The Golden Arches are ready to serve up hamburgers in Vietnam.
On Tuesday, McDonald's (NYSE:MCD) announced plans to open its first location in Ho Chi Minh City by early next year. To make sure the location is a hit, the Illinois company chose to partner with Henry Nguyen, a Vietnamese businessman. While McDonald's has sought a Vietnamese partner for years, Nguyen seemed to be an easy choice.
"As we grow our presence in the Asia region, we are looking for partners with a blend of strong business acumen and a unique understanding of our Brand," said Dave Hoffmann, president of the McDonald's Asia Pacific, Middle East, and Africa region. "Henry Nguyen is that ideal business partner who has an impressive business background and proven track record in driving new business ventures in Vietnam."
Currently, Nguyen is the managing general partner of IDG Ventures Vietnam -- the country's first venture capital firm -- and he's the son-in-law of Vietnam's prime minister, Nguyen Tan Dung, according to CNN. Before that, he worked as an Associate at Goldman Sachs' technology group in New York and helped form a medical training-focused publishing company. He holds degrees from Harvard and Northwestern.
"I have been a big fan of McDonald's my whole life and have had so many wonderful experiences there, including one of my first jobs when I was a teenager," Nguyen said. "I have dreamed of one day opening a McDonald's restaurant in my native country ever since my return to Vietnam more than a decade ago. I have been in contact with McDonald's over the years sharing the opportunity that exists in our country."
Developments are already under way. Nguyen's local team is currently preparing and training McDonald's first managers and crew in Vietnam. The restaurant menu will include international favorites such as the Big Mac, cheeseburgers, and French fries.
McDonald's has more than 34,500 locations in 100 countries that serve more than 69 million customers each day. Vietnam will be the company's 38th Asian country.
Fool contributor Kevin Chen has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs and McDonald's and owns shares of McDonald's. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.