English
for the quarter ended 30 June 2026
for the quarter ended 30 June 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 strong results for the first half of 2026, with 1H26 net profit after tax of VND545 billion, up 114% compared with the same period last year. The company achieved 61% of its full-year profit target in the first six months. Loan disbursement reached nearly VND11.3 trillion, while outstanding loans grew 22% year-on-year to VND8.83 trillion.
The growth was driven by the continued expansion of F88’s customer base through stronger digital customer acquisition and strategic partnerships. Deeper adoption of the MyF88 app, together with new lending partnerships, increased the number of new customers to 189,472 in 1H26, up 50% year-on-year. At the same time, the rollout of the company’s revolving credit limit product enhanced customer retention and contributed to a significant increase in returning customers to 437,146 in 1H26, up 120% year-on-year.
Beyond lending, F88 continued to improve the quality of its insurance business through adjustments to its product portfolio and sales incentive scheme. These initiatives contributed to stronger sales of standalone insurance products and higher-value offerings. In the second quarter alone, insurance revenue increased 80% year-on-year, while the number of policies sold reached nearly 526,000, up 56% compared with the same period last year.
Operational efficiency also improved during the period. The company’s cost-to-income ratio improved to 42.6% in 1H26 from 55.4% in 1H25, while return on equity (ROE) reached 41%.
Vua Nem reported a 304% year-on-year increase in 1H26 net profit after tax, driven by continued strength across both its offline and e-commerce channels.
E-commerce remained a critical growth engine. Growth was driven by digital marketing initiatives, livestream commerce, and collaborations with influencers and content creators. Vua Nem also strengthened its position on major e-commerce platforms, ranking among the best-selling brands in its category on Shopee and TikTok Shop for five consecutive months.
Offline performance also remained resilient despite seasonally weaker mattress demand in 2Q26, as the company expanded sales of complementary sleep products and enhanced its retail network.
In 1H26, LiveSpo’s net profit after tax increased 201% compared with the same period last year. Growth was driven by the company’s continued efforts to expand its domestic sales channels, particularly through pharmacy chains, and early positive results from its Southern expansion. Performance was further enhanced by management’s execution of consumer engagement and brand-building initiatives.
The company also participated in several scientific and professional conferences as part of its ongoing engagement with healthcare professionals and pharmacists to educate them on the efficacy of LiveSpo’s products.
In June 2026, LiveSpo introduced LiveSpo KIDS, a spore-based probiotic for children aged 2 and above, delivering 3 billion Bacillus spores (CFU) per dose targeting digestion, appetite, and healthy weight gain, with improvements reported within 28 days of use. The launch expands LiveSpo’s pediatric product portfolio, catering to a growing demand for digestive and immunity support solutions for children.
Gene Solutions has secured a critical regulatory milestone: FDA Breakthrough Device Designation for SPOT-MAS 10, the multi-omic liquid biopsy platform targeting 10 cancers in a single blood draw.
This designation places SPOT-MAS 10 in an elite category of medical innovations the FDA has identified as offering potential improvement over existing alternatives – granting Gene Solutions priority access to FDA reviewers and an expedited path toward U.S. market authorization.
The commercial opportunity is substantial. SPOT-MAS 10 screens for five cancers with established demand – breast, lung, liver, colorectal, and gastric – while also addressing five aggressive cancers (ovarian, pancreatic, esophageal, endometrial, head & neck) for which no standard screening currently exists.
Gene Solutions’ clinical credibility is already established: validated in over 9,000 asymptomatic individuals through the K-DETEK prospective study and deployed in over 100,000 real-world cases.
Note: Breakthrough Device Designation is not FDA approval or marketing authorization. It reflects FDA’s commitment to work with Gene Solutions toward potential authorization.
Average growth at Pharmacity accelerated steadily throughout the first half of 2026, climbing from roughly 25% year-over-year in January and reaching 51% by the end of June — the strongest monthly pace recorded this year. Growth was primarily driven by enhanced medicine assortments, higher product availability, and strategic brand partner collaborations, which together boosted store-level productivity and overall customer traffic.
Pharmacity expanded its retail footprint by 69 new stores in 1H26, bringing its nationwide network to 1,118 stores as of 30 June 2026. The expansion was achieved despite the impact of government infrastructure redevelopment projects on a small number of existing locations.
Marou officially opened its first international pop-up store at Singapore Changi Airport – Terminal 1 – Departure Hall on 23 July 2026. To mark its Singapore debut, the company launched a range of Singapore-exclusive chocolate products inspired by local flavors, including gula melaka, kaya toast, kopi, pandan coconut, and guava.
The opening marks Marou’s first physical retail presence outside Vietnam, representing an important milestone in its regional expansion strategy and establishing a foothold at one of the world’s busiest international airports.
Nhat Tin Logistics reported positive 1H26 results, with net profit after tax rising 84% year-on-year. The performance was driven by continued growth from key existing customers, together with persistent customer acquisition efforts that expanded the company’s client base.
Nhat Tin Logistics appointed Alex Ng as Chairman of the Board, effective 10 July 2026. Alex previously served as CEO of Kerry Express Thailand and Chairman of GHTK, one of Vietnam’s leading e-commerce logistics companies. He brings extensive experience in scaling logistics businesses across Vietnam and Southeast Asia, positioning Nhat Tin Logistics for its next phase of growth.
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 delivered strong volume growth in the first half of 2026, with Insect Meal sales volume up 94% year-on-year. Growth was driven by the company’s continued efforts to acquire new customers and deepen relationships with existing clients.
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.
TNH Hospital Group officially held the grand opening of TNH Lang Son Hospital on 23 July 2026, marking the group’s fourth hospital and the first private hospital in Lang Son Province. The 10-story, 300-bed hospital offers a broad range of healthcare services, equipped with modern diagnostic imaging, endoscopy, operating theaters, and functional testing equipment.
Ahead of the official opening, the hospital organized complimentary health check-ups for veterans and war invalids and provided specialist consultations with physicians from leading hospitals in Hanoi. The hospital began accepting patients covered by the Social Health Insurance (“BHYT”) from 15 July 2026.
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 1 July 2026, TNH operates four general hospitals in Thai Nguyen, Bac Giang and Lang Son, with a total licensed capacity of 1,000 beds and more than 1,000 employees. Since 2021, the company has been listed on the Ho Chi Minh Stock Exchange (HOSE) under the ticker “TNH.”
Mutosi launched the new MP-P86N water purifier, an upgraded version of its premium hot-cold-ambient product line, featuring smarter user functions. Key features include a filter replacement alert based on actual usage – so users replace filters at the right time and optimize filter change costs – and a built-in water quality display that allows users to easily monitor water purity and machine performance. The new product highlights Mutosi’s core strength in product development and reflects its commitment to creating products that meet customers’ needs, in line with its Vision.
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.
YOLA opened a new center in Ho Chi Minh City, bringing its network to 13 centers. The new center features a fully refreshed design, marking a key step in repositioning the brand to align more consistently with its premium pricing strategy.
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 30 June 2026, YOLA has 13 English training centers in Ho Chi Minh City. YOLA is among the language center chains with the highest parent referral rates in the market.
