The list of top 10 largest food companies in Vietnam (2021 update) was made by VietnamCredit based on financial as well as non-financial indicators including revenue, profit after tax, market capitalization and reputation in the industry.
Topping the list is Vietnam Dairy Products Joint Stock Company (Vinamilk). On July 16, 2021, this company’s market capitalization was 179,527.2 billion VND. Following is Masan Group JSC, whose market capitalization was 142,254.43 billion VND.
(Data updated on 16 July, 2021)
Following is detailed information about the largest food companies in Vietnam in 2021.
1. VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY
Vietnam Dairy Products Joint Stock Company, formerly known as Southern Milk and Coffee Company, was established in 1976. In 1978, the company changed its name to Milk Cafe and Confectionery Joint Stock Company I. In November 2003, the company became a joint stock company and was officially renamed Vietnam Dairy Products Joint Stock Company (Vinamilk). On October 26, 2020, Vinamilk increased its charter capital to 20,899,554,450,000 VND.
Vinamilk holds the highest market share in Vietnam’s dairy industry with 43.3% (data at the end of 2020).
In 2020, the total consolidated revenue of Vinamilk reached 59,723 billion VND, up 5.9% over the same period in 2019 and completing 100% of the year plan. Consolidated net sales reached 59,636 billion VND.
Its consolidated gross profit margin reached 46.4%, down 78 pts compared to the same period in 2019. Consolidated EAT reached 11,236 billion VND and completed 105% of the year plan. Net profit margin reached 18.8%, a slight increase compared to the same period in 2019.
2. MASAN GROUP CORPORATION
Masan entered the food industry in 1996 when Viet Tien Technology - Industry - Trade Joint Stock Company was established. This company specialized in spices. In November 2004, Ma San Maritime Joint Stock Company was established with a charter capital of 3.2 billion VND.
The company officially changed its name to Masan Group Corporation in August 2009 and was successfully listed on the Ho Chi Minh City Stock Exchange on November 5, 2009.
Currently, Masan's charter capital is 11,747 billion VND.
Despite many difficulties caused by the COVID-19 epidemic in 2020, Masan Group still fulfilled its set financial targets with consolidated net revenue reaching 77,218 billion VND, up 106.7% yoy.
The impressive revenue growth of this company was driven by double-digit intrinsic growth in the meat and branded consumer goods segments.
3. SAIGON BEER - ALCOHOL - BEVERAGE CORPORATION
The company was originally a small brewery founded by Mr. Victor Larue, who is a Frenchman, in Saigon in 1875. After 1975, this small brewery was renamed Saigon Brewery. In 1985, Saigon Brewery officially installed the first canning line in Vietnam and launched canned beer with the brand name Saigon Premium Export. Since then, the company continuously launched several lines of product such as Beer Saigon Export, Beer 333, Beer Saigon Lager, Beer Saigon Special, Beer Saigon Gold, etc.
In December 2017, the subsidiary of a billionaire from Thailand Charoen Sirivadhanabhakdi, Vietnam Beverage Co., Ltd., bought 53.59% of the state-owned shares at Sabeco at the price of 4.8 billion USD.
In 2020, the dual impacts of the Decree 100 and COVID-19 epidemic were clearly reflected on Sabeco's business results. The revenue of this enterprise decreased by more than 26% to nearly 27,961 billion VND while net profit also decreased by 8% year-on-year to nearly 4,937 billion VND.
However, this company still exceeded 17.5% of the set revenue and 51.7% of the set profit thanks to a careful business plan.
By the end of 2020, Sabeco's total assets reached 27,375 billion VND, a slight increase compared to the beginning of the year, of which cash, cash equivalents and short-term deposits accounted for 63% with 17,273 billion VND.
4. KIDO GROUP CORPORATION
KIDO Group, formerly known as Kinh Do Group, was established in 1993 and has since been one of the leading food companies in Vietnam. During the first 20 years of its development, KIDO established and maintained its leading position in a wide range of confectionery products, cakes, breads, moon cakes, cookies, etc. Possessing strong financial resources combined with advantages in distribution channels, production capacity, product promotion and sales, KIDO is gradually realizing its goal of becoming a leading food corporation in Vietnam and Southeast Asia.
Kido’s net revenue in 2020 reached more than 8,322 billion VND, completing 101.1% of the plan.
Gross profit in 2020 reached 1,764 billion VND, an increase of 8.2% compared to 2019. In particular, the proportion of gross profit of the cooking oil segment accounted for 54.9%; refrigerated goods accounted for 41.8% and other segments accounted for 3.3%.
Selling expenses in 2020 were 1,043 billion VND, down 6.8% compared to 2019 while business administration expenses were 415.7 billion VND, down 11.4% compared to 2019.
5. HANOI BEER ALCOHOL AND BEVERAGE JOINT STOCK CORPORATION
The predecessor of Hanoi Beer - Alcohol - Beverage Corporation is Hommel Brewery, built by the French in 1890.
In 2003, Hanoi Beer - Alcohol - Beverage Corporation was established on the basis of restructuring Hanoi Beer Company and a number of member units of Vietnam Beer - Alcohol - Beverage Corporation. On July 1, 2008 Hanoi Beer - Alcohol - Beverage Joint Stock Corporation (HABECO) was officially established.
The company specializes in producing and trading beer, alcohol, beverage and packaging; import and export of raw materials, supplies, equipment, spare parts, accessories, chemicals; scientific and technological services, investment consulting, creation of investment capital, organization of raw material areas, real estate business, other services and industries as prescribed by law.
The financial report of Habeco for fiscal year 2020 shows that its net revenue reached 7,452.6 billion VND.
Habeco approved a business plan for 2021 with the production of 280 million liters of beer and water, including 278.2 million liters of beer of all kinds and 1.8 million liters of UniAqua bottled water. Sales of these products are expected to reach 5,391.6 billion VND; pre-tax profit of 319.5 billion VND and profit after tax 255.4 billion VND.
6. THANH THANH CONG - BIEN HOA JOINT STOCK COMPANY
The company was formerly a joint venture between Bourbon Group Sucrecries (GB), Sugar Union II and Tay Ninh Sugar Union established under the Investment License No. 1316/GP dated 15/7/1995 issued by the Ministry of Planning & Investment. Total initial investment capital of the company was 95 million USD.
This is the largest suger manufacturer in Vietnam.
The financial year of Thanh Thanh Cong Bien Hoa starts from July 1 and ends on June 30 of the following year.
According to data released by the company, its revenue in the first half of the 2020-2021 fiscal year reached 7,507 billion VND, up 22% compared to 2019.
Profit after tax reached 243.4 billion VND, 4.2 times higher than the profit achieved in 2019; in which the profit after tax belonged to shareholders of the parent company reached 236 billion VND.
7. VINACAFÉ BIEN HOA JOINT STOCK COMPANY
Vinacafé Bien Hoa was formerly Coronel Coffee Factory, established in 1969 with a designed capacity of 80 tons of instant coffee/year with the entire system of machinery and equipment imported from Germany. In 1975, Coronel Coffee Factory was renamed Bien Hoa Coffee Factory. On December 29, 2004, Bien Hoa Coffee Factory transformed from a state-owned enterprise into a joint stock company and changed its name to Vinacafé Bien Hoa Joint Stock Company (Vinacafé BH).
Vinacafé Bien Hoa is considered the number one instant coffee producer in Vietnam with 41% of the instant coffee market share.
In 2020, VinaCafe Bien Hoa's net revenue reached 2,901 billion VND, down 6% compared to 2019. Meanwhile, thanks to the decrease in cost of goods, the increase in financial revenue, and the reduction in other expenses, profit after tax of the company reached 720.8 billion VND, which is an increase of 7.94% compared to the previous year.
As of December 31, 2020, total assets of VinaCafe Bien Hoa decreased by 93 billion VND (from 2,225 billion VND recorded at the beginning of the year) to 2,132 billion VND.
8. DABACO GROUP
Dabaco Group, formerly a state-owned enterprise, was established in 1996 and equitized in 2005. The company is operating in many industries, in which the main fields are production of animal feed, livestock breeds, poultry breeds and food processing.
In 2020, Dabaco’s net revenue reached nearly 10,022 billion VND, up 39.4%; pre-tax profit reached 1,554 billion VND, an increase of 350% compared to 2019.
The strong increase in gross profit margin is an important reason for Dabaco's profit to grow sharply. The average gross profit margin in 2020 reached 25.5% while in 2019 it was only 16.3%.
Dabaco said that in 2020, the pig farming segment contributds the most to the group's revenue.
9. THE PAN GROUP JOINT STOCK COMPANY
The company was established in 1998 and originally specialized in cleaning servicesSince 2013, the company has invested in agriculture and food, and has now become the leading corporation in Vietnam in this field. In October 2015, the company officially changed its name to The PAN Group Joint Stock Company with charter capital of 1,731,011,410,000 VND.
In 2020, PAN Group's financial income reached more than 309 billion VND, up 93% compared to 2019, while profit after tax was 111.5 billion VND, 22.5 times higher compared to 2019.
10. GTNFOODS JOINT STOCK COMPANY
GTNFoods Joint Stock Company was established on May 30, 2011, with a charter capital of 80 billion VND, specializing in industrial bamboo production, infrastructure construction, minerals, construction materials, plastics, agricultural products and food.
In May 2014, GTNfoods was officially listed on HOSE with stock code GTN. Also in this year, the company redefined the business strategy by promoting investment in the field of food and consumer goods.
In 2020, GTNfoods recorded a 5% decrease in consolidated net revenue to 2,826 billion VND.
Thanks to the sharp decrease in COGS, gross profit of the company increased by 78%. Together with the financial revenue which increased by 81%, GTNfoods' after-tax profit increased by nearly 35 times compared to 2019, reaching 251 billion VND.
By the end of 2020, the total assets of GTNfoods were more than 4,188 billion VND, an increase of more than 4% compared to the beginning of the year. In particular, cash and term deposits of 3-12 months accounted for more than half of total assets.