for the quarter ended 30 June 2025
for the quarter ended 30 June 2025
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.
F88 reported a net profit before tax of VND321 billion in the first 6 months of 2025, up 220% year-on-year. This was a result of the company’s increase in disbursements, growth in outstanding loan balance, and continued discipline in risk management. F88 has officially been trading on the Unlisted Public Company Market (“UPCoM”) on 8 August 2025, demonstrating its commitment to transparency and strategy to access long-term capital. This is also a significant milestone for F88’s listing plan on the Ho Chi Minh Stock Exchange.
F88 is Vietnam’s leading secured lending platform, providing collateral-based consumer and micro-business loans through a rapidly growing nationwide network. F88 primarily serves unbanked and underbanked populations, including individuals and micro, small, and medium-sized enterprises (MSMEs) who face challenges accessing traditional banking services. By offering collateral-backed loans, micro-insurance, and other essential financial products, F88 addresses the financial needs of these underserved communities, providing them with alternatives to informal and predatory lending sources.
In the first half of 2025, Vua Nem’s net profit grew 141% year-on-year. The strong performance across all channels (offline stores, company website, and third-party e-commerce platforms) was attributed to the company’s well-curated product assortment with competitive pricing. With 20 new stores opened in the first six months, all in Vua Nem Gia Tot format, Vua Nem currently has a network of 156 physical retail stores nationwide.
Vua Nem is the leading mattress retail company in Vietnam in terms of number of stores. As of 30 June 2025, Vua Nem operates 156 retail stores nationwide and an e-commerce website https://vuanem.com/. Vua Nem positions itself as a friendly brand targeting mass market.
LiveSpo reported a strong performance in the first half of 2025, with cumulative net profit up by 60% year-on-year, driven by strong sales in pharmacy chains. In May 2025, LiveSpo NAVAX, LiveSpo’s most popular and highly efficacious nasal-spray spore probiotics products was distributed in Pharmacity, the nation’s second largest pharmacy chain, making LiveSpo’s products more accessible to customers.
Established in 2011, LiveSpo is an innovative consumer health company that R&D, manufactures and sells liquid spore-based probiotics supplement for digestive disorders and respiratory enhancement. LiveSpo’s core strength is their ability to provide highly stable spores of Bacillus Clausi, Bacillus Subtills and Bacillus Coagulans, which have been proven to have significant impact on the health of microbiomes in seven body’s entry tracts (mouth, ear, nose, eyes, skin, urinary and anus). LiveSpo’s products are primarily distributed through pharmacies and e-commerce platforms in Vietnam.
For the first half of the year, HUSK reported a 119% year-on-year increase in net revenue. In June 2025, the company completed its export to Ecuador, opening the door to more export opportunities in the future.
Founded in 2017 by two female co-founders, HUSK produces biochar, carbon-based soil enhancers, granulated biofertilizers and liquid bio-stimulants from rice husk. The company produces biochar using a pyrolysis process, transforming low value biomass into a range of organic biofertilizers, which has shown to improve soil health and soil’s ability to absorb nutrients and retain water. Their biofertilizer also stimulates the growth of microorganisms essential for plant growth, reducing the need for conventional chemical fertilizers.
In the first six months of 2025, Pharmacity opened 40 new stores, bringing its network to a total of 957 stores across the country.
Pharmacity is one of the largest pharmacy retail chains 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.
During the second quarter of 2025, Gene Solutions signed Memorandum of Understanding with 3 lab partners in China, setting its first step in entering Chinese market. The strategic partners include Topgen, a lab network with 46 labs serving 1,300 hospitals in 30 provinces, Zao Dx, an early screening platform with 1,000 healthcare partners, and Fosun Health, an extensive network of hospitals and healthcare professionals.
Gene Solutions is a pioneer in Asia in using blood samples containing DNA fragments to detect the presence of certain diseases, particularly in relation to maternity and cancer. Their technology is on par with the leading U.S. based competitors but delivered at a fraction of the price in Southeast Asia . Gene Solutions currently offers three types of innovative products, including Non-invasive prenatal testing (NIPT) for pregnant women, early cancer detection tests (SPOT-MAS 10 and SPOT-MAS single test), and tests for cancer treatment and remission (K-Track and K-4care).
In May 2025, Marou won two awards at the 2025 Prix Épicures de l’Épicerie Fine, an annual event in France organized by the specialty magazine Le Monde de l’Épicerie Fine to honor excellence in the artisanal and premium food sector. Marou’s Cà Phê Sữa bar, inspired by the iconic Vietnamese milk coffee, won the “Best Chocolate of the Year” award while its Dark Chocolate 55% Roasted Buckwheat bar won the “Judges’ Favorite Packaging” award for its unique sustainable packaging design made from recycled cacao husks. Also in May, Marou opened one new store near Sala Park, a modern upscale neighborhood in Ho Chi Minh City, bringing the company’s total retail footprint to 20 locations nationwide.
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 20 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 the second quarter of 2025, 33 new trendy and affordable brands are now available at the Beauty Box, including Carslan, Colorkey, Cathy Doll and Lipit. The company will continue to list more than 30 new brands in the next quarter, catering to the preferences of young customers.
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.
In April 2025, Mutosi launched a new generation of water purifier cabinets featuring a boundless, minimalist design that evokes elegance and modernity. This new aesthetic is paired with the advanced healthy-water technologies, delivering both wellness benefits and sophisticated style.
Mutosi Group is a manufacturer and distributor, specializing in producing water purifiers and electrical appliances following Japanese standards. Mutosi Group was established in 2018 by 4 co-founders, who have extensive operating experience in the water purifier industry.
