What Enables Masan Consumer to Sustain Superior Profitability Across Economic Cycles?

Economic Turbulence as a Litmus Test for Vietnamese Enterprises

Since 2017, the global economy has entered a decade of unprecedented volatility, testing the adaptability and resilience of businesses worldwide.

During 2017–2019, the world experienced a robust recovery from the 2008–2010 financial crisis, with significant capital inflows into emerging markets. In Vietnam, GDP growth averaged 6.8–7% annually, per capita income approached $2,800, and consumer spending surged, fueling a vibrant growth phase for the FMCG sector.

From 2020 to 2021, the COVID-19 pandemic disrupted supply chains, drove logistics costs to record highs, and transformed consumer behavior. While many global consumer goods giants saw profits decline, Masan Consumer (UPCoM: MCH) maintained positive growth, thanks to its essential product portfolio and extensive distribution network, despite rising raw material and operational costs.

Masan Consumer’s products enjoy high penetration across both traditional and modern retail channels.

In 2022–2023, as global inflation soared and interest rates climbed, input and financing costs surged, squeezing profit margins across the region. Amid this, MCH sustained an EBITDA margin of approximately 26%, significantly outpacing the FMCG industry average of 10–15%, showcasing its operational efficiency and financial discipline, even as consumer demand occasionally stalled.

By 2024, as the global economy stabilized, Vietnam’s GDP growth reached 7.09%, and domestic consumption rebounded, particularly in food and beverages. MCH entered a profitable growth cycle, solidifying its foundation for the “Go Global” initiative and planned IPO on HOSE.

Nonetheless, the company faces long-term challenges, including rapidly shifting consumer preferences, innovation pressures, intense competition from international brands, and growing sustainability demands. Over nearly a decade of turbulence, Masan Consumer stands as one of the few Vietnamese FMCG firms maintaining steady growth and high profitability, demonstrating its resilience in management, cost optimization, and long-term value creation for shareholders.

Superior Profitability – The Foundation for Sustainable Growth

From 2017 to 2024, MCH’s revenue grew at a CAGR of 10–13%, while its EBITDA margin remained around 26%, over 400 basis points higher than in 2017, ranking among the highest in Southeast Asia. A gross profit margin exceeding 42% and an ROIC above 200% (per Masan Consumer’s internal calculations) highlight its exceptional capital efficiency in the consumer goods sector.

Convenience foods are also a key export category for Masan.

Even in the toughest years, such as 2021, when raw material and shipping costs skyrocketed, MCH maintained an operating margin above 25%, thanks to its integrated production-distribution model and a portfolio of essential brands with stable demand. However, high margins also bring pressure to continuously innovate, safeguarding its leadership amid shifting consumer behavior and rising labor and energy costs.

The “Fewer – Bigger – Faster” strategy has been pivotal in MCH’s success, focusing resources on core brands, optimizing operations, and accelerating product launches. This approach enabled the company to not only recover swiftly from crises but also sustain efficient and robust growth.

Nam Ngư fish sauce is now available in major markets such as the U.S., Australia, Japan, Taiwan, South Korea, Russia, and China.

“Cash in the bank is the result of our daily discipline in management. Masan Consumer proactively manages every process, from product development to financial planning, to create genuine and sustainable value for shareholders,” shared Mr. Phạm Đình Toại, Deputy CEO of Masan Consumer, in a recent interview.

Recognized by S&P Global – Affirming Global Sustainability Leadership

In 2025, Masan Consumer was honored by S&P Global as one of the world’s leading sustainable FMCG companies, ranking above 85% of its industry peers, thanks to its balance of financial performance, transparency, and social responsibility.

According to S&P Global, MCH excelled in risk management, green supply chains, energy management, and product innovation, reflecting a shift from “growth through scale” to “growth through value and sustainability.”

Kokomi builds a vibrant brand image with the tagline “With Kokomi, you’re irresistible.”

MCH’s impressive profitability is underpinned by strong brands and an extensive distribution network. The company leads nearly 80% of essential consumer goods categories in Vietnam, with products present in 98% of households (Kantar 2024). Brands like CHIN-SU, Nam Ngư, Omachi, Kokomi, and Wake-Up 247 dominate domestically and are available in 26 countries, including top retailers like Costco (U.S., South Korea) and Woolworths (Australia). Notably, new brands such as Chanté laundry detergent are gaining traction, leading the category during Lazada’s 11.11 sale and within the WinMart/WinMart+/WiN distribution system.

Supported by over 345,000 sales points nationwide and ISO, FSSC, HACCP, and BRCGS-certified production facilities, MCH ensures quality control, cost optimization, and long-term competitiveness.

Over nearly a decade of global volatility, Masan Consumer has proven the resilience and adaptability of a Vietnamese enterprise in a globalized world. For consumers, MCH is synonymous with quality and trust. For investors, MCH represents a profitable growth strategy and sustainable development, embodying a Vietnamese brand with global aspirations.