Experience the Essence of Vietnamese Cuisine with Over 60 Countries and Regions
Opening on March 5th in Tokyo, Foodex Japan 2023 – the largest international food event in Japan – is attracting the attention of numerous businesses, importers, residents of Japan as well as many foreign companies. This is a reputable destination for businesses seeking avenues to promote exports of goods, agricultural products, and food to a leading global market. Participants not only have the opportunity to find potential partners but also to directly experience the cuisine of different countries.
This year’s event allows Masan Consumer (MCH) not only to introduce more products and increase market share in Japan’s billion-dollar market but also to seek potential business partners for exporting to over 60 countries and regions. The opportunities for this business are clearly demonstrated through the vibrant activities at their booth, attracting a large number of visitors.
The booth showcasing and introducing MCH’s CHIN-SU chili sauce products attracted many visitors. Here, guests had the chance to taste the essence of Vietnamese cuisine accompanied by CHIN-SU sauce.
Japanese Consumer Demand Recovers
According to a report from Globaldata, the scale of Japan’s retail market in 2022 reached around 743 billion USD. This is an incredibly impressive figure for Japan, with a population of only over 125 million people and a self-sufficiency rate in food of less than 38%. Therefore, Japan is a market full of potential for any retail business worldwide.
To support investment for small and medium-sized enterprises in order to enhance production and business efficiency, and promote wage increases for workers, the Japanese Government recently approved a package of economic stimulus measures worth over 100 billion USD.
Under this package, Japan will use budget resources to support its people coping with high consumer prices through tax cuts and subsidies for low-income households, as well as extend fuel subsidies and provide support to businesses. This move serves as a catalyst for the recovery of the consumer market as people have more support to reduce their expenses and contribute to making this market increasingly vibrant in the eyes of many food exporters.
This is also an opportunity for Vietnam if Vietnamese products can ensure quality equivalent to, but at a lower price than, the goods imported from other countries into Japan, or if Vietnam can supply products that can replace domestic goods in Japan. Masan Consumer recognizes the opportunity to enter this 743 billion USD market with years of dedicated research into the taste preferences of the Japanese people, common ingredients in Japanese cuisine. They prioritize investing in modern technology to produce product lines that are suitable for the Japanese palate and meet Japanese standards to serve domestic and global consumer needs.
2023 marks the outstanding growth of MCH across all key product categories. The company recorded 29,066 billion VND in net revenue and 7,431 billion VND in EBITDA in 2023. The “Go Global” strategy with the emphasis on the CHIN-SU brand has yielded numerous positive results. Export revenue increased to 1,005 billion VND in 2023, a 13.6% rise compared to the same period last year. In particular, in the US market, CHIN-SU chili sauce maintained its position among the top 8 best-selling products on Amazon. Therefore, from 2020 to 2023, total export revenue achieved a strong compound annual growth rate (CAGR) of 31%.
In 2024, Masan Consumer is accelerating its “Go Global” strategy, expanding its customer base to 8 billion consumers, with the goal of international business accounting for 15% of total sales by 2027. With the current proportion of 4%, Masan Consumer needs to achieve a growth rate of 2-3% per year, equivalent to nearly 4 times growth by 2027. The consecutive successful export of products to major markets not only marks a new milestone for Masan Consumer but also contributes to affirming Vietnam’s culinary position on the world map, promoting the country’s image for long-term benefits in the future.
