cents to 1.5
euros) +High mobility
+ Cheap price (from 50 cents to 1.5 eu-

ros)
Weakness + Operating time is limited by cus- +Operating time is limited by customer

tomer behavior behavior
+ Lack of management skills + Lack of management skills
+ Lack of marketing skills + Lack of marketing skills
+Conservative and rarely listen to + Products are affected by customer

customers' opinions tastes and last for a short time
+ Price is limited due to the general + Price is limited due to the general
level of the market level of the market
Opportunities + Has a stable and loyal customer + Short-term business, quick capital re-
base covery
+ Suitable for small and medium- + Suitable for small and medium-sized
sized businesses and start-ups businesses and start-ups
+Easy to access due to promotion by +Easy to access due to promotion by

food reviews on social networking food reviews on social networking plat-
platforms forms
Threats + Influenced by weather reasons +The number of customers decreased

significantly when the trend began to
+Choosing the wrong business loca-
cool down (about 2 to 3 months)
tion may result in fines
+ Influenced by weather reasons
+Many competitors
+Choosing the wrong business loca-
tion may result in fines
+Many competitors
14
5.2 Qualitative interview method
Due to the fact that there is not a single food truck in the city of Ha Noi, where the author intends to
establish a food truck business, conducting interviews with food truck operators is extremely chal-
lenging. Instead, the author makes an effort to conduct interviews with owners of food carts because
of the parallels between that type of vehicle and a food truck. Despite the author's efforts to connect
and communicate with a number of owners, only two owners agreed to participate in interviews.
Nguyễn Khánh Ngọc, owner of the food cart known as "Sinh tố - Nước ép," and Trần Văn Nam,
owner of the food cart known as "Bánh Hot Dog," are the two owner in question.
The author has imposed a total of twenty-five questions on owners of food carts, including : Infor-
mation about food cart, product, customer, logistics, operation, competition, marketing and adver-
tisement, financial and risk. The questions may be skipped due to time constraint and some ques-
tiones were refused to answer by owners.
Figure 1. ‘Sinh Tố - Nước Ép’ food cart (Sinh tố - Nước ép)

15
Figure 2. ‘Bánh Hot Dog’ food cart (Bánh Hot Dog)
Information about food cart
Sinh tố - Nước ép: The ‘Sinh tố - Nước ép’ food cart owned by Nguyễn Khánh Ngọc was established
in 2021. She was employed at a shoe factory, and when the factory began to fire employees owing
to the after-effects of the COVID-19 virus, she came up with the idea of opening her own food cart.
Both she and a buddy of hers worked at the food cart. She was one of the two employees. The food
cart does not have a specific name, the phrase ‘Sinh tố - Nước ép’ represent for selling fruit bevar-
ages. After a period of time, she added more products to suitable with customers’ interest.
Bánh Hot Dog: In 2023, Trần Văn Nam, who had previously worked as a car trader, launched his
'Bánh Hot Dog' food cart as a supplementary business venture. As a result of the major new laws
that were implemented in the market for old cars, Nam looked for an alternate source of income.
Through the application of his business drive, he made the decision to enter the field of food service.
16
According to the owner, he does not have a name for his food cart and has simply written down what
products he sells and printed it on the food cart.
Product
Sinh tố - Nước ép: The food cart sells four sorts Vietnamese products: banh mi, sticky rice, stir-
fried noodles, and beverages.The food cart primarily serves breakfast and afternoon snacks. Prices
ranged from 10.000 VND to 25.000 VND.Banh mi with paté(bánh mi pate trứng thịt), stir-fried noodle
with sausage and egg (mỳ trộn xúc xích trứng), and lemon iced tea (trà chanh) are the most popular
items.The least favorite product is the banh mi with paté and egg (bánh mì pate trứng).The owner
intends to expand the vegan alternatives for banh mi and stir-fried noodle.
Bánh Hot Dog: The food cart offered three different items for sale: a Korean hot dog known as the
Bánh Hot Dog, chicken cheese hash browns known as the Bánh gà phomai, and sour fried spring
rolls known as the nem chua rán. However, due to the fact that chicken cheese hash browns are
difficult to maintain throughout the day, he is now just selling Korean hot dogs and sour spring rolls.In
the afternoon and evening, he is solely available to service.The price of a Korean hot dog is 15,000,
and the price of a sour spring roll is not more than 7,000.
Customer
Sinh tố - Nước ép: Because of its convenient location close to Vietnam Japan University, the food
cart has quickly become a favorite hangout for students attending that institution. Its proximity to the
school and costs that are kind to one's wallet make it a perfect alternative for individuals who are
looking for a meal that is both quick and economical. Students are particularly drawn to it because
of the convenience it provides for a quick breakfast, which is ideally aligned with the busy schedules
that they have for their academic tasks. In addition to this, the cart offers a social space that is
furnished with chairs and tables, allowing kids to congregate, eat, and interact with their peers.
Bánh Hot Dog: The food cart, which is located near many residential apartments, mostly serves
local residents, with children and young people constituting the majority of its customers. These
younger clients enjoy the street cuisine supplied by the cart as a wonderful afternoon snack. The
cart's offerings are also appealing because they are reasonably priced, making it a popular alterna-
tive for individuals searching for a tasty snack without spending too much money. Furthermore, the
foods are supplied with chili sauce and ketchup, which cater to the interests of youthful clients who
frequently prefer these condiments. The food cart's mix of low costs, convenient location, and kid-
friendly flavors has made it a favorite among the younger residents of the local town.
Logistics
17
Sinh tố - Nước ép: Mrs. Ngọc carefully chose to locate her company adjacent to Vietnam Japan
University, taking advantage of its close proximity to her home and dense student population. She
bought a used food cart that she refurbished herself. She got the assistance of mechanics who
specialize in food cart modifications to ensure that it fit her unique requirements. Notably, Mrs. Ngọc
took the initiative to put the menu right on the cart, giving her business a personal touch. . Purchasing
a used food cart, on the other hand, provided its own set of obstacles, particularly in determining its
durability and cleanliness. She was conscious that any neglected flaws could result in additional
repair charges, particularly if the vehicle had been poorly reconstructed by the mechanic.
When it comes to equipments of the food cart, recognizing her customers' penchant for hot and
crispy banh mi, she outfitted her cart with a panini press grill, which was well-received by her cus-
tomers. Mrs. Ngọc cleans her equipment and cart at the end of each day with cleaning chemicals
and water, assuring hygiene and upkeep. She also checks and oils the cart's wheels on a regular
basis, which is critical given its mobility and daily transit on the roadways.
Bánh Hot Dog: Mr. Nam choose the conveniently accessible spot close to his apartment building.
He carefully designed his own food cart, modifying it to match the precise needs of his culinary
endeavor, leveraging his expertise of cars from his prior work. The collection of containers storing
his secret pre-prepared mixture, a vital component for producing his distinctive Korean hot dogs, is
the focus of his food cart. This combination, the result of his culinary inventiveness, distinguishes his
goods and has become a cart must-have.
Mr. Nam meticulously cares for his equipment and cart at the conclusion of each business day. He
wheels the cart back to his apartment, with the convenience of doing business close to home. He
carefully cleans the cart and equipment with chemical substances and water whenever he arrives,
ensuring both hygiene and the longevity of his setup.
Operation
Sinh tố - Nước ép: The 'Sinh tố - Nước ép' food cart is open Monday through Saturday from 6 a.m.
to 6 p.m. The owner and her colleague take turns running the cart for six hours at a time. Their hours
of operation correspond to the school calendar, catering to students during their breakfast, morning
and afternoon breaks, and when school ends in the afternoon. The cart's peak hours are often be-
tween 7 a.m. to 9:30 a.m., when there is a large flow of students.
Bánh Hot Dog: After finishing his day job as a car salesman, the owner of the food cart begins his
sales in the afternoon, beginning at 3:30 p.m. He keeps the cart running until the evening, usually
wrapping up around 8 p.m. when customer traffic begins to lessen. The busiest time for the cart is
usually between 5:30 and 6:30 p.m., when parents are picking up their children and heading home.
18
Competition
Sinh tố - Nước ép: The food cart stands out in a competitive landscape of nearby food vendors
offering trendy items like Salted cream coffee and 10 won cake, as well as small restaurants serving
traditional dishes like pho and fried rice, with its affordable pricing and the added convenience of
outdoor tables and chairs. These amenities provide consumers with not only nice culinary selections,
but also a welcome environment in which to relax and mingle.
Bánh Hot Dog: This food cart efficiently carves out its space in a busy food market where surround-
ing sellers provide trendy products like Salted cream coffee and 10 won cake and small eateries
serve dishes like pho and fried rice. It distinguishes itself with its low prices and quick food prepara-
tion. This combination is especially tempting to clients looking for a quick, excellent, and cost-effec-
tive dinner in a busy setting.
Marketing and advertisement
Sinh tố - Nước ép: The owner does not use social media for marketing because she considers
having a regular flow of clients as crucial; instead, she exclusively markets it through word of mouth.
Bánh Hot Dog: The owner does not use social media for promotion and instead relies on word of
mouth. He claimed that it was too difficult for him to keep up with the present state of social media,
which evolves and updates on a daily basis.
Financial
Sinh tố - Nước ép:
The purchase of food carts, culinary tools, plastic tables and chairs, and materials results in the
highest expenses. The cost of the food cart is roughly 2 million VND; the owner used the existing
equipment and purchased a few new items, so the kitchen utensils, which include a panini press
grill, knives, cutting boards, containers for food and tea, tongs, and chopsticks, cost roughly 2.5
million VND; Ten sets of plastic tables and chairs cost 500,000 VND each. The average monthly
cost of ingredients, including food and beverages, is approximately 5 million VND. Apart from previ-
ous investments, one must also face other costs such disposable cutlery, take-out plastic cups, and
plastic bags, which amount to approximately 200 thousand VND each month. The owner's initial
investment is funded by funds accumulated from prior years spent as an employee; subsequently,
monthly net profit will be the source of investment. Additionally, the monthly cost of the premises is
one million. Her monthly revenue is roughly 25 to 30 million VND, and after all costs are subtracted,
her net profit is roughly 15 to 20 million VND.
19
Bánh Hot Dog: The owner of "Bánh Hot Dog" is free from paying for the investment in his food cart
because he was given all the materials necessary to construct it himself after receiving his qualifica-
tions. In addition, he had to pay 4 million VND for a gas burner, pots, food and mixing containers,
chopsticks, and a strainer, as well as 3 million VND a month for ingredients to operate his food cart.
He simply had to pay 6 hundreds thousands VND for the location because he sold it in front of his
flat. Apart from previous investments, there are additional costs associated with them, such as pur-
chasing plastic bags, take-out boxes, and bamboo sticks, which amount to two hundred thousand
VND per month. He makes roughly 15 million VND a month. 9 million VND is the leftover net profit
after all costs are subtracted.
Risk
Sinh tố - Nước ép:
Food hygiene is the primary concern that customers consider when it comes to the food cart industry.
Consumers are often worried about whether or not the inexpensive raw materials are hygienic. Mrs.
Ngoc stated that she always seeks to import ingredients that have passed inspection from wholesale
market or supermarket distributors in order to address this issue. She also takes great care to select
reliable and respectable providers. She also always cleans and disinfects food carts and cooking
items before and after working hours.
Bánh Hot Dog:
Regarding the risks associated with the food cart industry, Mr. Nam stated that the rise of trendy
products is a constant source of concern. He noted that once a trend takes off online, it doesn't take
long for businesses to follow pace and close their doors for good. Additionally, trendy food carts have
the potential to attract additional clients, including customers who buy from him. In order to address
this issue, the business decides to market products that are known to exist and be sold by previous
entrepreneurs and are unaffected by online trends. In addition, he developed strong bonds with his
loyal customers by occasionally offering them discounts.
5.3 Results and outcomes
With the purpose of gaining knowledge about the street food sector in Vietnam, particularly in the
city of Ha Noi, the study was specifically constructed. Based on the findings of the research, it has
been determined that the idea of a food truck is rather new and distinctive for entrepreneurs and
start-ups who are launching their first business. Taking into consideration the overall business pic-
ture, the concept of food trucks might be seen as effective, low-cost, and adaptable to the food and
20
beverage industry. On the other hand, entrepreneurs have to deal with significant risks that are as-
sociated with their finances, management, and the efficiency of their operations.
The authors comes up with conclusions listed below based on observation method and qualitative
interview method’s results related to three main topics:SWOT analysis of food cart model in Viet
Nam, customer behavior towards street food industry, food cart ownership in Viet Nam
SWOT Analysis of food cart model in Viet Nam

 Strengths
Both approaches have various advantages, most notably product diversity, cheap investment re-
quirements, great mobility, and affordable price. The traditional model includes a wide range of food
and beverage products, but the fashionable model focuses on popular items driven by social media
trends. Because of the low initial costs for ingredients, lease, labor, and power, they are accessible
business models. Due of their high mobility, both models can strategically migrate based on client
demand and market conditions. Furthermore, with prices ranging from 50 cents to 1.5 euros, these
carts are affordable to a wide spectrum of customers.
 Weaknesses
Both models have constraints in terms of operation hours due to client behavior, a lack of manage-
ment and marketing abilities, and pricing limitations according to market levels. The traditional ap-
proach also has concerns with being conservative and not always listening to client feedback, but
the fashionable model is prone to the short-lived nature of fads, which means that products can
quickly fall out of favor.
 Opportunities
The conventional food cart model has the advantage of potentially creating a stable and loyal cus-
tomer base, making it appropriate for small and medium-sized businesses as well as startups. Food
ratings on social networking platforms help to increase its accessibility. While the current model
benefits from social media advertising and is suitable for smaller enterprises, it also provides the
chance for short-term business endeavors with swift cash recovery.
 Threats
Both models face similar concerns, such as exposure to weather conditions, the danger of fines for
improper company placements, and strong rivalry. The trendy model, on the other hand, bears the
extra hazard of a major drop in clients when fads fade, which normally occurs within 2 to 3 months.
To summarize, both traditional and modern food cart models have appealing strengths and potential,
but they are not without obstacles. Traditional business models benefit from potential client loyalty,
21
but they must adapt to new business methods and customer input. The trendy model can benefit
from short-term success, but it must constantly change in order to remain relevant. To reduce their
individual weaknesses and dangers while maximizing their separate strengths and possibilities in
the volatile food cart industry, each model requires strategic planning and adaptation.
Customer behavior towards street food industry

 Food carts, especially in metropolitan Vietnam, serve office workers and students and are an
important component of the city's cuisine. Due to their busy lifestyles, these people usually
walk or ride bikes to these food carts, making this business model convenient and accessible.
 Fast, delicious, greasy, and cheap products appeal to this demographic's demand for rapid,
fulfilling, and affordable meals. These food carts are busiest in the morning, midday, and late
afternoon, when work begins, lunch breaks, and post-work routines begin.
 A social element is also present in this business concept. Customers regularly visit these
carts in groups and bring friends to their favorite sites, underlining the communal aspect of
meals and the importance of social referrals in this company. This promotes customer com-
munity and food cart word-of-mouth marketing.
 Location is key for these carts. Due to their proximity to workplaces and schools, sidewalk
shops attract many devoted consumers. This development reflects Vietnamese consumer
behavior, where convenience and accessibility strongly affect food and beverage choices.
 The dynamic changes for trend-following food vendors. Salted coffee, 10 won cake, and
shaken potatoes are contemporary social media phenomena that boost these carts. After a
few months, customer numbers usually drop due to the conclusion of the trend cycle, rising
prices, or products not fulfilling social media expectations.
Food cart ownership in Viet Nam

 Vietnamese food cart entrepreneurs typically print their products on their vehicles rather than
naming their business or using a logo.
 Usually, it takes one or two persons to run the firm. It's not always necessary for owners or
staff to have in-depth expertise of the food and beverage (F&B) sector.
 The product selection fluctuates, frequently featuring fast food and morning fare like sticky
rice and banh mi. The food is inexpensive, oily, and tasty.
 Because of their affordable rates and convenient locations close to apartments and schools,
these food carts draw a sizable consumer base.
 When outside seating is available, customers frequently hang out and eat in.
 Food carts are usually manufactured by mechanics or purchased from previous owners. One
of the biggest challenges for owners is the build quality of the vehicle.
22
 Usually, owners tow their vehicles to crowded locations like apartment buildings and schools.
 A food cart's capacity is usually reached at particular times of the day based on the habits
and schedules of its customers.
 Other food vendors and trendy food carts in the neighborhood are their rivals.
 Food cart owners mainly rely on word-of-mouth advertising because they find social media
and technology too complex, and because they are happy with their current number of clients.
 For most people, starting a food cart business with a small initial cost is within their budget.
The food cart's construction and decoration account for the majority of the investment.
 Owners usually receive around half of their monthly earnings after deducting expenses, and
their revenue is highly variable.
 Frequent obstacles encompass matters concerning food safety and sanitation, as well as the
influence of trendy food cart owners on their enterprise.
23
6 Business plan for Bánh Mì food truck
The author's business plan will be produced in accordance with the business plan framework es-
tablished by Les Nunn and Brian McGuire, as was discussed in the theoretical section.
6.1 Title page
The title page features the logo of the A Banh Mii food truck, created by author in 2023, and is
included in Appendix 2. Title page of A Banh Mii business plan
6.2 Executive Summary
This business plan proposes to launch a food truck in Hanoi, Vietnam, with a concentration on sell-
ing banh mi, a traditional Vietnamese cuisine. The team will be made up of individuals with prior
experience in culinary and customer service to ensure quality and efficiency. The food truck will of-
fer seven different types of distinctive banh mi, each with a unique spin on the classic dish, as well
as two refreshing beverages.The company strategy comprises several operational features, such
as takeout and dine-in alternatives, as well as an online booking system, providing consumer ease
and accessibility.
The target consumer base is wide, including young pupils aged 6 to 22, individuals aged 22 to 45
who work in offices or as regular laborers, and overseas tourists aged 18 to 55. This variety ap-
peals to a wide demographic, attracting the interest of both locals and foreign visitors eager to
learn about Vietnamese culture and food.
The plan combines traditional and digital marketing tactics for efficient marketing. Physical flyers
will be distributed in strategic locations to pique local attention right away. In the meantime, an ac-
tive online presence will be built through the use of social media sites such as Facebook, Insta-
gram, and TikTok, as well as a user-friendly website. This dual strategy strives to maximize reach
and engagement with customers of varied ages and tastes.
The financial plan for beginning the business includes a €10,081.67 initial investment. This sum is
divided into a €4,539.54 personal contribution and a €5,542.83 loan.
6.3 Business Description
Mission: The author is launching a food truck business concept with the goal of entering a new and
potentially lucrative F&B industry in Vietnam. After conducting research and surveys in his
hometown, the author discovered that the Food Truck business model is relatively new and promis-
ing, as it is uncommon to see a food truck on the road; instead, many individuals operate street
24
vendors and small food carts. According to the author, the following conditions will be necessary for
a successful food truck model:
 The food truck sector is still young and promising.
 Authentic Vietnamese cuisine
 Flexible mobility
 Locations are subject to change on a daily basis.
 Ability to participate in and collaborate with culinary events, restaurants, and bars
 The model necessitates collaboration.
 Utilize cutting-edge technology
 Attracts young people, office workers, and international travelers.
Facilities: About facilities of the food truck, the author did some research on the market pricing and
decided to purchase a ready-made food truck that was already outfitted with a gas burner, a sales
counter, and electricity. In addition to the expenses associated with the establishment of business
locations and the purchase of trucks, there are other expenses that must be invested in the purchase
of cooking utensils, electronic equipment, and furniture. The following table will display all of the
costs that have been mentioned previously.
Table 2. Initial Investment
Initial investment VND EURO
Food Truck 257.000.000 9702,26
Kitchen tools and require- 2.000.000 75,50

ments(cutting
boards,knifes, tongs, scis-
sors, spoons, containers
large and smalls, plastic
bags )
Furniture ( plastic chairs 3.050.000 115,14

and tables)
10* tables:115.000 10* tables: 4,34
20* chairs:95.000 20* chairs: 3,59
Ipad 5.000.000 (used ipad mini 5) 188,76

25
Total 267.050.000 10081,67
Business strategy Due to the fact that the company operates on a movable foundation, the location
of the firm may change at various times during the day.Through the selection of various places
throughout the city of Ha Noi, the food track is able to make contact with a diverse range of custom-
ers, particularly young people, office workers, and international tourists. The author has decided to
concentrate on a number of different locales, including Hoan Kiem Lake Walking Street, Doan Thi
Diem Secondary School, and My Dinh International Stadium.
SWOT Analysis of Food Truck
Table 3. SWOT Analysis of Food Truck
Strenth Weakness
+Authentic Vietnamese cuisine + Lack of machenical and technical skills for

the vehicle
+High mobility
+ Limited space for cooking and storage
+Easily noticeable by customers
+Outdoor operations can be significantly af-
+Flexibility in menu
fected by bad weather
Opportunities Threats
+Potential to expand business in food events + Price of gas and electricity can be fluctuat-
ing
+Effective use of social media
+Competition from surround food vendors
+Co-operate with schools, small F&B busi-
nesses and bars +Need to keep up with rapidly changing food
trends and customer preferences.
26
To overcome the Weaknesses and Threats of the Food Truck Model Business, the author
suggests several tasks to consider while starting his/her own business:
 Contact the food truck seller to learn more about the vehicle's mechanical and technical
specifications.
 Sign up for a vehicle insurance contract.
 Examine and evaluate your competitors' surroundings.
 Participate in food events to promote and expand your business.
 Consider the advice of reputable start-ups and chefs.
 Keep up with F&B trends in Vietnam by using social media platforms such as Facebook,
Instagram, Tik Tok, and YouTube.
 Appealing design for the vehicle
6.4 Management
It is not necessary to have a large number of employees in order to run a food truck business, even
if it is not possible to run the business with just one employee. The author makes the decision to hire
people for 2 positions, in addition to a waiter and a cook. Given that the food truck will be operational
at specific times throughout the day, it is imperative to have workers who are employed on a part-
time basis. As a result, the author will recruit three employees: one full-time worker will be the author
himself or herself as a cook, and two part-time workers will be employed as waiters for the morning
and evening shifts.
+ Operation time:
Table 4. Operation time
Date Monday – Friday Saturday – Sunday
Shifts
Morning shifts Doan Thi Diem Secondary School Hoan Kiem Lake Walking Street
(5.30-10.00)
Evening shifts My Dinh International Stadium Hoan Kiem Lake Walking Street
(16.00-20.30)
27
+ Staff:
- Common responsibilities for staff members include setting up tables and chairs, cleaning cars, and
cleaning the kitchens and spaces used for food preparation before and after shifts. Driving, buying
supplies and cooking gear, chopping and preparing food for dishes, and plating are among the cook's
responsibilities. The waiter's responsibilities include clearing tables and chairs, helping with cooking,
serving food, and using an iPad to settle bills.
- Due to the nature of the job will have requirements for both chefs and waiters:
Table 5. Employee requirements
Position Requirements
Cook + Experience in restaurants field at least 6 months
+ Driving license
+ Hygiene passport
Waiter + Basic knowledge of customer service
+ Basic IT knowledge
+ Ability to manage social media sites of business
6.5 Product Development
Our food truck is committed to providing real flavors to the public by serving authentic banh mi sand-
wiches. All of the ingredients for our banh mi are purchased from Mega Market, a reputable large
supermarket brand that specializes in serving businesses of all kinds, to guarantee the best quality
and freshness. As part of our commitment to preserving the traditional flavor of banh mi, each sand-
wich will include ingredients like as paté, lettuce, herbs, pickled veggies, and meat floss. Our banh
mi selections provide a range of standard toppings, each bringing a distinctive touch to the well-
loved classic, including sausage, pork polony , beef BBQ, grilled chicken, pork bologna, wormwood
leave and eggs, to satisfy a variety of palates. Along with banh mi, our menu also have beverages
including milk and vietnamese coffee
28
However, our toppings could change depending on the preferences of our consumers and the trends
in food and beverage that are observed on social media. In addition, we will offer service that includes
online booking, takeaway, and dining in.
The draft design for menu is shown in Appendix 3. Draft design for menu.
Table 6 .Banh mi with different toppings
Name Description Ingredients
Bánh mì truyền The original version of banh mi paté, lettuce, herbs, pickled veggies,
thống meat floss, ham
Bánh mì giò Banh mi with mainly meat products paté, meat floss, pork bologna, ham,
pepper
Bánh mì xúc xích Original banh mi with fried sausage paté, lettuce, herbs, pickled veggies,
meat floss, ham, fried sausage
Bánh mì lạp xưởng Original banh mi with fried pork po- paté, lettuce, herbs, pickled veggies,
lony meat floss, ham, fried pork polony
Bánh mì gà nướng Original banh mi with grill chicken paté, lettuce, herbs, pickled veggies,
meat floss, ham, grilled chicken
Bánh mì bò nướng Original banh mi with beef BBQ paté, lettuce, herbs, pickled veggies,
meat floss, ham, beef BBQ
Bánh mì trứng lá Vegetarian banh mi with worm- lettuce, herbs, pickled veggies, with
ngải wood leaf with egg wormwood leaf with fried egg ( op-
tional)
6.6 Marketing plan
The author’s product promotion plan includes flyer distribution and website and social media utiliza-
tion. This technique targets a broad audience. First, the targeted customers are the 6–22-year-olds
in elementary to university schools. That demographic represents a considerable market share. Sec-
ond, the initiative targets 22–45-year-old office and general laborers. These individuals are particu-
larly drawn to convenient and tempting goods. Finally, the marketing plan targets foreign tourists
29
aged 18–55 who want to experience Vietnamese cuisine and culture. The marketing plan targets
these client types to promote the product to a big and diverse audience.
6.6.1 Flyer
The author manually distributed flyers a week before the food truck’s launch. With meticulous plan-
ning, the author visited many city schools, companies during off-hours, and lively pedes-trian paths
to directly target potential consumers. Flyers promoted and provided crucial information. Each leaflet
includes the food truck’s logo, address, hours of operation, and links to its Facebook, Instagram, and
TikTok accounts. The author gave food truck customers who showed a flyer a 20% discount on their
first order to attract customers. This technique was meant to generate hype and encourage food
truck visits, preparing it for debut.
The flyer design is featured in Appendix 4. Flyer draft design
6.6.2 Website and social media

 Website
The author will start working on the website as soon as the business is formed. The author de-
cided to use “MiraWEB,” an automated website development platform by AI, to assist create and
administer successful websites absolutely free of charge due to budgetary constraints and a lack
of design skills.
The website will feature information about A Banh Mii food truck, such as its origins, concept,
personnel, operating hours, locations, menu items with prices and descriptions, customer re-
views, and photo galleries of the dishes and customers. It will also be integrated with links to our
social media accounts on Facebook, Instagram, and TikTok, as well as contact details.
Draft desgin of website banner in Appendix 5. Website draft design
 Facebook, Instagram and TikTok
Facebook, Instagram, and TikTok are recognized as major platforms in the strategic social me-
dia marketing plan for 'A Banh Mii' food truck, each providing a unique purpose in brand growth
and customer engagement.
Facebook will serve as a single point for corporate information, allowing for direct connection
with customers via posts. It will be useful in gathering client feedback and suggestions, estab-
lishing a sense of community and responsiveness.
30
Instagram, on the other hand, plans to concentrate on visual storytelling. Regular updates on
new items, promotions, and leisure activities will be delivered through stories, engaging the au-
dience with a combination of visuals and quick, engaging content.
Instagram and Facebook will serve two functions: they will act as communication channels for
food orders and will facilitate collaborations with other businesses such as bars, restaurants,
and food event organizers.
With live streaming and videos highlighting the food preparation process, the unique story of
the food truck, and genuine consumer reactions to experiencing Banh Mi, TikTok will bring a
dynamic aspect to the marketing mix. This strategy intends not only to promote the 'A Banh Mii'
brand, but also to establish customer trust by emphasizing authenticity and quality through
real-time and interactive content.
6.7 Financial Data
The financial data report carefully calculates and analyzes the Income Statement, Cash Flow
Statement, and Balance Sheet to estimate food truck business operations. The paper includes five
key factors to improve these statements' accuracy and detail. The sales forecast estimates reve-
nue based on market analysis and business strategy. The report also includes a detailed salary
calculation to represent the food truck's daily labor costs. Depreciation accounts for the progres-
sive loss of value of food truck and kitchen equipment. It also calculates bank loan and interest
from the bank, which are critical for understanding financial commitments and cash flow implica-
tions. The main objective is to provide accurate financial numbers and categories to show what it
takes to run a successful food truck business. It guarantees investors and stakeholders can make
educated decisions based on strong financial insights.
6.7.1 Sales forecast
The sales forecast for A Banh Mii food truck for its first year of operation is provided below. The
bread truck’s menu will contain the seven types of banh mi stated above, as well as Soya Milk and
Vietnamese coffee. The vehicle will be operational throughout the year. According to this sales pre-
diction, our company’s first year revenue will be 1,002,600,000 VND (about 38064 Euro).
31
Table 7. First year sales forecast
Menu Price (VND Avarage daily Amount (VND Monthly sales Annually sales
and Euro) sales (unit) and Euro) for 30 days for 12 months
(VND and (VND and
Euro) Euro)
Bánh mì 28.000 VND 15 420.000 VND 12.600.000 151.200.000

truyền thống VND VND
1,06 Euro 15,95 Euro
478,36 Euro 5740,35 Euro
Bánh mì giò 15.000 VND 7 105.000 VND 3.150.000 37.800.000

VND VND
0,57 Euro 3,99 Euro
119,59 Euro 1435,09 Euro
Bánh mì xúc 17.000 VND 20 340.000 VND 10.200.000 122.400.000

xích VND VND
387,25 Euro 4646,95 Euro
Bánh mì lạp 17.000 VND 20 340.000 VND 10.200.000 122.400.000

xưởng VND VND
387,25 Euro 4646,95 Euro
Bánh mì gà 25.000 VND 8 200.000 VND 6.000.000 72.000.000

nướng VND VND
0,95 Euro 7,59 Euro
227,79 Euro 2733,50 Euro
Bánh mì bò 35.000 VND 8 280.000 VND 8.400.000 100.800.000

nướng VND VND
318,91 Euro 3826,90
Bánh mì trứng 15.000 VND 10 150.000 VND 4.500.000 54.000.000

lá ngải VND VND
0,57 Euro 3,99 Euro
170,84 Euro 2050,13 Euro
32
Milk (Soya 10.000 VND 20 200.000 VND 6.000.000 72.000.000

milk ) VND VND
0,38 Euro 7,59 Euro
227,79 Euro 2733,50
Vietnamese 25.000 VND 30 750.000 VND 22.500.000 270.000.000

coffee VND VND
854,22 Euro 10250,63
Euro
Total 2.785.000 83.550.000 1.002.600.000

VND VND VND
105,73 Euro 3172 Euro 38064 Euro
6.7.2 Salary calculation
The working hours for chefs and service staff in Hanoi city are set at 9 hours and 5 hours per day,
respectively, with a monthly work schedule of 26 days. As reported by Lê Thanh Xuân, the minimum
wage for workers in Hanoi varies from 20,000 VND to 22,500 VND per hour. (Lê, 2023).
Specifically, chefs are paid 29,500 VND per hour while waiters earn 24,000 VND per hour. Conse-
quently, a chef’s monthly income amounts to 6,903,000 VND (approximately 262.07 Euro), and a
waiter’s salary totals 3,120,000 VND (around 118.45 Euro).
Business owners, however, must also account for additional expenses such as 1% unemployment
insurance, 18% mandatory social insurance, 3% health insurance, and 2% union fees. Taking these
into account, the total monthly expenditure for staff amounts to 16,297,320 VND or 618.73 Euro.
(Fujilaw).
Table 8. Basic salary
Employee Working hrs/day Working Wage/ hour Monthly salary

hrs/month
Cook 9 234 29.500 VND 6.903.000 VND
1,12 Euro 262,07 Euro

33
Server 1 5 130 24.000 VND 3.120.000 VND
0.91 Euro 118,45 Euro
Server 2 5 130 24.000 VND 3.120.000 VND
0.91 Euro 118,45 Euro
Total 13.143.000 VND
498,98 Euro
Table 9. Indirect staff cost and total salary calculations
Employee Unemployment Mandatory so- Health insur- Union fees

insurance (1%) cial insurance ance (3%) (2%)
(18%)
Cook 69.030 VND 1.242.540 VND 207.090 VND 138.060 VND
2,62 Euro 47,17 Euro 7,86 Euro 5,24 Euro
Server 1 31.200 VND 561.600 VND 93.600 VND 62.400 VND
Server 2 31.200 VND 561.600 VND 93.600 VND 62.400 VND
Total indirect 131.430 VND 2.365.740 VND 394.290 VND 262.860 VND
staff cost
Total salary 16.297.320 VND

costs ( Basic
618,73 Euro
salary + Indi-
rect staff cost)
34
6.7.3 Depreciation
The author classifies all equipment and the food truck as physical assets, recognizing that they are
subject to depreciation over time. To accommodate for this, a 20% annual depreciation rate has
been devised. As a result, the total annual depreciation for these assets is calculated to be
53,410,000 VND, which is about 1,940.45 Euro. This technique depicts the gradual decline in value
of the equipment and food truck due to wear and tear, usage, and developments in technology.
Table 10. Depreciation calculations
Depreciation VND EURO
Food Truck 257.000.000 9702,26
Kitchen tools and require- 2.000.000 75,50

ments(cutting
boards,knifes, tongs, scis-
sors, spoons, containers
large and smalls, plastic
bags )
Furniture ( plastic chairs 3.050.000 115,14

and tables)
10* tables:115.000 10* tables: 4,34
20* chairs:95.000 20* chairs: 3,59
Ipad 5.000.000 (used ipad mini 5) 188,76
Total 267.050.000 10081,67
Depreciation rate 20% 20%
Depreciation amount 53.410.000 2016.34
6.7.4 Bank loan and interest
The author has specified a personal investment of 120,000,000 VND, which is about 4,539.54 Euro,
in a detailed financial strategy for a company enterprise. Despite this significant contribution, there
35
is still a gap of 147,050,000 VND (about 5,562.83 Euro) to fully fund the project. To solve this short-
fall, the author suggests obtaining a loan from Vietcombank. The projected borrowing amount is
5,562.38 Euro, which corresponds to the exact shortfall amount. This loan will have an annual inter-
est rate of 7.5%, which is the bank's typical rate for unsecured business loans. (Linh Hương 2023).
This loan's repayment method is stretched over a 5-year period, demonstrating a careful approach
to managing financial obligations while ensuring the company work has the necessary funds for
successful execution.
Table 11. Bank loan calculations.
Amount in Euro (€)
Initial Investment 10081,67
Owner’s equity 4539,54
Bank loan 5562,83
Loan period in years 5
Interest rate 7,5%
First year loan payment 1112,57
Interest of 1 year 83.44
First years loan payments with interest 1196.01
6.7.5 Income Statements
Understanding and managing costs is critical in the world of restaurant management. According to
an industry analysis, the cost of ingredients often accounts for 20% to 40% of a restaurant's revenue.
(Sheetz 2020). In this example, we suppose that the cost of ingredients is around 30% of the income.
This percentage is within the average range and can be used to calculate the gross profit margin.
Furthermore, enterprises in this industry are subject to a 20% corporate tax rate. (Nguyễn 2022).
This taxes is important in the restaurant's overall financial planning. Additionally, if a restaurant owns
a delivery vehicle, such as a truck, there is an obligatory insurance expense to consider. For exam-
ple, the mandatory insurance for a vehicle is anticipated to be 32.27 Euro. (Thảo Bình 2023). This
36
fee, albeit low in contrast to other costs, is critical for legal compliance and risk management in the
restaurant's operations.
Figure 3. Income Statements

37
6.7.6 Cash Flow Statement
The owner's equity in the company is represented by the initial cash balance of 4,539.54 € in the
examined cash flow statement. This number is crucial since it shows the owners' first financial con-
tribution, which laid the groundwork for the company's financial operations. The cash outflows are
subtracted from the cash inflows to arrive at the total cash flow, which is 18,891.69 €.
Figure 4. Cash flow Statements

38
6.7.7 Balance Sheet
With a number of 26,957€, the financial account shows that the balance between assets and liabili-
ties is still the same. The word "Cash" in the assets section refers the closing balance of cash flow.
The value of things that are subject to depreciation drops by 20%. In the same way, the word "bank
loan" refers to the remaining amount of the loan in the section for capital and liabilities. "Owners'
equity" refers to the investment that the owners made, and "current year's earning" refers to the net
profit for the year after Value Added Tax (VAT) is taken out.
Figure 5. Balance Sheet
6.8 Application of Funds
The financial plan for starting the food truck business calls for an initial investment of €10,081.67.
The author has personally contributed €4,539.54 to cover this financial demand, exhibiting a con-
siderable personal stake in the project. However, a strategic choice was made to acquire a loan
from Vietcombank to fulfill the remaining capital demand. The loan amount determined is
€5,562.83, which is the least predicted loan required to bridge the funding gap. This loan has an
annual interest rate of 7.5%, which was carefully addressed by the bank planning to assure sus-
tainability and practicality.
39
7 Discussion and conclusion
The main objective of this thesis is to carefully develop a business strategy for launching a food truck
operation in Vietnam, an idea that is both innovative and relatively untapped in this region. Extensive
study was undertaken to lay the framework for this concept, with an emphasis on the history of banh
mi, a traditional Vietnamese street cuisine, and the current landscape of the food truck industry. This
research was assembled from a variety of sources, including books, academic journals, internet
papers, blogs, and websites, to provide a thorough foundation for the suggested business strategy.
The author used both observational and qualitative research methodologies to better understand the
fast food market and the specifics of running a food truck business. These methodologies enabled
a thorough examination of customer behavior and preferences in the fast food industry, particularly
with relation to street food and mobile eating experiences. Such thorough study was essential in
developing a company plan that is not only theoretically sound but also practically viable, appealing
to potential clients' actual requirements and interests.
The author's profound passion for Vietnamese street food, especially banh mi, and the growing food
truck business concept inspired this business plan. The goal is to create a long-term, sustainable
company that not only succeeds in the local market but also works as a cultural ambassador, intro-
ducing international tourists to banh mi and other Vietnamese culinary delights. This concept of
bridging cultural boundaries via gastronomy supports the overall business approach, infusing it with
meaning beyond profit.
Despite the significant research conducted, the author recognizes the need for additional research,
particularly utilizing quantitative approaches. This extra study would entail directly polling potential
customers about their interest in food trucks and street cuisine, as well as communicating with cur-
rent food truck entrepreneurs in Vietnam and around the world. This method would provide useful
statistical data and real-world insights, ensuring that the business plan remains adaptable and re-
sponsive to changing market trends and consumer preferences. Such ongoing study is critical for
the projected food truck business's long-term profitability and relevance.
40
References
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https://hanoitimes.vn/banh-mi-the-iconic-dish-of-vietnam-316727.html. Accessed: 11 November
2023.
Chilangoswa. 2022. The history of the food truck: A North American tradition, Los Chilangos. Avail-
able at: https://www.loschilangos.com/post/the-history-of-the-food-truck-a-north-american-tradition.
Accessed: 13 November 2023.
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khoan-phai-dong-cua-doanh-nghiep-va-nguoi-lao-dong/. Accessed: 22 November 2023.
Dickman, A. 2022. What is a business plan and why is it important?, Insurance & Personal
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of-a-business-plan/. Accessed: 16 November 2023.
Indeed Editorial team. 2022. The importance of a business plan for entrepreneurs: 18 reasons you
need one. Indeed. Available at: https://www.indeed.com/career-advice/career-development/im-
portance-of-business-plan-for-entrepreneurs. Accessed: 16 November 2023.
Jackson, S. 2022. Council Post: Why your business-planning process is more important than the
plan itself, Forbes. Available at: https://www.forbes.com/sites/forbesbusinesscoun-
cil/2022/01/06/why-your-business-planning-process-is-more-important-than-the-plan-it-
self/?sh=6c4d99101066. Accessed: 16 November 2023.
Limited, C.M.R.P. 2023. [latest] global food truck market size/share worth USD 7.55 billion by 2032
at a 6.2% CAGR: Custom Market Insights (analysis, outlook, leaders, report, trends, forecast, seg-
mentation, growth, growth rate, value), GlobeNewswire News Room. Available at:
https://www.globenewswire.com/en/news-release/2023/08/07/2720074/0/en/Latest-Global-Food-
Truck-Market-Size-Share-Worth-USD-7-55-Billion-by-2032-at-a-6-2-CAGR-Custom-Market-In-
sights-Analysis-Outlook-Leaders-Report-Trends-Forecast-Segmentation-Growth-G.html. Ac-
cessed: 13 November 2023.
Linh Hương. 2023. Updated Vietcombank loan interest rates in October 2023, OneHousing. Availa-
ble at: https://onehousing.vn/blog/bang-lai-suat-ngan-hang-vietcombank-moi-nhat. Accessed: 23
November 2023.
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Lê, X.T. 2023. ‘Details of the minimum wage in Hanoi, Ho Chi Minh City and provinces with many
workers ’, Dan Tri, 11 August. Available at: https://dantri.com.vn/lao-dong-viec-lam/chi-tiet-muc-lu-
ong-toi-thieu-o-ha-noi-tphcm-va-cac-tinh-dong-cong-nhan-
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November 2023.
Nguyễn, H.T. 2022. Corporate Income Tax Rate 2023, THƯ VIỆN PHÁP LUẬT. Available at:
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vember 2023.
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42
Appendices
Appendix 1. Questionaire for food cart owner
Information about food cart
1. What is the name of your food cart?
2. When was your food cart established?
3. Who are the owners?
4. How many employees do you have?
Product
5. What are your products and/or services?
6. Which ones do you think are the most popular products/services?
7. Are you thinking of adding new products/services?
Customers
8. Who are the major customer groups that buy food in food cart?
9. Why people buy food from your cart?
Logistics
10. How do you choose the locations for the food cart ?
11. Did you buy it readymade or just customised with the help of fabricators
and experts?
12. In your opinion what are the must have equipment’s in food cart besides generator and other
kitchen equipment?
13. What are the obstacles you faced while buying the cart?
14. How do you take care of maintenance of the cart?
Operation
15. What are the suitable opening hours? And why?

43
16. What are the busy hours and days in a week?
Competition
17. In your opinion who are your competitors
18. how do you differentiate yourself with your competitors?
Marketing and advertisement
19. which social media site do your prefer most to promote your product?
20. Do you go for paid advertisement? If yes, why ?
21. Beside social media, what are other ways and tools for marketing?
Financial
22. In your opinion, what is the investment requirement to run food cart?
23. Which one is the common and appropriate source to seek investment?
24. What is your monthly turnover?
25. What is your monthly net profit?
Risks
24. In your opinion, what are the risk in food cart industry?
25. how do you deal with the risks and obstacles

44
Appendix 2.Title page of A Banh Mii business plan

45
Appendix 3. Draft design for menu

46
Appendix 4. Flyer draft design

47
Appendix 5. Website draft design

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Banh Mi Food Truck in Viet Nam

Doan Quang Minh

3.1 Food truck market

3.1.1 Food truck market around the world

3.1.2 Food truck market in Vietnam

4.1 The importance of a business plan

4.2 Format of a business plan

Market and Business Analysis

Business and Market Development

Marketing and Sales

5.1 Observation method and SWOT

traditional food cart model food cart model following trends

+High mobility +Low investment (ingredients, lease,

+ Cheap price (from 50 cents to 1.5 eu-

Weakness + Operating time is limited by cus- +Operating time is limited by customer

+ Lack of management skills + Lack of management skills

+ Lack of marketing skills + Lack of marketing skills

+Conservative and rarely listen to + Products are affected by customer

+Easy to access due to promotion by +Easy to access due to promotion by

Threats + Influenced by weather reasons +The number of customers decreased

5.2 Qualitative interview method

Figure 1. ‘Sinh Tố - Nước Ép’ food cart (Sinh tố - Nước ép)

Figure 2. ‘Bánh Hot Dog’ food cart (Bánh Hot Dog)

Information about food cart

Marketing and advertisement

Sinh tố - Nước ép:

Sinh tố - Nước ép:

Bánh Hot Dog:

5.3 Results and outcomes

SWOT Analysis of food cart model in Viet Nam

Customer behavior towards street food industry

Food cart ownership in Viet Nam

6 Business plan for Bánh Mì food truck

6.1 Title page

6.2 Executive Summary

6.3 Business Description

Table 2. Initial Investment

Initial investment VND EURO

Food Truck 257.000.000 9702,26

Kitchen tools and require- 2.000.000 75,50

Furniture ( plastic chairs 3.050.000 115,14

20* chairs:95.000 20* chairs: 3,59

Ipad 5.000.000 (used ipad mini 5) 188,76

Total 267.050.000 10081,67

SWOT Analysis of Food Truck

Table 3. SWOT Analysis of Food Truck

+Authentic Vietnamese cuisine + Lack of machenical and technical skills for

Table 4. Operation time

Date Monday – Friday Saturday – Sunday

Table 5. Employee requirements

Cook + Experience in restaurants field at least 6 months

Waiter + Basic knowledge of customer service

+ Ability to manage social media sites of business

6.5 Product Development

Table 6 .Banh mi with different toppings

Name Description Ingredients

6.6 Marketing plan

The flyer design is featured in Appendix 4. Flyer draft design

6.6.2 Website and social media

Draft desgin of website banner in Appendix 5. Website draft design

 Facebook, Instagram and TikTok

6.7 Financial Data