'Go Global' strategy helps Masan enter top 500 largest companies in Southeast Asia

To meet the criteria to enter rankings, the company must reach a minimum revenue threshold of US$460.8 million.

Accordingly, in the field of consumer goods and grocery retail in Vietnam, Masan Group is the company ranked highest on Fortune's rankings, with 2023 revenue of more than US$3.2 billion.

At the annual general meeting of shareholders in April, Masan revealed their strategy of Going Global, bringing Vietnamese cuisine to the world and targeting 8 billion global consumers.

Masan Group headquarter’s office. Photo courtesy of Masan

Masan Group leaders said that in 2024, the group would focus on developing Masan Consumer, implementing the Go Global strategy to become a culinary ambassador, increasing valuation to billions of USD, and aiming for 10-20% of revenue from the global market.

Truong Cong Thang, CEO of Masan Consumer, revealed at this year's annual shareholder meeting that Masan Consumer will build six different billion-dollar brands as part of its strategy to reach 8 billion people globally.

Thang listed that the business currently has five "big brands," comprising Chin-su, Nam Ngu, Omachi, Kokomi, and Wake-up.

These brands contributed about US$150-250 million, accounting for 80% of Masan Consumer's revenue in the past 7 years in the Vietnamese market.

According to Masan's research, Vietnam’s FMCG market currently has a scale of US$32 billion, but Masan Consumer only serves about US$8 billion. The market’s potential is still very large.

Therefore, Masan Consumer's strategy is to increase the number of "Big Brands" to six, implementing "Go Global," and becoming the leading company in Southeast Asia.

The initial successes of the "Go Global" journey include Chin-su reaching the No. 1 best-selling product position on the Korean e-commerce platform Coupang and the top 10 "best-seller" positions on Amazon in 2023, in the chili sauce industry. From 2017 to 2023, Omachi doubled the number of products consumed.

The leaders of Masan Consumer also shared the roadmap to make Omachi a billion-dollar brand.

Omachi will expand its target market from US$1 billion in the instant noodle industry to US$17 billion in the restaurant meal replacement industry.

This goal will realize through launching the self-boiling hot pot product in 2023, and then Omachi 'self-cooking rice.'

Japanese consumers will welcome Chin-su chili sauce at Foodex Japan 2024. Photo courtesy of Masan

From 2017 to 2023, Masan Consumer grew at 2.2 times faster than the general market.

According to a recent report by HSBC, Masan Consumer has high profit margins, stable revenue growth, and significantly exceeds its peers in the FMCG and packaged food sectors in the region.

Last year, the company set a record profit when recording a profit after tax of VND7,195 billion, an increase of 30% compared to 2022.

Entering 2024, with the Go Global strategy and expectations of a strong recovery of the consumer market, Masan Group aims to double its profits.

Over time, this group has prepared a team of human resources and currently has nearly 40,000 people from many different countries.

In the field of consumer goods and grocery retail in Vietnam, Masan Group is the company ranked highest on Fortune's rankings.

This year marks the 70th anniversary of Fortune magazine.

"With Fortune's first list of Southeast Asia's Top 500 Companies, we want to draw attention to Southeast Asia's impressive growth story and the biggest companies driving the economy, which are developing very diversely in this region," said Khoon-Fong Ang, Fortune's Director of Operations in Asia.