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for the quarter ended 31 Dec 2025
for the quarter ended 31 Dec 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.
Following approval from the State Securities Commission (“SSC”), F88 has implemented a 1:12 share split, with the list of eligible investors closed on 21 January 2026. The number of outstanding shares increased from 8.6 million to over 110 million. The registration process for the 101.4 million new shares to become tradable on UPCoM is expected to be completed in early March 2026.
F88 is Vietnam’s leading secured lending platform, operating 945 branches nationwide as of 31 December 2025. The company provides collateral-based consumer and micro-business loans, primarily serving unbanked and underbanked individuals and MSMEs. Through secured lending, micro-insurance, and essential financial services, F88 offers transparent and accessible alternatives to informal lending sources.
For 2025, Vua Nem achieved 400% year-on-year net profit growth, fueled by strong momentum in both offline stores and online/e-commerce channels. Operational efficiency continued to improve, supported by strategic site selection, localized merchandise assortments, and effective customer acquisition initiatives. Notably, the Vua Nem Gia Tot store format — which now comprises the majority of the network — delivered significant gains in revenue and profitability.
In December 2025, Vua Nem opened its inaugural Goodnight store in Hanoi. The new store concept targets younger, trend-conscious demographics as part of the company’s experimentation with store formats.
Vua Nem is Vietnam’s leading multi‑brand retailer focused on mattresses and sleep‑related products, with 169 stores nationwide as of the end of 2025. The company operates an omnichannel model, combining its own retail network with distribution through e‑commerce platforms. Beginning in 4Q24, Vua Nem introduced the Vua Nem Gia Tot store concept to address middle‑ and mass‑market segments. Supported by its growing portfolio of owned product brands, the company continues to lead the market in both network scale and profitability.
On 16 December 2025, LiveSpo commenced Phase I construction of its new manufacturing facility in Hung Yen to significantly scale its production capacity, which is critical to support LiveSpo’s fast-growing business.
LiveSpo is a pioneering Vietnamese biotechnology company founded in 2011 by Dr. Nguyen Hoa Anh and his colleagues, specializing in liquid spore-based probiotics. Improved from traditional probiotics, LiveSpo’s products use spore-forming bacteria in liquid form, which are more resilient to stomach acid and deliver higher efficacy. The company’s key products offer digestive health, respiratory prevention and treatment, skincare, and vaginal care. Its hero product, NAVAX, is the world’s first nasal-spray probiotic (containing billions of Bacillus subtilis and Bacillus clausii spores in saline solution), designed to help prevent and treat respiratory infections by reducing pathogen loads and supporting nasal immunity — often as a safe and effective option, supported by multiple clinical studies.
Gene Solutions has announced a strategic collaboration with Pangea Laboratory, a CLIA-certified and CAP-accredited Next-Generation Sequencing leader in validation platforms for Laboratory Developed Tests. The partnership aims to advance U.S. verification and clinical validation of Gene Solutions’ oncology product portfolio, including liquid biopsy assays designed for cancer detection, profiling, and monitoring.
Gene Solutions is a pioneering genetic testing service company in Asia dedicated to developing and providing access to Next-Generation Sequencing (NGS) testing. The company currently offers three types of innovative products (via blood sample), including Non-Invasive Prenatal Testing (NIPT) for pregnant women, early cancer detection tests, and tests for cancer treatment and remission.
Pharmacity was recognized in the Vietnam Health & Wellness Innovation of the Year – Retail category at the Asian Innovation Excellence Awards 2025 (organized by Asian Business Review) for its Subscription Program – the first of its kind in Vietnam. Customers can opt for 6-month (VND 75,000) or 12-month (VND 100,000) plans to manage health costs predictably across 1,000+ stores and digital channels. As a result, Pharmacity’s repeat purchases grew 30%, basket size rose 39%, and over 90% of subscribers reported high satisfaction, supporting Vietnam’s universal health coverage goals.
In 2025, Pharmacity opened 139 new stores, with over 50 launched in 4Q25. The nationwide network reached 1,049 operating locations as of 31 December 2025.
Pharmacity is Vietnam’s second-largest pharmacy retail chain by store count, operating 1,049 stores nationwide as of year-end 2025. 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 November 2025, Marou won three prizes at the International Chocolate Awards World Final, including a Gold Award (Milk chocolate bars with a filling) and a Special Award (Recipe & Local Ingredients) for its Coconut Milk Chocolate Ben Tre 55% & Caramel Tamarind Harmony. It also secured a Silver Award (Dark chocolate enrobed whole fruit) for its Vietnam Chocolate 65% Coated Mandarin. All products are made with Marou’s own bean-to-bar chocolate, reinforcing its reputation as a world-class artisan chocolate maker using high-quality, local ingredients.
In February 2026, Marou opened its newest Maison Marou Cafe on the ground floor of the newly opened Hanoi Centre shopping mall on Nguyen Thai Hoc Street, Hanoi, expanding its nationwide network to 22 stores.
Founded in 2011 by French entrepreneurs Samuel Maruta and Vincent Mourou, Marou has become a globally celebrated 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.
As of 31 December 2025, Nhat Tin achieved a 19% year-on-year increase in net profit. This performance was driven by sustained improvements in operating efficiency across the first-, middle-, and last-mile operations, ensuring high service quality and cost efficiency, alongside strengthened sales capabilities.
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.
In 4Q25, Skretting and Entobel partnered to launch Vietnam’s first commercial shrimp feed containing insect protein, offering a low-carbon, sustainable alternative to traditional marine-based ingredients.
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 19 January 2026, TNH Hospital Group and My Duc Hospital signed a professional cooperation agreement in assisted reproductive technology (“IVF”). Under the agreement, TNH Hospital Group will receive technology transfer, clinical support, and training from My Duc Hospital, which operates the My Duc IVF System certified to international RTAC standards. TNH plans to establish an Assisted Reproduction Center at Thai Nguyen International Hospital, expected to commence operations in the third quarter of 2026, to expand local access to high-quality IVF services.
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 December 2025, 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.”
In January 2026, Beauty Box opened a new street-format store at 199 Khanh Hoi, Vinh Hoi Ward (formerly in District 4), Ho Chi Minh City, expanding its product assortment to include more trendy items aimed at a younger customer base, such as Miffy soft toys and iron-on patches.
HSV Group is a beauty retail company in Vietnam, operating a multi-format model that includes both mono-brand and multi-brand retail concepts. Its flagship brand, Beauty Box, exemplifies the company’s commitment to a blend of retail and entertainment that offers customers immersive experiences such as expert consultations, makeup trials, and digital engagement.
HUSK Vietnam has launched HD Organic 60 OM, a new biochar-based organic fertilizer certified by Control Union and tailored for Vietnam’s expanding organic agriculture sector. Developed through research led by HUSK Vietnam in collaboration with an academic research partner, the product integrates proprietary biochar combined with black soldier fly manure. HD Organic 60 OM meets both EU and USDA organic standards, positioning HUSK to drive soil health, sustainable farming practices, and regenerative agriculture objectives across Vietnam.
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.
In 2025, Mutosi achieved a 24% YoY increase in gross profit. This performance was driven by a more focused product efficiency approach centered on its hero water purifier products, alongside a disciplined approach to cost optimization. In parallel, the company enhanced its touchpoints with customers via multi-distribution channels and after‑sales services to ensure convenience for customers.
Mutosi Group is a Vietnamese manufacturer and distributor specializing in water purifiers and electrical appliances that adhere to Japanese quality standards. Founded in 2018 by Mr. Tran Trung Dung and three co-founders, Mutosi was built with a mission to improve the quality of life for Vietnamese consumers through safe, convenient, and efficient home solutions.
