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November 05, 2021

Masan Deepens Strategic Partnership with De Heus Vietnam; Ensures Integrated “3F” Model via a Long-Term Collaboration

Ho Chi Minh City, 5 November 2021 – Today, Masan Group Corporation (HOSE: MSN, “Masan” or “Group”) announced the signing of strategic agreements with De Heus Vietnam (a subsidiary of the Dutch Royal De Heus Group), pursuant to which De Heus Vietnam will obtain control of the feed related business (the “Transaction”) and invest in Vietnam’s animal protein supply chain – De Heus will invest approximately USD600-700 million. The Transaction is part of the implementation of the Memorandum of Understanding (MOU) signed in September 2021 to achieve the following results – Masan MEATLife (“MML”) to focus on branded meat while De Heus Vietnam to prioritize providing animal nutrition, genetics, and husbandry solutions.

The Transaction and the ongoing implementation of the MOU are expected to ensure the food safety, productivity, and sustainability of the 3F (Feed-Farm-Food) integrated supply chain model. In particular, De Heus will supply up to 70% of the feed demand of MML’s farms and at least 2.8 million live pigs to MML over the next 5 years. The Transaction helps to ensure stable pricing, high quality, and standardized livestock to provide consumers with delicious, safe, and reasonably priced meat products.

This marks the final step of MML’s transformation into a branded meat player and is in alignment with Masan’s vision of becoming a pure-play integrated consumer ecosystem from products to services with The CrownX as the foundational platform. Post the closing of the transaction, MML owns 100% equity of the integrated pork meat business (Meat and Farm), and 51% equity of 3F VIET (Meat and Farm).

MML’s meat business has grown rapidly over the past 3 years and is on track to deliver USD200 million in revenue in FY2021, while achieving double-digit EBITDA margins. By 2025, MML aims to achieve 10% nationwide market share of the USD15 billion animal protein market with 20%+ EBITDA margin via a diversified, innovative, fresh and processed meat portfolio.

Mr. Danny Le, CEO of Masan Group, said “This is just the beginning of a long-term, win-win partnership to enhance the productivity of Vietnam’s animal protein value chain for the benefit of our independent farmers and ultimately consumers. With De Heus as our supply chain partner Masan will purely focus on developing the leading branded meat platform and to invest our entire human and financial resources to deliver safe, delicious, and reasonably priced meat products that adhere to international standards. This is also a testament to our commitment to evolve into an integrated, branded consumer ecosystem and work with leading partners to ensure we bring more value to our consumers’ daily lives.”

Viet Capital Securities acted as the lead financial advisor, Credit Suisse (Singapore) Limited and Deutsche Bank acted as financial advisors to Masan Group. The Transaction is subject to regulatory approvals.


Masan Group Corporation (“Masan” or the “Company”) believes in doing well by doing good. The Company’s mission is to provide better products and services to the 100 million people of Vietnam, so that they can pay less for their daily basic needs. Masan aims to achieve this by driving productivity with technological innovations, trusted brands, and focusing on fewer but bigger opportunities that impact the most lives.
Masan Group’s member companies and associates are industry leaders in branded food and beverages, branded meat, value-add chemical processing, and financial services, altogether representing segments of Vietnam’s economy that are experiencing the most transformational growth.


Masan MEATLife, a subsidiary of Masan Group Corporation, one of the Vietnam’s largest consumer-focused business groups, was established to provide consumers with quality, innovative, value-added, and traceable meat products at affordable price points. Masan MEATLife’s vision is to become a leading fast moving consumer goods (FMCG) company with a focus on branded meat products by improving the productivity of Vietnam’s meat supply chain organically.


Tanveer Gill
T: +84 28 6256 3862
E: [email protected]

Van Pham
T: +84 90 9216 292
E: [email protected]

This press release contains forward-looking statements regarding Masan’s expectations, intentions or strategies that may involve risks and uncertainties. These forward-looking statements, including Masan’s expectations, involve known and unknown risks, uncertainties and other factors, some of which are beyond Masan’s control, which may cause Masan’s actual results of operations, financial condition, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You should not rely upon forward-looking statements as predictions, future events or promises of future performance.

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