HOSE - Vietnam’s Exchange with the Highest Governance and Transparency Standards
Within Vietnam’s stock exchange system, HOSE remains the primary destination for long-term capital flows, particularly from foreign institutional investors. Its stringent requirements regarding disclosure, auditing, trading supervision, and risk management have made HOSE a “natural filter,” admitting only companies that meet the highest governance standards.
Masan Consumer’s proactive decision to pursue a HOSE listing signals its readiness to meet these standards and to operate on the exchange widely regarded as the “front door” of Vietnam’s capital market.
Notably, Masan Consumer’s plan to move to HOSE is not a sudden decision. The company first communicated this intention in 2024 and has spent several consecutive quarters preparing reviewing governance systems and adjusting reporting procedures to align with HOSE requirements. This multi-year preparation reinforces that the move is a carefully designed strategic roadmap, not a symbolic gesture.
Strengthening Governance Standards and Expanding Access to Global Capital
Transitioning from UPCOM to HOSE provides substantial benefits for a company with revenues nearing USD 1.2 billion like MCH. HOSE’s more rigorous supervision and disclosure requirements help solidify corporate governance, increase reporting consistency, and reinforce investor confidence.
A HOSE listing also significantly expands access to international capital. Foreign funds-ranging from active managers to large ETFs-typically seek companies that meet key criteria: large market capitalization, stable growth, strong profitability, dominant market share, and recurring revenue. MCH is one of the very few FMCG companies in Vietnam that meets all these conditions.
Once listed on HOSE, MCH is expected to come onto the radar of major institutional investors from the U.S., Europe, Japan, South Korea, and Singapore-many of whom remain cautious toward UPCOM stocks.
Another important benefit is the potential inclusion in major indices. After listing on HOSE, MCH could qualify for indices such as VN30, VN100, FTSE Vietnam 30, or the MVIS Vietnam Index, all of which require large market cap, strong liquidity, and business stability. According to Vietcap’s analysis, MCH could even qualify for several key indices in the first review cycle after listing. Inclusion would open the door to ETF inflows and benchmark-tracking funds-an increasingly influential source of liquidity in Vietnam’s capital markets.
An FMCG Stock Combining Stability, Growth, and Strong Cash Flows
Despite market volatility, essential FMCG products maintain highly stable demand due to their recurring nature and low sensitivity to economic cycles. With household penetration reaching 98% of Vietnamese families (Kantar 2024), and a portfolio of “national brands” such as CHIN-SU, Nam Ngư, Omachi, Kokomi, and Wake-Up 247, MCH delivers exceptional visibility on future cash flows-one of the most important criteria for long-term institutional investors.
From 2017–2024, Masan Consumer maintained a robust and efficient financial foundation: operating profit margin consistently above 23%, while net profit from 2022–2024 grew at a CAGR of ~20% per year. These metrics demonstrate the company’s resilience and strong profit-generating capability across multiple market cycles.
In 2024 alone, MCH achieved approximately USD 1.2 billion in revenue, reinforcing its position as one of Vietnam’s largest FMCG companies. Importantly, from 2018 to 2024, MCH distributed nearly USD 1.5 billion in cash dividends-highlighting its sustainable cash-generation capacity and long-standing commitment to shareholder value, a key factor for long-term investor confidence.
For many consumers, MCH’s products are deeply woven into everyday meals and daily routines. Thus, the company’s move to HOSE is not merely a financial milestone-it marks a new stage of maturity after decades of brand-building and consumer service.
When an essential-goods company voluntarily embraces the stricter standards of a premier exchange, it typically signals preparation for its next phase of growth-one driven by stronger governance, long-term stability, and enhanced ability to attract high-quality global investors in the years ahead.