On December 25, Masan Consumer Corporation (HOSE: MCH) officially listed its shares on the Ho Chi Minh Stock Exchange (HOSE). This milestone represents not only a new chapter in the company’s capital market journey, but also a defining moment for a Vietnamese brand and a Vietnamese enterprise stepping onto the country’s largest financial platform with a long-term aspiration: to bring Vietnamese cuisine and consumer values to the global stage, while creating sustainable value for shareholders over the decades ahead.
After nearly three decades of formation and development, Masan Consumer has grown beyond the story of a single fast-moving consumer goods (FMCG) company to become an integral part of everyday life for tens of millions of Vietnamese households. The decision to list on HOSE therefore carries a repositioning meaning-from a leading domestic FMCG company to an enterprise representing a new benchmark for Vietnam’s capital market.
From Vietnamese kitchens to the capital market: the foundation of a national consumer company
Masan Consumer’s core strength is rooted in its deep understanding of Vietnamese consumers. Brands such as CHIN-SU, Nam Ngư, Omachi, Kokomi, and Wake-Up 247 have gone beyond the role of individual products to become part of daily life-from family meals to the convenient consumption moments of modern society.
According to Kantar (2024), Masan Consumer’s products are present in approximately 98% of Vietnamese households, a level of penetration that is rare even within the region. This extensive consumer base creates a stable demand structure, enabling the company to maintain a highly predictable business model-an attribute that is particularly important for long-term investors.
Complementing brand strength is large-scale operational capability. Masan Consumer operates a deep and extensive distribution network with nearly 500,000 traditional points of sale and more than 10,000 modern retail outlets, alongside close integration with the WinCommerce retail system. This strategic advantage allows the company to reach consumers faster, operate more efficiently, and continuously refresh the consumer experience.
Consistent financial performance and a long-term value commitment to shareholders
Built on a solid consumer foundation, Masan Consumer has delivered resilient financial performance across multiple economic cycles. Over the 2017-2024 period, the company achieved a compound annual revenue growth rate of approximately 13%, while consistently maintaining operating margins above 23%. Notably, net profit after tax continued to grow at a compound annual rate of nearly 20% during 2022-2024, reflecting the company’s ability to translate revenue growth into tangible earnings.
This performance places Masan Consumer among the leading FMCG companies in Southeast Asia in terms of growth and profitability, comparable to several major consumer groups in the region. On this foundation, the company has maintained a regular cash dividend policy, demonstrating a clear commitment to sharing value with shareholders.
It is this combination of growth, sustainable cash generation, and financial discipline that has led Masan Group Chairman Mr. Nguyễn Đăng Quang to repeatedly describe Masan Consumer as a “crown jewel”-not only for its current value, but for its long-term growth potential accumulated over time.
HOSE listing: a transition toward broader value recognition
Listing on the Ho Chi Minh Stock Exchange marks an important transition in Masan Consumer’s development journey. As the exchange with the highest standards of transparency, governance, and disclosure in Vietnam, HOSE is widely regarded as a benchmark for industry-leading companies and a preferred destination for both domestic and international institutional capital.
With its official trading on HOSE, Masan Consumer significantly expands its access to international investors, exchange-traded funds (ETFs), and key market indices. According to securities firms’ assessments, MCH may become eligible for margin trading after a period of stable trading and could be considered for inclusion in indices such as VN30, FTSE Vietnam 30, and emerging market index families over the medium to long term.
From an independent analytical perspective, Vietcap Securities (VCI) believes that the HOSE listing will help “reposition” MCH within the capital market. According to Vietcap, following its trading on HOSE, MCH could become the largest consumer stock by market capitalization within the VN-Index and rank approximately seventh among the largest listed companies nationwide. In addition, MCH has already met most of the key criteria for consideration in several major indices, with post-listing liquidity expected to play a decisive role in subsequent index review periods.
More importantly, the HOSE listing enables the value that Masan Consumer has built steadily over many years-through brand equity, distribution capabilities, and financial performance-to be more fully reflected in the capital market. This step allows MCH’s story to extend beyond domestic consumption, moving closer to the standards of a large-scale, transparent consumer enterprise that is attractive to long-term investors both in Vietnam and internationally.
Global aspirations and the journey toward sustainable value creation
Behind the listing milestone lies a broader long-term vision. Masan Consumer is progressively bringing Vietnamese cuisine to the global market, with its products now present in more than 26 countries. This is not merely an expansion of geographic reach, but a journey to share Vietnamese culinary culture through products that meet international standards.
In parallel, the company is pursuing a technology-driven innovation strategy through Consumer Tech, aimed at modernizing the entire value chain-from production and distribution to points of sale and end consumers. Together with the premiumization of products, Masan Consumer seeks to elevate the consumer experience in line with rising incomes and higher expectations for quality of life in Vietnam.
For the market, Masan Consumer represents a rare “consumer blue chip.” For shareholders, it is a mature, efficiently operated company entering its next growth phase on a solid foundation. The HOSE listing, therefore, is not merely a technical milestone, but a reaffirmation of a long-term commitment: to build a globally competitive Vietnamese enterprise that creates sustainable value for consumers, the market, and shareholders over the years to come.