for the quarter ended 31 December 2024
for the quarter ended 31 December 2024
Some of the data here are the latest available to Mekong Capital at the date of this newsletter to be circulated. It might subject to be changed/updated lately.
In 2024, Marou recorded a 52% increase in net revenue throughout its retail network of 19 locations nationwide, including a new store recently opened in Lotte Mall West Lake. In November 2024, Marou’s Dark Chocolate 65% Caramel Lotus Seed Bar won a Silver Award at the World Final of the International Chocolate Awards 2024 in the category of dark chocolate bars with filling, continuing Marou’s track record in crafting the highest quality chocolate.
Marou, founded by two French entrepreneurs, is a chocolate company dedicated to making premium quality single-origin chocolate bars from cacao beans sourced from Vietnam. Marou currently has 19 shops, which offer a wide selection of chocolate drinks, pastry, and chocolate bars, in big cities in Vietnam, and several kiosks in Tan Son Nhat International Airport.
In November 2024, LiveSpo introduced the LiveSpo NAVAX 20ml nasal spray bottle, featuring new convenient design and optimal capacity for the users, while maintaining its effectiveness in reducing the risk of ear, nose, and throat infections and sinusitis. This new product has been rolled out to pharmacies. In 2024, LiveSpo recorded a 35% year-on-year growth in net revenue.
LiveSpo, founded by three founders with combined experience in biotechnology, sales, and marketing, is a consumer health company manufacturing and selling liquid spore-based probiotics supplement, focusing on improving digestive health and enhancing respiratory function. Its nasal-spray spore probiotics, LiveSpo NAVAX, is one of LiveSpo’s most popular and highly efficacious products, offering safe respiratory treatment options to patients, particularly children, instead of using antibiotics.
In 2024, HUSK’s volume of final products sold achieved 104% year-on-year growth, showing increasing demand for high-quality biochar products to build stronger soil. In November 2024, HUSK received the Certificate of Excellent Efforts Towards ESG at the EuroCham Cambodia’s 2024 ESG Contest and Awards, showing their commitment to driving environmental, social, and governance initiatives in Cambodia.
Founded in 2017 by two female entrepreneurs Heloise Buckland and Carol Rius, and joined by Richard Kendall in 2019, HUSK has rapidly emerged as a leader in their sector. HUSK produces biochar, carbon-based fertilizers and crop protection products designed to address the challenges faced by farmers, including the yield gap, pests, diseases and poor soil and nutrient management.
Gene Solutions has announced a strategic partnership with August Global Partners—an independent private equity fund spun off from EDBI, a Singapore state-owned fund—to leverage genomics and artificial intelligence (“AI”) in cancer care. At the signing ceremony in Singapore, Founder Dr. Nguyen Hoai Nghia unveiled an AI suite, developed by Gene Solutions through years of clinical research and expertise in DNA testing across reproductive health and oncology, that enhances precision medicine and targeted therapeutics. This technology will reduce gene sequencing costs while significantly improving test performance, making personalized solutions more accessible.
In 2024, Gene Solutions recorded a 15% year-on-year growth in revenue, mainly driven by both the increase in the Non-Invasive Prenatal Testing (NIPT) and oncology tests, driven by efforts to expand test variations with diverse price ranges and features.
Gene Solutions, founded by three Vietnamese scientists and doctors with solid experience in genetics, cancer biology, and biotechnology, is a leading genetic testing company that specializes in Non-Invasive Prenatal Testing (“NIPT”) for pregnant women and a pioneer in oncology with its early cancer detection technology, SPOT-MAS™. Gene Solutions currently has presence in Vietnam, Singapore, Indonesia, Thailand, and the Philippines.
In December 2024, F88 entered into strategic partnership with Military Bank (“MB”), allowing MB’s customers to updating their biometrics at more than 850 branches of F88 nationwide, ensuring their compliance with the latest local banking regulation. This partnership enables F88 to provide a wider range of convenient financial solutions to more customers nationwide.
Founded in 2013 by three entrepreneurs, F88 is one of Vietnam’s largest financial service chains providing vehicle title lending and insurance to mass underbanked people through its 868 branches nationwide as of 31 December 2024.
In the last quarter of 2024, Vua Nem opened 11 new stores, bringing the total number of locations in its retail network to 141 nationwide. As of 31 December 2024, Vua Nem has 10 stores focusing on offering a wider range of affordable products that cater to various customer segments, called Vua Nem Gia Tot (Mattress King Good Price), showing the company’s commitment to providing good products at good prices.
Vua Nem is the leading mattress retail company in Vietnam in terms of number of stores, founded by two Vietnamese entrepreneurs. While most mattress retailers in Vietnam are showrooms for a single mattress brand, Vua Nem targets to differentiate by offering an omnichannel shopping experience with a wide range of mattresses, bedding accessories, and sleep solutions such as multi-brand mattresses, bedding accessories, etc. Vua Nem positions itself as a friendly brand targeting the mass market.
In the fourth quarter of 2024, Beauty Box opened 3 new stores, bringing the total number of stores to 26 locations nationwide, including two new road-shops in Ho Chi Minh City, offering customers more convenient and friendly shopping experiences.
Beauty Box, a multi-brand skincare and cosmetics retail chain, offers a diverse range of exclusive, authentic, and high-quality beauty products from overseas brands. In addition, Beauty Box has a team of dedicated beauty consultants in the store to provide personalized advice to customers targeting their specific needs.
Entobel is officially a certified B Corporation (“B-Corp”). The B-Corp designation is granted by B Lab, a nonprofit organization based in the U.S., for businesses that meet high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials. This milestone reflected Entobel’s commitment to creating positive social and environmental change.
Entobel, founded by 2 Belgian entrepreneurs, is an insect-based ingredient manufacturing biotech company. Entobel’s end products include insect-derived protein, oil, and organic soil amendment, primarily consumed by the aquaculture and livestock industries.
In December 2024, Pharmacity was ranked among the top 10 brands with the best customer experience in Vietnam for 2024 in the KPMG annual “Excellent Customer Experience” report. Pharmacity was the only pharmaceutical retailer to achieve this title.
Pharmacity is one of the largest pharmacy retail chain in Vietnam by number of stores. The company’s stores sell medicine, vitamins, minerals, and supplements, as well as other health-related fast moving consumer goods. As of 31 December 2024, Pharmacity operates 937 stores nationwide
