Herbalife’s Q1 2025 sales performance in Vietnam
Herbalife reported sales revenue of $75.4 million in Vietnam for the first quarter of 2025, equivalent to VND 1,940 billion. This figure represents a 0.3% decrease in USD compared to the same period last year. However, Herbalife affirmed that when calculated in VND, sales revenue increased by 3.2% year-over-year, while sales volume remained unchanged.
The multi-level marketing brand attributed the decline in revenue to unfavorable exchange rate fluctuations, which resulted in a loss of approximately $2.6 million in Vietnam during this period.
Regarding the overall situation in Vietnam, Herbalife noted that product prices in the country increased by 3.5% in March 2024 and by an additional 2.5% in March 2025.
In the region, Herbalife’s revenue in Vietnam was second only to India, the world’s most populous country, which generated $209.3 million in sales, an increase of 2.9%. Vietnam surpassed China, which reported sales of $64.8 million in the first quarter of 2025, a decrease of 13.8%.
Herbalife also mentioned that revenue declines were observed in other Asia-Pacific markets, including South Korea, Taiwan, and Indonesia. The company’s revenue from the Asia-Pacific region decreased by 2% during this period.
Herbalife first disclosed its revenue figures for Vietnam in 2019. Prior to that, the company did not provide specific numbers for Vietnam, only reporting on the Asia-Pacific region as a whole.
Herbalife’s sales performance in Vietnam from 2019 to 2025
Herbalife’s sales revenue in Vietnam showed consistent growth from 2019 to 2022, a period that coincided with the COVID-19 pandemic in Vietnam and worldwide. The figure dipped in 2023 but recovered in 2024, although it has not yet returned to the 2022 level.
In terms of sales volume, Herbalife reported increases from 2019 to 2022, except for a decline in 2023. The first quarter of 2025 marked another period of stagnant sales volume.
In Vietnam, Herbalife Vietnam Co., Ltd. was established in 2009 and operates as a multi-level marketing company. Vietnam is the 71st market for Herbalife globally.
According to Vietnam’s Ministry of Industry and Trade, approximately 700,000 people were involved in multi-level marketing activities across the country in 2024, a decrease of 400,000 compared to 2019. Despite the reduction in participants, revenue from these activities continued to show an upward trend.
Specifically, multi-level marketing sales revenue in 2024 reached VND 16,206 billion, a 28.9% increase compared to VND 12,575 billion in 2019. The average commission and bonus income for participants was estimated at approximately VND 951,000 per month, equivalent to about 12% of the country’s average per capita income during the same period.
As of now, only 16 enterprises hold valid certificates for multi-level marketing activities in Vietnam, a decrease of four companies compared to the beginning of 2024.
In Herbalife’s Q1 2025 report, the company, which is a leading global brand in health and wellness associated with Cristiano Ronaldo, announced that the Vietnamese government had extended their sales permit until 2030.
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