When you think of Vietnam, pizza is probably the last thing that comes to mind.

In 2005, Yosuke Masuko and Sanae Takasugi were just a couple working corporate jobs hosting pizza parties for friends. 

This is the story of Pizza 4P’s, a $25M+ pizza empire with more than 30 locations in Vietnam and outlets across Cambodia, India, Indonesia, and Japan.

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🔥 Cooking it up 

Every weekend, Yosuke Masuko threw pizza parties for friends with their backyard pizza kiln in Japan.

Pizza was an easy-to-make food and anyone from any background can enjoy making and eating pizza.

Guests brought their own ingredients, swapped creations, and shared laughs. 

Over time, Yosuke realized it wasn’t just about the food. These pizza parties became a bonding experience. 

He thought: “If I was spending all my free time and money on pizza, it meant that pizza was what I really wanted to do, right?”

It didn’t matter that he didn’t have an F&B background. 

But in Japan, the work culture directed him toward a career in finance. Still, this was a valuable experience that helped him in building Pizza 4P’s.

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🍕 Building the vision

In 2008, Yosuke moved to Hanoi, Vietnam as a director for the Japanese venture capital firm, CyberAgent. 

But he still kept thinking about starting his own company.

And because he liked pizza and saw Vietnam’s rising middle class, opening a pizzeria with a wood-fired oven seemed like a logical strategy.

So, Yosuke and his wife, Sunae decided to chase their dream and open a pizzeria.

The couple traveled the world to learn more about pizzas. They went from Naples to Bangkok and to Singapore, where they sampled pizzas and sourced ingredients. 

By 2011, Yosuke and his wife, Sanae, finally quit their corporate jobs. They invested $100,000 to open their first restaurant in Ho Chi Minh City.

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🧀 Crustworthy innovation

But the challenges came fast. First, Vietnam didn’t have fresh mozzarella. 

So, Yosuke turned to YouTube and taught himself how to make mozzarella. He tested milk from over 25 sources until he found the perfect recipe. 

Making their own cheese turned into an unexpected revenue stream. 

Today, 15% of Pizza 4P’s revenue comes from cheese sales alone.

With a dedicated cheese production facility, they now supply fresh mozzarella, burrata, and ricotta to their own restaurants and other establishments in Vietnam.

But Yosuke wasn’t done innovating. While most pizzerias stuck to tradition, he brought his own twist. 

One signature creation is their four cheese pizza, drizzled with honey and topped with prosciutto, arugula, and fresh burrata.

It was a combination that's unheard of, even in Italy, as a mix of fresh burrata, mozzarella, and heavy cream is so expensive. 

Other fan-favorite items include locally inspired flavors like sashimi and tandoori chicken curry. 

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🗣️ Word on the street

Their first outlet was tough to run. During those days, they lived in a small room with their daughter above their restaurant. Some nights, Sanae would work a 16-hour shift and struggle to make it back upstairs to head to bed. 

It was also not the easiest to find. 

They knew they had a great product, but that was just the first step. Getting people to discover Pizza 4P’s was its own challenge.

Their first outlet was on Le Thanh Ton street, a popular street for dining, shopping, and architecture in Ho Chi Minh, especially for tourists excited to see and try Vietnamese culture.

But serving pizza instead of Vietnamese food meant they weren’t an obvious choice for these tourists looking for local Viet flavors.

So, they had to rely a lot on word of mouth and social media. 

Then, when they opened their Hanoi location, luck and timing played a part. 

On the very first day of their soft opening, Namster Do, a well-known Vietnamese entrepreneur, stopped by to try it out. 

He posted it on Facebook and it got over 1,000 likes and 168 shares in a single day. 

They got tons of calls from this post and had enough reservations to book the restaurant for the next three weeks. Yes, three!

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🤯 Topping the competition

Pizza 4P’s grew, but so did the challenges. 

Some ex-employees moved to other pizzerias and copied dishes

Instead of fighting back with lawsuits or complaints, Yosuke focused on creativity. 

He introduced educational programs for his team, built sustainable partnerships, and even developed tech systems to improve operations. 

Mekong Capital (MC) invested in 2018, and the number of restaurants increased from eight to 27 in Vietnam and Cambodia.

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💪 Rising up 

But the pandemic nearly crushed the business. 

Revenues plummeted, and their dreams of scaling seemed out of reach. Yet, Yosuke and Sunny didn’t give up. 

They focused on what they’d always done best—making people smile. 

When dine-in wasn’t an option, they launched Market 4Ps. 

These were pizza takeout kits, letting families recreate the Pizza 4P’s experience at home.

In 2022, Tokyo-based Cool Japan Fund invested $10M, fueling further expansion.

Pizza 4Ps entered Cambodia in 2021, and then India and Japan in 2023.

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🌱 Sustainability at the core

But growth for Pizza 4P’s isn’t just about expansion—it’s also about creating a positive impact. 

They uplift local farmers and champion sustainable farming practices.

Despite challenges that slowed progress on sustainability goals, they remain transparent, sharing both successes and setbacks. 

This openness builds trust and strengthens the brand.

Their efforts include upcycling three tons of plastic waste into furniture and repurposing bullet casings into restaurant decor. 

They divert 93% of waste from landfills and use organic waste to feed fly larvae or crush glass into construction materials.

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🌎 Expanding with impact

Now, with 32 locations across five countries, Pizza 4P’s isn’t just a pizza chain.

Today, they operate across five business units, including restaurants, retail e-commerce, wholesale cheese distribution, production farms, and even craft beers.

They’ve remained committed to delivering consistent quality across every location and experience.

At Pizza 4P’s, innovation is baked into every aspect of their business, from crafting their own cheese to building a brand that listens, evolves, and delivers for their customers.