Unveiling Vietnam’s FMCG “National Stock”: Decoding the Phenomenon

A 30-Year Journey – Crafting Value from Vietnamese Kitchens

Over nearly three decades, Masan Consumer has not only been a staple in billions of Vietnamese meals but has also expanded its footprint to international markets. This growth has established the company as one of Vietnam’s leading fast-moving consumer goods (FMCG) enterprises in terms of revenue, profit, and market capitalization.

Throughout this journey, the company has remained steadfast in its mission to serve consumers, a commitment reflected in three distinct strategic development phases. The initial phase (1996–2010) began in Vietnamese kitchens, where Masan Consumer captured the hearts and palates of locals with essential condiments like fish sauce, soy sauce, and chili sauce. The second phase (2010–2020) marked an expansion into modern living spaces, from living rooms to bathrooms, as the company ventured into beverages, coffee, and personal care products, solidifying its presence across multiple essential categories. In the current phase (2020 to present), Masan Consumer is undergoing a transformative shift, focusing on premiumization, out-of-home consumption, and global expansion (“Go Global”), bringing the essence of Vietnamese cuisine to the world.

Today, Masan Consumer’s products are present in 98% of Vietnamese households and exported to 26 countries. The company’s 2024 revenue reached 30.897 trillion VND, a 9.4% increase from the previous year, showcasing the enduring strength of a brand that prioritizes consumer needs.

Building a Trusted Brand – A Journey of Consumer Love

Masan Consumer is among the few Vietnamese companies boasting a robust portfolio of brands across nearly all FMCG categories, each generating billions in annual revenue. This underscores the company’s pioneering status and the trust consumers place in these Vietnamese brands.

CHIN-SU, for instance, is synonymous with promoting Vietnamese flavors, embodying innovation and global aspirations. It leads the premium chili sauce and fish sauce market domestically and has achieved top rankings on Coupang (South Korea) and Amazon (USA). Omachi continues to pioneer the premiumization trend in convenience foods, helping Masan Consumer expand its market share in high-margin segments. Nam Ngư, serving over 72 billion meals annually, is Vietnam’s most chosen fish sauce brand, commanding a 68% national market share. Kokomi is the go-to instant noodle brand in rural areas, while Wake-Up 247 has created a new category with its coffee-flavored energy drink, widely embraced by the youth.

Thanks to its diverse portfolio of strong brands, Masan Consumer not only sustained a revenue of nearly 31 trillion VND in 2024 but also solidified its position as a leading FMCG company in Vietnam, with over 72% of its revenue derived from these powerhouse brands—a feat few in the industry achieve.

Extensive Distribution Network – Strength in Scale and Efficiency

A brand’s strength is fully realized when paired with an efficient distribution system, an area Masan Consumer has meticulously developed over nearly three decades.

With over 60% of Vietnam’s population residing in rural areas, Masan Consumer stands out as one of the few FMCG companies with a comprehensive distribution network covering both traditional (GT) and modern trade (MT) channels. Its network includes over 313,000 traditional outlets and 8,500 modern retail points nationwide, ensuring widespread availability from urban to rural areas.

Collaborating with WinCommerce (WCM), Vietnam’s largest modern retail network with over 4,300 WinMart/WiN/WinMart+ stores, Masan Consumer’s products reach consumers within 2–3 weeks of launch. The company also leverages the WiN Membership program, with over 11 million users, to analyze consumer data, optimize products and promotions, and enhance customer experiences.

Solid Foundation – From Production Excellence to Investor Confidence

Masan Consumer operates a network of state-of-the-art factories across Vietnam, from Ho Chi Minh City – Binh Duong, Dong Thap – Tien Giang, Binh Thuan, to Hung Yen and Bac Ninh in the North. These facilities are certified to international standards (FSSC, ISO, HACCP), ensuring flexible and efficient production nationwide. Equipped with automated lines, real-time quality control, and QR code traceability, these factories not only meet domestic demand but also support the Go Global strategy, bringing Vietnamese flavors to the world.

Despite economic fluctuations, Masan Consumer has maintained steady growth and superior profitability, showcasing its robust financial foundation. From 2017 to 2024, the company achieved a revenue CAGR of approximately 13%, an EBITDA margin of ~26%, and an ROIC exceeding 200%, demonstrating exceptional capital efficiency even in challenging economic conditions.

This commitment to long-term strategy and operational excellence has made Masan Consumer a stable growth partner through economic cycles, earning it the reputation as a “national stock” among FMCG investors in Vietnam.