This study was conducted to test the relationship between value equity and repurchase intention of diners at the Manwah restaurant chain. In this study, the authors propose five factors that constitute value equity in the restaurant sector. These are: food quality, service quality, environment, price, and convenience. Data were collected from 400 diners who had used the service at the Manwah restaurant system in Hanoi, and were analyzed by SEM. The results show that value equity positively affects the intention to repurchase. In details, all P-values have values less than 0.05, showing that the factors of food quality, service quality, price, convenience and service environment all have an impact on the value equity factor. Except for the negative price factor’s regression coefficient, all the regression coefficients have positive values, showing that these factors have a positive impact on value equity. The negative regression coefficient of the price factor on value equity shows that the reasonableness of the price (customers rate it as low cost compared to the quality and quantity of what they receive) has a negative effect on value equity.