MCH shares secure approval for listing on HSX

MCH shares secure approval for listing on HSX

The Ho Chi Minh City Stock Exchange (HSX) issued a decision approving the listing of over 1.067 billion shares in Masan Consumer (MCH) on December 10.

The move marks the completion of important legal procedures before the MCHshares officially begin trading on HSX in December.

Strong brands, leading multi-category portfolio

For nearly three decades, Masan Consumer, a member company of Masan Group (HSX: MSN), has built a leading brand ecosystem spanning approximately 80 per cent of essential fast-moving consumer goods (FMCG) categories in Vietnam, with household reach of nearly 98 per cent (Kantar). MCH products appear naturally in everyday Vietnamese life – fish sauce on family dining tables, instant noodles for modern lifestyles, chilli sauce at local eateries, or a can of coffee to start the day.

In the seasoning category, MCH holds the number one market share in fish sauce, chilli sauce, and soy sauce, powered by CHIN-SU and Nam Ngu – the “national brands” associated with more than 72 billion meals per year. In convenience foods, Omachi ranks second in market share, while Kokomi is among the strongest mainstream brands in rural Vietnam.

Across both urban and rural markets, MCH owns a broad base of loyal users who are willing to try new products, driving multicategory sales growth and reinforcing leadership positions.

In beverages, Vinacafe Bien Hoa ranks second in instant coffee, while Wake-Up 247 is the leading domestic brand in the coffee-flavoured energy drink segment.

Built on strong brand equity, MCH is driving the premiumisation trend – a structural shift in Vietnam's FMCG market. With household-name brands, MCH is well-positioned to elevate consumer experience and enhance value capture across categories.

For example, in seasonings, MCH has expanded usage of CHIN-SU from traditional dipping sauce to cooking ingredients, cooking sauces, marinades, and full cooking solution kits. By participating in the entire cooking process, the brand strengthens consumer retention and significantly expands its addressable market.

In convenience foods, premiumisation is increasingly evident as demand for nutritious, ready-to-eat meals and out-of-home consumption grows. Leveraging the Omachi platform, MCH is leading the shift from traditional noodles (approximately a $1 billion market) towards premium potato noodles, ready-to-cook products, and complete meal solutions – a segment with an estimated value of $17 billion, offering substantial long-term growth potential.

Strong profit growth and sustainable dividends

Despite market volatility, the essential consumption nature of FMCG ensures stable demand with high repeat usage and low economic cyclicality. During 2017-2024, MCH maintained a resilient and efficient financial foundation: operating profit margin above 23 per cent, while net profit grew at a compound annual growth rate (CAGR) of approximately 20 per cent from 2022-2024.

These indicators reflect the strength of MCH's business model and its ability to deliver sustainable profitability across market cycles. In 2024 alone, MCH generated approximately $1.2 billion in revenue, reinforcing its position as one of Vietnam's largest FMCG companies.

Notably, between 2018 and 2024, MCH paid around $1.5 billion in cash dividends, demonstrating robust cash flow generation and a consistent shareholder return policy – ​​key factors supporting long-term investor confidence.

A core driver of MCH's sustainable financial performance is its research and development (R&D) and product innovation capability, with the Consumer Innovation Centre considered the “heart” of product development. From 2017-2024, innovative products contributed roughly 20 per cent of total revenue, reflecting rapid market adoption and incremental growth from portfolio expansion. To date, MCH has developed over 1,200 innovations since 2002, covering seasonings, convenience meals, beverages, and personal care.

This R&D efficiency is rooted in MCH's philosophy of “creating the best products using the least resources”. Innovation not only refreshes the portfolio but also expands margins, strengthens financial fundamentals, supports performance through cycles, and unlocks long-term growth opportunities.

Nationwide distribution network

To convert its brand strength and premiumisation strategy into sustainable business performance, MCH has built one of the most extensive distribution networks in Vietnam's FMCG sector, reaching consumers through nearly 500,000 traditional retail points and 10,000 modern trade outlets.

On this foundation, the Retail Supreme direct distribution model was introduced in 2024 as a strategic shift, marking MCH's proactive push to control retail touchpoints, modernise distribution infrastructure, and establish a growth platform for the next decade.

This model enables direct engagement with retailers and consumers, generating structured operating data to optimise assortment, merchandising, and sales execution. It is also a critical step in realising MCH's 10-year vision: building an integrated ecosystem connecting brand – retailer – consumer seamlessly across offline and online channels.

Go Global – bringing Vietnamese culinary culture to the world

As growth pillars materialise, MCH is advancing its global expansion strategy. Under the “Go Global” roadmap, MCH is extending its presence to over 26 countries, bringing products such as fish sauce, chilli sauce, pho noodles, and coffee to international markets. Presence in key markets like the United States, Japan, Korea, and Australia not only contributes to export revenue but also promotes Vietnamese culinary culture, aligned with the leadership's message: “Make Vietnamese foods global foods.”

International revenue recorded approximately 16 per cent CAGR during 2022-2024, while overseas operating margin reached approximately 30 per cent in 2024, reflecting a strong performance in global markets. The contribution from international markets is increasing rapidly – ​​from 1 per cent in 2020 to 5 per cent in 2025, with a target of 10-20 per cent in the coming years.

MCH convenes all the factors of an enterprise with sustainable growth: a strong brand portfolio, a clear premiumisation strategy, extensive distribution, robust finances, an attractive dividend policy, and a leadership and human resources team with long-term commitment. Listing on HSX is not merely a procedural step but the start of a new growth cycle. These aforementioned pillars will continue to work effectively, enabling MCH to create sustainable added value for consumers and shareholders for years to come.

VIR