for the quarter ended 31 March 2025
for the quarter ended 31 March 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.
LiveSpo reported a strong performance with the cumulative net revenue in the first quarter increased by 86% year-on-year. This was attributed to the company’s continuous effort to sell into pharmacy chains and over-the-counter point-of-sale locations. As of 31 March 2025, LiveSpo has been distributing its products to more than 3,500 points of sale, including chain pharmacies, over-the-counter pharmacies and distributors, throughout Vietnam. During the quarter, a clinical trial of LiveSpo NAVAX was published in nature.com, one of the world’s leading scientific journal, proving the effectiveness of LiveSpo NAVAX nasal spray probiotics in helping alleviate the symptoms of of acute rhinosinusitis in children quickly and safely.
LiveSpo, founded by three founders, 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 and Bacillus Subtills, which have been proven to have significant impact on the health of microbiomes in digestive track, respiratory track and skin. 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. LiveSpo’s products are primarily distributed through pharmacies and e-commerce platforms in Vietnam.
In early May 2025, F88 officially became a public registered company. F88 will be registered in the Unlisted Public Companies Market (“UPCOM”) by early July 2025 and will then proceed with getting listed on the Ho Chi Minh Stock Exchange (“HOSE”). When being listed, F88 will be one of the first non-bank financial service companies to be ever be listed in Vietnam. The company also reported a strong performance in 1Q25, in which the year-to-date net profit up to 31 March 2025 increased 238% year-on-year.
F88 is Vietnam’s leading secured lending platform, providing collateral-based consumer and micro-business loans through a rapidly growing nationwide network of 884 branches as of 31 March 2025. 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 positive net profit in the first quarter of 2025, which is usually the lowest season for mattress retail. A key growth driver was the rollout of the “Vua Nem Gia Tot” (Good Price) format, targeting mass customer segment through offering more affordable range of products. As of 31 March 2025, 50 out of 146 Vua Nem stores had adopted this new format, through both new openings and remodeling.
Vua Nem is the leading mattress retail company in Vietnam in terms of number of stores. As of 31 March 2025, Vua Nem operates 146 retail stores nationwide and an e-commerce website https://vuanem.com/. Vua Nem positions itself as a friendly brand targeting mass market.
Pharmacity’s 1Q25 net retail sales reached 37% YoY growth. This was a result of the company’s continued efforts in improving product assortments and customer experience.
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. As of 31 March 2025, Pharmacity operates 940 stores nationwide.
In 1Q25, Marou recorded a 32% year-on-year increase in net revenue. Marou experienced a strong seasonal sale over Lunar New Year and especially Valentines’ Day, given its offering of a wide selection of high-quality branded chocolate gifts for these special occasions.
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 1Q25, Entobel achieved a significant milestone in production, with insect meal production volume increasing sixfold and average production costs dropping by 40% year-on-year — marking the best record in Entobel’s history.
Founded in 2012 by two Belgian entrepreneurs, Entobel is currently one of the lowest cost of goods sold per ton producer of black soldier fly larvae protein in the world. Entobel produces and processes the black soldier fly larvae protein, an insect species well-known for its bioconversion capacity and potential as a nutritious resource for animal feed in aquaculture and pet food, aiming at a more sustainable global food system. This is a substitute for fishmeal that has to be imported from Latin America. Entobel’s products include insect meals, insect oil, and insect frass, which are currently sold to animal feed, pet food, and fertilizer industries. Entobel operates two production facilities based in Vietnam and one R&D center in Indonesia.
Gene Solutions announced that its SPOT-MAS 10 test has become the first multi-cancer screening blood test in Asia to complete large prospective cohort validation, as published in BMC Medicine. This milestone marked a major advancement, enabling large-scale, non-invasive early cancer detection. In addition to SPOT-MAS 10, which can detect 10 types of cancer (*), Gene Solutions also launched SPOT-MAS Lung, a blood cancer screening test that integrates multiple Artificial Intelligence techniques to analyze circulating tumor DNA deprived from lung cells. This option offers a more precise, non-invasive and affordable test designed for lung cancer screening.
(*) including breast, lung, stomach, liver – bile duct, head & neck, colon, ovary, pancreatic, esophageal, and endometrium.
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 early April 2025, HUSK has officially launched their office in Vietnam with the participation of more than 500 partners and distributors, marking a milestone for HUSK to bring products closer to Vietnamese farmers. During the first three months of 2025, their final product sold increased 172% year-on-year, signaling a bigger potential market opportunity for biochar-based products that can enable higher crop yields and reduce use of fertilizers and pesticides for farmers.
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 March 2025, YOLA opened a new center in Ho Chi Minh City, bringing its network to 12 centers.
Founded in 2009, YOLA is a leading English education provider in Vietnam, offering test prep (IELTS, TOEFL, SAT) and academic English programs for students of all ages. As of 31 March 2025, YOLA has 12 English training centers in Ho Chi Minh City. YOLA is amongst one of the language center chains that has the highest parent referral rates in the market.
