Vietnam's Banh Mi Goes Upscale, With Prices Exceeding 200,000 VND

A premium banh mi, crafted by Michelin-starred chef Peter Cuong Franklin, is generating buzz in Ho Chi Minh City with prices ranging from 160,000 to 200,000 VND (approximately $6.50-$8.20), a significant markup of five to six times that of the traditional Vietnamese sandwich. After a decade of studying Vietnamese cuisine, Franklin, the owner of the first Michelin-starred restaurant in HCMC, has introduced a new menu dedicated to banh mi. The menu features three varieties: banh mi cha lua mortadella, banh mi cha ca, and banh mi wagyu beef. The wagyu beef banh mi is priced at 200,000 VND, while the other two are offered at 180,000 VND. The 200,000 VND wagyu beef banh mi incorporates two distinct beef preparations. The picanha cut is processed with inspiration from Italian mortadella, thinly sliced and layered approximately 25-30 times. The other component is wagyu beef short ribs, marinated and slow-cooked for 24 hours before being grilled to achieve a melt-in-your-mouth texture. Accompanying these are pate, Hoi An chili sauce, tomatoes, lettuce, and pickles. Franklin opts for a Hanoi-style banh mi crust, citing its resemblance to the French baguette—smaller, denser, and more aromatic than the Saigon version. Franklin had long harbored the intention of opening a banh mi stall in HCMC. With the expansion of his premises adjacent to Anan Saigon and the addition of an outdoor seating area, he decided to set up a mobile cart offering both banh mi and coffee. Nhan Hien Nhi, a HCMC resident, visited Franklin's banh mi out of curiosity regarding its significantly higher price point. She noted that while the 200,000 VND banh mi was half the size of a traditional one, the generous portion of wagyu beef made it equally filling. Franklin acknowledges that the 160,000-200,000 VND price tag might surprise many but argues that it reflects the product's quality. "If a hamburger can be sold for 200,000-250,000 VND, then Vietnamese banh mi can certainly be priced comparably, as its quality and flavor are not inferior," he stated. "Banh mi or hamburger, they are both sandwiches," Franklin remarked, reaffirming his commitment to elevating familiar Vietnamese dishes to a higher market segment while preserving their authentic essence.