Masan Consumer eyes growth rebound and market listing by 2026

Since October, CHIN-SU and Nam Ngu products have been available at global retail giants Costco in the US and South Korea, and Woolworths in Australia. The move reflects Vietnam’s growing presence in the fast-moving consumer goods (FMCG) sector and the rising competitiveness of locally developed brands on the global stage.

Masan Consumer, a member of Masan Group, is among Vietnam’s leading FMCG companies. It operates a closed-loop production chain – from raw materials to finished products – that adheres to international standards for quality management and food safety. Central to its innovation capacity is the Consumer Innovation Centre (CIC), which focuses on research and development (R&D) driven by a deep understanding of consumer preferences and shopping behaviour.

MCH’s strategy is built on three pillars: premiumisation, out-of-home consumption, and R&D. Each year, CIC develops over 100 new initiatives, many of which have shaped modern consumer trends, such as Omachi Self-Heating Hotpot, Nam Ngu Ly Son chilli garlic fish sauce, and Wake-Up 247 energy drinks.

By combining strong R&D capabilities with advanced technology, MCH has shortened its product development cycle to under 12 months – about twice as fast as the FMCG industry average. Between 2018 and 2024, nearly 20 per cent of its revenue came from new products, highlighting the strength of its innovation-driven growth strategy.

Expanding into international retail chains further demonstrates MCH’s ability to compete globally, showcasing the growing capacity of Vietnam’s consumer goods sector in quality management, logistics, and compliance with global standards. This milestone also strengthens the position of Vietnamese products within the regional consumer value chain.

After restructuring its distribution network, MCH expects to return to positive growth in Q4, setting a strong foundation for recovery in 2026. The company’s new direct coverage initiative aims to optimise inventory and logistics to ensure products reach points of sale closest to consumers.

“Q3 revenue fell 5.9 per cent on-year and earnings before interest, taxes, depreciation, and amortisation were down 7.1 per cent, mainly due to short-term impacts from our new direct coverage model,” said Huynh Viet Thang, CFO of Masan Consumer. “The initiative, now rolled out in 34 provinces, has already started showing positive results since October.”

Centred on people, technology, and connectivity, direct coverage has streamlined operations by restructuring the sales force by region, automating the ordering system, and connecting sales representatives directly with points of sale. As a result, direct coverage has increased by 40 per cent to 345,000 points of sale, while the share of wholesale channels fell from 60 to 30 per cent. Labour productivity rose by 50 per cent, with costs remaining stable.

"Restructuring the distribution system is the right step for medium- and long-term growth," said Danny Le, CEO of Masan Group. "We are moving towards modernising the entire consumer value chain in Vietnam."

MCH is expected to return to growth in Q4. The company is also preparing for an initial public offering with advisory from international investment banks.

"The company is likely to list on the Ho Chi Minh City Stock Exchange by late 2025 or early 2026, supported by its solid financials and positive market sentiment," a representative of Masan Group's board of directors said. "A successful listing would pave the way for inclusion in the VN30-Index, broadening our investor base and reinforcing our position as a leading consumer goods company."

Masan Group recorded its strongest quarterly profit since early 2022, supported by improved performance across WinCommerce, Masan MEATLife, and Masan High-Tech Materials. Building on this momentum, MCH is expected to enter a new growth phase from late 2025 to 2026 as it completes restructuring and advances plans for a public listing.

Focusing on distribution optimisation, R&D, and international expansion, MCH aims to strengthen its competitiveness in the evolving consumer goods market, positioning itself as a top Vietnamese brand built on quality, innovation, and operational efficiency.

Masan Consumer, the consumer goods arm of Masan Group, has seen its stock price soar more than 240 per centin the year to date.

Masan Consumer Holdings received the prestigious "Great Place to Work" certification from Great Place to Work for the second year in a row in November.

Masan Consumer has announced that the company has achieved a 48 S&P Global ESG score from S&P Global, the world's leading provider of credit ratings.