for the quarter ended 31 December 2023
for the quarter ended 31 December 2023
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.
In 2023, LiveSpo recorded a 79% year-on-year growth in net revenue. This performance was attributed to the company’s effort to (i) increase the number of product types distributed in the three largest pharmacy chains in Vietnam, and (ii) have effective promotion activities selling directly to end-users on e-commerce platforms.
LiveSpo, founded by three founders with combined experience in biotechnology, sales, and marketing, is a consumer health company manufacturing and selling liquid spore-based probiotics supplements, focusing on improving digestive health and enhancing respiratory function. Its nasal-spray spore probiotics, LiveSpo Navax, is one of LiveSpo’s most popular and highly efficacious products, offering a safe respiratory treatment option to patients, particularly children, instead of using antibiotics.
Marou recorded a 75% year-on-year growth in net revenue in 2023. During the fourth quarter, the company expanded its retail presence in Vietnam by opening 3 new shops in Ho Chi Minh City, Da Nang, and Hoi An.
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 15 shops, which offer a wide selection of chocolate drinks, pastries, and chocolate bars, in big cities in Vietnam, and 9 kiosks in Tan Son Nhat International Airport.
In 2023, Gene Solutions achieved a 46% year-on-year growth in net revenue, mainly driven by a 44% increase in the number of tests across its network of more than 2,670 hospitals and clinics in Vietnam and other Southeast Asia markets.
Gene Solutions, founded by three Vietnamese scientists and doctors with solid experience in genetics, cancer biology, and biotechnology, is a leading genetic testing company that specializes in Non-Invasive Prenatal Testing (“NIPT”) for pregnant women and a pioneer in Oncology with its early cancer detection technology, SPOT-MAS™. Gene Solutions currently has a presence in Vietnam, Singapore, Indonesia, Thailand, and the Philippines.
YOLA’s 2023 total enrollment saw an increase of 35% year-over-year, in which the re-enrollment rate was 73% in 2023, compared to that of 58% in 2022. This performance was a result of effective changes in center operation and initiatives to implement more creative and interesting in-class learning activities to foster a fun and engaging culture for students and teachers.
YOLA is an English language training center with 11 centers in Ho Chi Minh City. YOLA offers a wide range of English courses for kids, primary and secondary students, as well as academic English and IELTS preparation courses.
In the fourth quarter of 2023, three new Beauty Box stores were opened in Hanoi, bringing the total number of stores to 17 in-mall locations nationwide.
Beauty Box, a multi-brand skincare and cosmetics retail chain, offers a diverse range of exclusive, authentic, and high-quality beauty products from overseas brands. In addition, Beauty Box has a team of dedicated beauty consultants in store to provide personalized advice to customers targeting their specific needs.
In November 2023, Entobel opened its second industrial-scale black solder fly factory in Vung Tau, Vietnam. This facility is amongst the world’s most CAPEX-efficient black solder fly facilities and has an annual design production capacity of 10,000 tons, making it the largest capacity insect protein production plant in Asia.
Entobel, founded by two Belgian entrepreneurs, is an insect-based ingredient manufacturing biotech company. Entobel’s end products include insect-derived protein, oil, and organic soil amendment, primarily consumed by the aquaculture and livestock industries.
