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for the quarter ended 31 Mar 2026
for the quarter ended 31 Mar 2026
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 1Q26 pre-tax profit of VND303 billion, up 2.3x year-on-year, equivalent to 27% of its full-year target, indicating positive momentum at the start of 2026.
The result was supported by continued growth in lending activity and customer demand. Loan disbursements reached a record VND5,207 billion (+58.6% year-on-year), while outstanding loan principal increased to VND7,897 billion. Revenue rose to VND1,310 billion, nearly 60% higher than the same period last year, mainly driven by lending and insurance services.
F88 has launched its second public bond offering of 2026, issuing 3 million bonds with a total value of VND300 billion. The bonds feature a 24-month term and a fixed annual interest rate of 10%. The issuance aligns with F88’s strategy to diversify funding sources, building on its 2025 momentum in lending growth and profitability to support continued expansion.
As of 31 March 2026, Vua Nem reported a nearly tenfold year‑on‑year increase in year‑to‑date net profit. Performance gains are attributed to improved customer acquisition and consistent engagement from returning customers.
On 25 January 2026, GUMMI – a rubber mattress and pillow brand owned by Vua Nem and distributed exclusively through its network – was awarded the National Quality Product and Service Award 2026 within the Vietnam Top Brands program. The award follows GUMMI’s 15 years of product development and recognizes the brand’s established market quality.
Vua Nem is Vietnam’s leading multi‑brand retailer focused on mattresses and sleep‑related products, with 180 stores nationwide as of 31 March 2026. The company operates an omnichannel model, combining its own retail network with distribution through e‑commerce platforms. Vua Nem currently operates stores under 3 different store concepts: Vua Nem (catering to the mid-to-high segments) ; Vua Nem Gia Tot (serving mid-market and mass consumers); and Goodnight store by Vua Nem (targeting the younger Gen Z demographic).
In the first quarter of 2026, LiveSpo recorded 77% year‑on‑year growth in sales, while net profit increased 159% compared with the same quarter last year. Growth was observed across all domestic channels, with pharmacy chains delivering the strongest performance. Traditional pharmacies also contributed to the overall growth, as a result of the company’s expansion into the Southern region.
On 18 March 2026, new research on LiveSpo® Preg‑Mom and LiveSpo® Kids was published in Communications Medicine, a peer‑reviewed medical journal. The study followed young children aged 2–5 over 28 days and was carried out by Vietnam’s National Institute of Nutrition. The results showed that children who used the products experienced improvements in digestive symptoms, immune health indicators, and gut microbiota balance, compared with those who did not. The benefits were especially notable among children taking LiveSpo Preg‑Mom. These findings add to growing clinical evidence that Bacillus spore probiotics can play a supportive role in children’s digestive health.
In February 2026, Gene Solutions announced its entry into the Turkish market during the 2nd International Hereditary Cancers Congress (“IHCC”) in Antalya, in partnership with ATC Genomics. At the conference, the company presented clinical data on its liquid biopsy solutions for early detection of cancer. In a study of 12,281 participants, the AI‑powered multi‑cancer early detection test of Gene Solutions demonstrated strong performance, correctly identifying about 78% of cancer cases and accurately confirming non‑cancer cases 99.8% of the time.
In the first quarter of 2026, Pharmacity reported 37% year‑on‑year growth in year‑to‑date revenue, driven by increases in both transaction volume and average basket value. Within the portfolio, medicine sales delivered the strongest performance, rising 47% year‑on‑year. Growth was supported by continued expansion of the medicine assortment, improved product availability, and collaborations with brand partners.
Pharmacity also expanded its retail network by 32 new stores, bringing the total number of operating locations nationwide to 1,067 stores as of 31 March 2026.
Pharmacity is Vietnam’s second-largest pharmacy retail chain by store count, operating 1,067 stores nationwide as of 31 March 2026 The company offers a wide-ranging portfolio that includes prescription medications, over-the-counter drugs, health supplements, personal care products, and essential medical supplies, making it a one-stop destination for everyday healthcare needs.
In early 2026, Marou launched the new Faiseurs Collection, a Napolitains box – a gift box designed for travel retail, hospitality, and premium retail channels, which received international recognition at the 2026 Prix Épicures, an annual French awards event for gourmet products. Marou’s Grands Crus Single Origin Napolitains box won in the Packaging category for its design, which incorporates Vietnamese heritage and Marou’s use of local ingredients.
Founded in 2011 by French entrepreneurs Samuel Maruta and Vincent Mourou, Marou has become a internationally recognized brand for its premium dark chocolate made entirely from Vietnamese cacao. Known for its exceptional flavor, ethical sourcing, and artisanal craftsmanship, Marou has earned international recognition, including various international Gold/Silver awards for its bean-to-bar creations, among which is “Best Chocolate of the World in 2025” for Marou’s Milk Coffee Chocolate product.
For 1Q26, Nhất Tín Logistics reported an 18% year‑on‑year increase in revenue, supported by steady growth in new customers. Growth was driven by strong uptake of newly introduced services, including fulfilment services — covering order handling and upstream logistics — as well as transportation services for charging stations and battery swap cabinets. These services contributed positively to the incremental revenue during the period.
Nhat Tin Logistics is a leading B2B logistics provider in Vietnam, specializing in CEP services (Courier, Express, and Parcel). The company focuses on high-value and bulky shipments, leveraging a nationwide network to provide tailored solutions for major partners such as Samsung, FPT Retail, and Mobile World Group.
Entobel has successfully completed the SEDEX SMETA 4-Pillar (U.K.) audit, covering Labour Standards, Health & Safety, Environment, and Business Ethics. The audit is recognized by the international Aquaculture Stewardship Council (“ASC”) as a pathway for ingredient compliance. This milestone enables Entobel to supply ASC-certified aquafeed producers and expands access to higher-standard aquaculture supply chains.
Entobel is a biotechnology company specializing in the production of insect-based ingredients for animal feed, pet food, and organic fertilizers. Founded in 2013 by Belgian entrepreneurs Alexandre de Caters and Gaëtan Crielaard, Entobel uses Black Soldier Fly (BSF) larvae to upcycle low-value biomass into high-quality protein, oil, and fertilizer products.
On 28 January 2026, the Vaccination Center at Thai Nguyen International Hospital officially commenced operations, expanding preventive healthcare services for residents in Thai Nguyen and surrounding areas. The center features modern facilities and adheres to Ministry of Health vaccination standards, offering a range of vaccines for different age groups.
The launch forms part of TNH Hospital Group’s 2026 plan to introduce vaccination centers across its hospital network. This initiative supports the group’s strategy to develop higher lifetime-value healthcare service packages for mothers, infants, children, and eventually entire families.
TNH Group (Thai Nguyen Hospital Group) is a private general hospital chain headquartered in Thai Nguyen City, the economic and medical hub of Vietnam’s Northern midlands and mountainous region. As of 31 March 2026, TNH operates three general hospitals in Thai Nguyen and Bac Giang, with a total licensed capacity of 700 beds and more than 800 employees. Since 2021, the company has been listed on the Ho Chi Minh Stock Exchange (HOSE) under the ticker “TNH.”
HUSK has commissioned a new biochar production system that combines co‑pyrolysis with post‑pyrolysis processing. This upgraded setup allows nutrients to be directly embedded into the biochar during production, resulting in higher product quality, consistency, and performance.
With this technology, HUSK can now manufacture biochar‑based fertilizers that are tailored to specific soil types and crop needs. These customized products improve soil health, increase nutrient-use efficiency, raise farmer productivity and income, and reduce reliance on traditional synthetic fertilizers.
HUSK is a regenerative agriculture company that turns rice husks into biochar-based fertilizers – an effective carbon removal solution that could lock carbon for over 100 years. Its products improve soil health, boost yields, and reduce chemical fertilizer use.
Mutosi has introduced a new water purifier line featuring HOTX instant heating technology, which enables on-demand hot water and improves energy efficiency by reducing repeated boiling. The product aligns with the trend toward multifunctional home appliances, integrating multiple water modes in a single device to enhance convenience and optimize space for urban households.
Mutosi is a manufacturer and distributor specializing in water purifiers and electrical appliances that adhere to Japanese quality standards. Mutosi was built with a mission to improve the quality of life for Vietnamese consumers through safe, convenient, and efficient home solutions.
