Decoding the "national stocks" of Vietnam's FMCG industry

For nearly 30 years accompanying Vietnamese consumers, Masan Consumer (UPCoM: MCH) has become an integral part of the lives of millions of families. It is this attachment that makes many people consider MCH a “national stock”, where the journey of serving consumers is continued by the trust of investors.

Journey of nearly 30 years: Creating value from the Vietnamese kitchen

During nearly 30 years of development, Masan Consumer has not only accompanied billions of Vietnamese meals, but also expanded its footprint to the international market, becoming one of the leading fast-moving consumer goods (FMCG) companies in Vietnam in terms of revenue, profit and capitalization.

Masan Consumer not only accompanies billions of Vietnamese meals, but also expands its footprint to the international market.

On that journey, the business is always steadfast in its mission of serving consumers, which is concretized through three clear development strategy stages.

The first phase (1996-2010) was the start from the Vietnamese kitchen, when Masan Consumer conquered Vietnamese tastes with familiar products such as fish sauce, soy sauce and chili sauce, indispensable spices in every family meal.

The next phase (2010-2020) marked the expansion into modern living spaces, from living rooms to bathrooms, when the company entered the beverage, coffee and personal and home care products sectors, gradually asserting its position in many essential product lines.

Entering phase three (2020 to present), Masan Consumer continues to transform strongly with a strategy of premiumizing products, promoting out-of-home consumption and reaching international standards (Go Global), bringing the quintessence of Vietnamese cuisine to the world .

Currently, Masan Consumer products are present in 98% of Vietnamese households, exported to 26 countries, with revenue in 2024 reaching VND 30,897 billion, an increase of 9.4% over the previous year, demonstrating the enduring strength of a brand that always puts consumers at the center.

Journey to build a strong brand, trusted by consumers

Masan Consumer is one of the few enterprises in Vietnam that owns a strong brand portfolio spanning most fast-moving consumer goods industries, with each brand achieving revenue of thousands of billions of VND each year, clearly demonstrating the leading position and trust that consumers have in Vietnamese brands.

Masan Consumer is one of the few businesses in Vietnam that owns a strong brand portfolio spanning most fast-moving consumer goods industries.

CHIN-SU is considered a brand associated with the journey of promoting Vietnamese flavors, with a spirit of innovation and a desire to reach out to the world, not only leading the domestic market for chili sauce and premium fish sauce but also reaching out internationally when ranking Top 1 on Coupang (Korea) and Top 10 on Amazon (USA). Omachi continues to affirm its pioneering role in the trend of premiumizing the convenience food industry, helping Masan Consumer expand its market share in the high-margin segment. Nam Ngu, serving more than 72 billion meals per year, is the fish sauce brand most chosen by Vietnamese people, accounting for more than 68% of the national market share. In addition, Kokomi is considered the "national noodle" in the popular segment, covering millions of points of sale in rural areas, while Wake-Up 247 creates a completely new segment, coffee-flavored energy drinks, loved and widely used by the young generation.

Thanks to its multi-industry and effective “Strong Brand” portfolio, Masan Consumer will not only maintain revenue of nearly VND 31,000 billion in 2024 but also consolidate its position as one of the leading FMCG enterprises in Vietnam with more than 72% of revenue coming from strong brands, a rate few enterprises in the industry can achieve.

Extensive distribution network: Power comes from scale and efficiency

Brand strength can only be truly realized when combined with an effective distribution system, something that Masan Consumer has invested in building for nearly three decades.

While more than 60% of Vietnam’s population still lives in rural areas, Masan Consumer is one of the few businesses in the fast-moving consumer goods industry that owns a separate and comprehensive distribution system, covering both traditional (GT) and modern retail (MT) channels. The company’s network currently includes more than 313,000 traditional points of sale and 8,500 modern points of sale nationwide, ensuring that its products are always widely present from urban to rural areas.

In addition, the collaboration with WinCommerce (WCM), the largest modern retail system in Vietnam with more than 4,300 supermarkets and WinMart/WiN/WinMart+ stores, helps Masan Consumer products reach consumers within just 2-3 weeks of launch. The company also leverages the power of the WiN Membership program with more than 11 million users, allowing connection and analysis of consumer data to optimize products, promotions and improve customer experience.

Solid foundation from production capacity to investment confidence

Masan Consumer currently operates a chain of modern factories that meet international FSSC, ISO and HACCP standards across Vietnam, from the extended Ho Chi Minh City - Binh Duong area, Dong Thap - Tien Giang , Binh Thuan, to Hung Yen and Bac Ninh in the North. ensuring flexible and efficient production capacity nationwide. The factories are invested synchronously to integrate automated production lines, real-time quality control systems and product traceability using QR codes. This factory network not only helps Masan Consumer meet domestic demand but is also a solid launching pad for the Go Global strategy, bringing products with Vietnamese spirit and flavor to the world.

Throughout many economic cycles, Masan Consumer has maintained stable growth and outstanding profitability.

Throughout many economic cycles, Masan Consumer has maintained a stable growth rate and outstanding profitability, demonstrating the solid financial foundation of a leading FMCG enterprise in Vietnam. During the period 2017-2024, the company achieved a revenue compound growth rate (CAGR) of about 13%, an EBITDA margin of about 26%, and ROIC exceeding 200%, reflecting excellent capital efficiency even in a volatile economic context.

It is the persistence with long-term strategy and effective operational capacity that has helped Masan Consumer maintain stable growth through many economic cycles, thereby being considered by many investors as one of the "national stocks" of the Vietnamese FMCG industry.

Source: https://thoibaonganhang.vn/giai-ma-co-phieu-quoc-dan-cua-nganh-fmcg-viet-173544.html