In the list of top largest spice companies in Vietnam, Masan, which is also one of the largest instant noodle companies in Vietnam, is coming out top with a market share of 43% in the sauce segment. Following are also household names including Ajinomoto, Veda, Cholimex...
Masan Consumer Corporation (Masan Consumer), formerly known as Viet Tien Technology - Engineering - Trading Joint Stock Company, specializes in manufacturing processed foods and condiment products. After many changes, on June 10, 2015, the company changed its name to Masan Consumer.
The company is currently rated as one of the largest consumer goods companies in Vietnam. It manufactures and distributes a wide range of food and beverage products, including condiments (fish sauce, soy sauce, chili sauce), convenience foods (instant noodles, convenient breakfasts), and beverage products (instant coffee, instant cereals and mineral water).
In 2020, Masan Consumer achieved revenue of over 1 billion USD, up 26% compared to 2019 and 39% compared to 2018. Its profit after tax reached 211 million USD.
Established in 1991, Ajinomoto Vietnam Company is a 100% foreign invested company, under Ajinomoto Group (Japan) with an initial investment value of more than 8 million USD. Over 30 years of operation in Vietnam, the company has constantly developed, expanded its business network and increased its production capacity.
Currently, Ajinomoto Vietnam has two representative offices in Ho Chi Minh City and Hanoi, two production factories including Ajinomoto Bien Hoa Factory (since 1991) and Ajinomoto Long Thanh Factory (since 2008). The third factory is also in Long Thanh, which has been under construction since 2016. In addition, the company has 3 large distribution centers and a lot of branches spreading over 63 provinces. The total number of employees working at Ajinomoto Vietnam Company is more than 2,300 people.
Ajinomoto's revenue in 2020 is 359 million USD, up 4% year-on-year; and profit after tax reached 45 million USD, down 7% compared to 2019.
Vedan Vietnam Enterprise Corporation Ltd., (Vedan Vietnam) was established in 1991. Since its establishment, the company has expanded investment and developed offices in provinces and cities across the country.
So far, Vedan Vietnam has achieved preliminary results, and at the same time has built a solid foundation for development in Vietnam. In addition, the company always focuses on establishing management systems for safety, health, and environmental protection.
In 2020, Vedan recorded a revenue of 334 million USD with a profit after tax of 32 million USD, up 24% compared to 2019.
Cholimex Food Joint Stock Company, formerly known as Direct Import-Export Co., Ltd. District 5, was established in 1983. In 2006, the company was officially equitized and renamed Cholimex Food Joint Stock Company.
After nearly 40 years of establishment and development, Cholimex Food has become a leading producer, processor and distributor of sauces, condiments, and frozen foods with a diversified product chain that fully meet national and international food safety and hygiene standards. Cholimex Food has established a distribution system in 63 provinces and cities nationwide.
Currently, Cholimex Food branded products are present in more than 30 countries in Asia, Europe and America.
The company recorded revenue of more than 28.4 million USD and profit after tax of approximately 2.3 million VND in the second quarter of 2021. These targets in the same period in 2020 was 23.1 million USD and 1.4 million USD respectively.
Asia Food Technology Joint Stock Company (Asia Foods) - one of the leading manufacturers of instant products in Vietnam – was formerly Vifood noodle factory established on July 5, 1990.
In 1995, Asia Food Company was established with 8 production lines, located in Binh Duong Province. During this period, Asia Food also started to export its products to the international market.
With large-scale production factories equipped with modern machinery, Asia Food produces more than 4 billion instant noodle packages a year for domestic and international markets, creating nearly 3,000 jobs.
Asian Food has a distribution system spanning 63 provinces and cities in Vietnam, from supermarkets, convenience stores, hospital canteens, schools to small grocery stores.
Revenue of Asia Foods has increased steadily over the years. In 2018, the company recorded revenue of 62.8 million USD, the figure for 2019 was 79.9 million USD and in 2020, the revenue was 91 million USD.
Vietnam Food Industries Joint Stock Company (Vifon) was formerly a company founded by a group of Vietnamese-Chinese people in 1963. In 1975, the company was transferred to the State management. In 1995, it co-operated with Acecook company, but in 2004, the joint venture was dissolved. In the same year, after conducting the first equitization, the company officially changed its name to Vietnam Food Industries Joint Stock Company.
Vifon products have been exported to more than 40 countries including Poland, Russia, USA, Germany, Czech Republic, Korea, and Malaysia. Its export turnover increased by an average of 10% per year.
In the period 2018 - 2020, the revenue of Vifon grew rapidly. Specifically, the company's 2020 revenue is 97.6 million USD, up 46% compared to 2018.
Saigon Ve Wong is a subsidiary of Taipei Ve Wong Company, which was established in 1959. This company is involved in refining MSG, replacing the old method of breaking down wheat starch.
In 1990, Ve Wong Company and Food Company of Ho Chi Minh City Vietnam cooperated to establish Saigon Ve Wong Joint Venture Enterprise, building a modern technology factory on an area of 15 hectares in District 12.
The company specializes in producing monosodium glutamate, instant noodles, rice preparations, soup powder, with brands of A-One, Kung Fu, Life, and Freta.
Established in 1951, Nam Duong brand belonging to the Nam Duong Sauce Factory is well-known for its Tau Vi Yieu soy sauce.
In 2015, Nam Duong International Foodstuff Company Limited (NDFC for short) was established on the basis of joint venture cooperation between Wilmar Group and Saigon Union of Trading Co-operatives (SG Co.op).
Nam Duong's revenue in 2020 was 34.2 million USD, an increase of 50% compared to 2019. Profit after tax of this business also grew rapidly, from a loss of 1.9 million USD in 2019 to a profit of 366 thousand USD in 2020.
TrungThanh Foods was established on August 1, 1995. It is an enterprise operating in the field of processing and trading spices in Vietnam.
With more than 25 years of establishment, TrungThanh Foods brand has more than 200 types of TrungThanh Foods branded products divided into 7 main lines: fish sauce, shrimp paste, vinegar, chili sauce, soy sauce, salt and canned vegetables.
In the domestic market, TrungThanh has built a distribution system in 60/63 provinces and cities, and signed cooperation contracts with more than 400 distributors, distribution centers, supermarkets, and agencies.
Alice Hoang Thao - VietnamCredit
