for the quarter ended 30 Sep 2025
for the quarter ended 30 Sep 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.
As of 30 September 2025, F88 reported a net profit before tax of VND603 billion, doubling year-on-year. This was driven by the growth in outstanding loan balance, enhanced operational efficiency, well-controlled credit risk and loan quality, as well as the launch of new lending products and features on its MyF88 mobile app.
In September 2025, FiinRatings, a leading credit rating agency in Vietnam, upgraded F88 credit rating from “BBB-” to “BBB” with a Stable outlook. This reflected F88’s consistent efforts to diversify funding sources, strengthen partnerships with domestic and international institutions, and enhance financial discipline.
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.
Vua Nem reported a 9M25 net profit growth of 292% year-on-year, driven by strong customer acquisition, improved store efficiency and solid performance from company’s website and third-party e-commerce platforms. As of 30 September 2025, Vua Nem had a network of 163 physical retail stores nationwide, with 145 Vua Nem Gia Tot stores, the store format launched in late 2024 dedicated to offering good products at good prices.
Vua Nem is the leading mattress retail company in Vietnam in terms of number of stores. As of 30 September 2025, Vua Nem operates 163 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 nine months of 2025, with cumulative net profit up by 68% year-on-year, driven by strong performance across all channels, particularly pharmacy chains.
In 3Q25, clinical trials of LiveSpo NAVAX and LiveSpo DIA 30 were published in Scientific Reports, a peer-reviewed, open-access scientific journal published by Nature portfolio. The results proved that LiveSpo NAVAX effectively treats pneumonia in young children caused by respiratory syncytial virus (RSV) and bacterial infections, while LiveSpo DIA 30 effectively treats persistent diarrhea, with both products providing safe treatment, faster recovery and reduced antibiotic use.
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 Coagulants, 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.
Pharmacity’s revenue increased by 32% YoY in nine months of 2025, driven by an expanded number of stores and higher transaction volumes. As of 30 September 2025, Pharmacity operated a network of 991 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.
Marou’s year-to-date net revenue increased by 30% year-on-year, driven by the expansion of its store network and stronger sales in domestic third-party points-of-sale, including those at Vietnamese airports. As of 30 September 2025, the company’s total retail footprint comprises 21 locations nationwide, including a newly opened store in Lotte Center, a grade A complex of office buildings, hotel and shopping mall in Hanoi.
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.
Gene Solutions has partnered with AMPATH (American Institute of Pathology and Laboratory Sciences), a trusted provider of high-quality diagnostic services in India, to open a new next-generation sequencing (NGS) laboratory. The collaboration combines Gene Solutions’ technologies with AMPATH’s nationwide network to bring Gene Solutions’ products to millions of patients in India. The laboratory in Hyderabad will offer Gene Solutions’ triSure NIPT, SPOT-MAS, K-TRACK, and K-4CARE products.
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).
Biochar from HUSK Ventures Cambodia has been re-certified under the EBC (European Biochar Certification) AgroOrganic standard, confirming its compliance with European requirements for quality, safety, and sustainability, making the biochar suitable for organic agriculture. This is especially relevant in Southeast Asia, where over 60% of agricultural soils are degraded.
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.
