Masan Consumer (MCH) has developed a comprehensive production chain and established a large-scale Research and Development (R&D) center, which has become a key driver for boosting exports and enhancing the global visibility of Vietnamese products. As the fast-moving consumer goods (FMCG) sector becomes increasingly competitive, MCH has adopted a strategy focused on product quality, adherence to international standards, and continuous innovation. The company has created an integrated value chain that spans from raw materials to finished products, ensuring compliance with global quality and food safety benchmarks.
Nam Ngu fish sauce is displayed alongside local products at Costco Korea. Photo courtesy of Masan Consumer
R&D as a Core Driver
Masan Consumer (MCH) is part of the broader Masan ecosystem and stands as one of Vietnam’s leading FMCG companies. Its strategic focus is built around three pillars: premiumization, expansion of out-of-home consumption, and fostering innovation through R&D. This approach enables the company to broaden its customer base and create sustainable competitive advantages by aligning its products with global consumption trends.
The Consumer Innovation Center (CIC) serves as the central hub for all R&D activities, driven by deep insights into consumer preferences and behaviors. Each year, the center generates over 100 new product ideas, several of which have evolved into modern consumption trends, such as Omachi self-heating hotpot noodles, Nam Ngu Ly Son chili-garlic fish sauce, and Wake-Up 247.
With a robust R&D system in place, MCH has significantly reduced the time required to launch new products to under 12 months—twice as fast as the industry average. From 2018 to 2024, 20% of MCH’s revenue came from innovative products, demonstrating the effectiveness of its R&D-driven growth strategy.
Customers selecting Chin-su chili sauce at a supermarket in the U.S. Photo courtesy of Masan Consumer
Investment in Production and R&D
MCH’s investment in production and R&D has enabled it to meet the stringent standards of demanding markets such as the United States, Australia, and South Korea, while preserving the distinct Vietnamese flavors in each product. The company has successfully placed brands like Chin-su and Nam Ngu on shelves at major global retailers, including Costco in the U.S. and Korea, and Woolworths in Australia, starting in October.
According to the company, MCH meets international standards in quality, production processes, and food safety. The presence of Vietnamese products in these retail chains expands export opportunities and highlights the adaptability of Vietnamese consumer goods to high standards in logistics, packaging, traceability, and sustainability. “This is an important step to help Vietnamese goods move deeper into regional consumer value chains,” said a company representative.
Strengthening Internal Capabilities for Sustainable Growth
While expanding internationally, MCH is also enhancing its direct distribution system to improve domestic efficiency. After restructuring its distribution network, MCH anticipates returning to positive growth in Q4/2025, laying the groundwork for recovery in 2026.
At Masan’s investor conference on Oct. 29, Huynh Viet Thang, CFO of Masan Consumer, noted that Q3 revenue declined by 5.9% and EBITDA fell by 7.4% due to short-term impacts from implementing the direct distribution system. However, the project has been completed across 34 provinces and cities, with positive results since October.
The company’s direct distribution model aims to optimize inventory and supply networks, ensuring products reach points of sale closest to consumers. The initiative focuses on three pillars: people, technology, and connectivity—with a reorganized salesforce by region, automated order suggestion software, and a direct link between sales staff and retailers. As a result, direct coverage increased by 40% to 345,000 points of sale, the wholesale channel share dropped from 60% to 30%, and labor productivity rose by 50%, while costs remained stable.
Customers sampling Chin-su chili sauce at Costco U.S. Photo courtesy of Masan Consumer
Danny Le, CEO of Masan Group, emphasized that restructuring the distribution system is crucial for medium- and long-term growth. “We are not only targeting short-term results but also aiming to modernize the entire consumer value chain in Vietnam,” he said.
Masan Consumer expects to return to its growth trajectory in Q4 2025 while preparing for an IPO with guidance from international investment banks. The company representative stated that listing its shares on the Ho Chi Minh Stock Exchange (HoSE) by late 2025 or early 2026 is feasible, supported by strong financial fundamentals, positive business performance, and investor confidence. The listing is also expected to help MCH meet criteria for inclusion in the VN30 index, expand its investor base, and strengthen its position as a leading Vietnamese consumer company.
In the group’s overall picture, Q3 2025 delivered the highest profit since early 2022, driven by growth from WinCommerce, Masan MeatLife, and Masan High-Tech Materials. For Masan Consumer, the period from late 2025 to 2026 is expected to be a pivotal time as the company returns to growth and strengthens its position in the capital market.