Ninety-eight percent of Vietnamese households possess at least one Masan Consumer product, a testament to consumer trust, as per Kantar Worldpanel.

Masan Consumer boasts five robust brands, each generating annual revenues exceeding VND2 trillion (US$78.5 million).

5 brands familiar to Vietnamese consumers

According to its 2023 annual report, Masan Consumer had five brands achieving revenue of over VND2,000 billion each.

These brands include CHIN-SU and Nam Ngu (spice industry), Omachi, KOKOMI (convenience food industry), and Wake-Up 247 (bottled drinks and nutritional drinks industry).

Robust brands have been instrumental in bolstering Masan Consumer's gross profit margin, consistently maintaining it at elevated levels for many years, particularly in 2023, when it peaked at 45.9 percent, marking a record high.

The top two positions in the top five above are a pair of brands familiar to Vietnamese consumers: CHIN-SU and Nam Ngu in the spice industry.

In 2023, this industry continued to be the mainstay of the business with sales recorded at VND10,446 billion ($410.3 million), an increase of 18.2 percent compared to 2022.

The CHIN-SU line of East Sea Anchovies Glass bottles was introduced to offer premium quality with a high-end and luxurious design, while Nam Ngu enhances Vietnamese specialties centered around fish sauce.

The Nam Ngu Specialties collection includes a trio of ready-to-use fish sauces combined with ingredients from three regions, namely Nam Ngu Ly Son chili garlic, Nam Ngu Ky Son ginger chili, and Nam Ngu fresh Southern tamarind.

Another industry that experienced sales growth is the convenience foods sector, with two brands, Omachi and KOKOMI, both logging sales of over VND2,000 billion.

Experiencing a growth rate of 8.8 percent compared to 2022, the net revenue of this sector amounted to VND8,446 billion ($331.8 million), with revenue from high-end brands constituting 50 percent of the total.

In 2023, a range of groundbreaking new products were launched, including the Omachi self-boiling hotpot, Pho Story, and Kokomi Dai 1 and a half packs, introducing fresh and valuable experiences to consumers.

The Omachi self-boiling hotpot caters to the style and preferences of active, adventurous young people, while Pho Story blends the time-honored formula of renowned pho brands like Pho Thin Bo Ho.

The 1 and a half packets of Kokomi Noodles offer increased weight without altering the price.

The final product in the roster of Masan Consumer's top five, each with revenues surpassing VND2,000 billion, is Wake-Up 247, a brand within the bottled beverage and nutritional drink sector.

In 2023, sales in this industry reached VND4,595 billion ($180.5 million), marking an expansion of 3.3 percent compared to 2022.

Besides Wake-Up 247, Masan Consumer is dedicated to developing new bottled beverage products tailored to the preferences of Gen Z youth, with a focus on health, exemplified by offerings such as BUPNON TEA 365.

Bringing Vietnamese cuisine to the world

Last year, the economy encountered myriad challenges, reflected in the overall FMCG market experiencing a negative growth rate of two percent, according to Nielsen.

However, with its efforts and innovations, Masan Consumer recorded a growth rate of 13.1 percent compared to 2022.

The company has continuously launched new products to meet more diverse consumer needs, especially those of the young.

In tandem with the strategy of premiumizing key products, Masan Consumer will also seek to expand development opportunities within industries such as cosmetics, personal care, and home care, among others.

According to information from its latest annual report, the firm will focus on the ‘Go Global - Make Vietnamese Food Global Food’ strategy in the near future.

In 2023, this business successfully penetrated international markets, particularly targeting the U.S., Japan, and South Korea, with its flagship brand, CHIN-SU.

Throughout this journey, CHIN-SU chili sauce has achieved prominence, securing a position among the top eight items on e-commerce site Amazon in the U.S. and claiming the top spot on the leading e-commerce site, Coupang, in South Korea.

Given the existing potential within the regional consumer market, 2024 is anticipated to sustain the success trajectory for Masan Consumer as it progresses toward the goal of deriving 15 percent of its sales from international business by 2027.

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