1. Disclaimer
This document (the “Brochure”) does not constitute an offer to sell
(or the solicitation of an offer to buy) any securities or other financial
instruments, nor does it constitute an offer to provide any investment
management services.
This Brochure is not intended to provide the sole basis of an
evaluation by potential investors of any investment or investment
service and should not be considered a recommendation by Mekong
Capital Ltd that any investment or investment service mentioned is
suitable for every recipient of a copy of this Brochure. Prospective
investors in any investment fund managed or raised by Mekong
Capital Ltd or any other Mekong Capital Ltd investment products,
or persons wishing to engage Mekong Capital Ltd to provide any
Contents
investment service, should contact Chris Freund – Managing Partner.
Any such transaction or engagement will only be entered into in
compliance with applicable laws and on the basis of appropriate
legal documentation. In particular Mekong Capital Ltd is required
by applicable law to carry out certain procedures on, and to request
ABOUT MEKONG CAPITAL 4 specific information from, all potential investors or clients in order to
Who We Are and What We Do 6 verify their identity.
Private Equity 6 Some of the economic and financial market information in this
The Private Equity Leader in Vietnam 8 Brochure (including certain forward looking statements and
Track Record in Post-Investment Value Creation 10 information) has been obtained from published sources and/
or prepared by other parties. While such information is believed
Our Vision 13 to be reliable for the purpose for which it is used in this Brochure,
Mekong Capital Ltd, and its affiliates and their respective directors,
A Culture that Produces Results 14
officers, employees, partners and shareholders, do not assume any
Powerful and Cohesive Team 17 responsibility for the accuracy of such information.
Proactive Post-Investment Value Creation 19 Certain information in this Brochure constitutes “forward looking
Building Powerful Management Teams 21 statements,” which can be identified by the use of forward looking
Inspiring Excellence in Leadership and Corporate Culture 22 terminology such as “may,” “will,” “should,” “expect,” “anticipate,”
“estimate,” “intend,” “continue,” or “believe”, their respective
Enhancing Financial Management 23
negatives and other comparable terminology. Due to various risks
Our Investment Criteria 24 and uncertainties (including those mentioned below) actual events
or results or the actual performance of any investment may differ
Track Record of Consistent Results and Achievements 25 materially from those reflected or contemplated in such forward
looking statements.
PORTFOLIO HIGHLIGHTS 26
When considering the prior performance information contained
Aa Corporation 28 herein, prospective investors and clients should bear in mind that
past performance is not necessarily indicative of future results and
Ngo Han 30
there can be no guarantee or assurance that Mekong Capital Ltd will
Icp 32 achieve comparable results to those quoted in relation to previous
The Gioi Di Dong 34 returns or to projected future returns. Prospective investors and
clients should also note that market and macro economic conditions
Golden Gate 36 and the prevailing regulatory and tax constraints affecting Mekong
Mk Smart 38 Capital Ltd in the future may differ substantially from those applicable
to the previous Mekong Capital Ltd funds referred to in this Brochure
Phu Nhuan Jewelry 40
and that in the future Mekong Capital Ltd may operate with different
Masan Food 42 investment and gearing strategies than those deployed in the funds
referred to in this Brochure.
6 7
3. Private Equity
We focus on companies that are committed companies’ net profit growth over the
Mekong Capital makes private equity to excellence in management, leadership period in which we are an investor.
investments in fast-growing Vietnamese and corporate culture, as we believe
these are typically the most significant We are responsible for adding value to
companies. Our approach is to invest determinants of the growth and sustainability each of our investments, beyond what
in companies whose shareholders and of Vietnamese companies. would be expected from a passive investor.
senior management are committed to Therefore we work closely with our investee
We have a longer investment time-horizon companies to empower their management,
rapid net profit growth and significant than most other investors active in Vietnam, leadership and corporate cultures in ways
shareholder value creation. and therefore most of the upside we expect that lead to sustainable net profit growth
from our investments is derived from those and long-term shareholder value creation.
10 11
4. The Private Equity Leader in Vietnam
We have always stayed
focused on private equity, and
we are committed to being the
most consistently successful
private equity investor in Vietnam.
We have no plans to expand
into other areas.
Established in 2001 as the first investor in Vietnam to
focus specifically on private equity, Mekong Capital is
at the forefront of private equity in Vietnam.
Over the course of the last eight years, Mekong Capital
has maintained our singular focus on private equity
and has gained extensive experience as an investor in
Vietnam. We have successfully:
• Launched three investment funds with a total of
$168.5 million in committed capital from over
50 shareholders.
• Invested in more than 25 fast-growing companies
in Vietnam.
• Achieved attractive net profit growth rates at most
of our investee companies. Many of our investee
companies are among the most well-managed and
fastest growing companies in Vietnam.
12 13
5. Track Record in
Post-Investment
Value Creation
Mekong Capital’s post-investment
value creation program began with
the launch of our first fund, Mekong
Enterprise Fund, Ltd., in 2002.
As the first investment fund established in
Vietnam after the Asian financial crisis, Mekong
Enterprise Fund was also the first private equity
investor in Vietnam to employ a comprehensive
post-investment value creation program.
During the course of working closely with around
25 investee companies on post-investment value
creation projects, we have continuously refined
our approach by identifying what was working,
what was not working, and what was missing.
Consequently, we have shifted our involvement
towards the areas where we have the biggest
impact on long-term shareholder value creation,
while developing our team in such a way that
empowers them to make the largest possible
impact on the long-term value of the companies
for which they are responsible.
14 15
6. Our Vision
Mekong Capital’s vision is
to be the most consistently
successful private equity
investor in Asia, consistently
generating exceptional
investment returns (measured
as net IRRs) for our funds.
We achieve this through our effectiveness at
inspiring, empowering, holding accountable,
and otherwise causing our investee companies
to achieve consistently high net profit growth and
create significant shareholder value.
Our investee companies are Vietnam’s fastest-
growing, most well-managed, well-respected and
most value-generating companies, companies
which consistently set new standards for what is
possible for Vietnamese companies.
Mekong Capital’s unique advantage is our
results-oriented culture, a culture which brings
out the best in our people, and provides a
foundation for our team to consistently produce
extraordinary results.
16 17
7. A Culture that
Produces Results
Mekong Capital is fundamentally organised around
results. Mekong Capital has developed a corporate
culture as the foundation on which our team produces
consistent and extraordinary results. We have invested
substantial time and resources in developing this
culture, and it has had a sizeable positive impact on
the results that we are producing. We are committed to
continuously strengthening this culture as a source
of inspiration and support that our team members can
draw upon to produce results effectively.
The foundations of our corporate culture include the following:
• Communication – We create a safe space for all employees
to be self-expressed, to communicate directly, authentically
and completely so that there is nothing in the way of producing
results. Through complete communication, our team members
take ownership and empower our objectives;
• Integrity – We honor our word, we make clear commitments
and we can be relied on to do what we commited to do, and
do it on time;
• Responsibility – We choose to be 100% responsible for
everything involved in our work, including full responsibility to
produce results;
• Results – We are organized around results and do whatever
is necessary to produce results, but always in a way that
is consistent with our core values. We empower people to
produce results, while also holding them accountable to deliver
the results to which they have committed;
• Leadership – We are committed that each of our team
members is a leader who takes a strong stand for what is
possible, inspires others, aligns people around a common
objective, and causes them to take actions to turn that
possibility into reality.
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8. Powerful and
Cohesive Team
At Mekong Capital, we are
a cohesive and effective
team of around 40 carefully-
selected professionals with
complimentary expertise and
skills compatible to the local
business environment.
Each of our team members is committed to
producing extraordinary results. We work as a
team and empower each other to be successful,
while each of us is also responsible for producing
results in specific areas.
We provide substantial training and coaching to
each of our team members to ensure that they are
empowered to produce the results for which they
are accountable.
Employees move up in our organization based
on the results they produce, and the leadership
they provide.
20 21
9. Proactive Post-Investment
Value Creation
We are committed to making a
significant positive impact on the
long-term value of each of our
investee companies.
Culture
Inspire companies to
develop cultures that lead
to extraordinary results
Strategy Finance
Objectives Execution Shareholder Value
Develop strategies Enhance financial
Create clear long-term Successfully execute on Achieve long-term
and plans to execute management, reporting
value-creation targets annual targets value-creation targets
on targets and corporate governance
Management
Work with companies to
recruit and develop excellent
management teams
We work closely with our investee companies to
increase the long-term value by:
• Setting long-term targets and formulating clear
strategies to achieve those targets;
• Recruiting and developing extraordinary
management teams;
• Empowering corporate culture transformation and
leadership development;
• Promoting excellence in financial reporting and
corporate governance;
• Empowering companies to achieve their targets, and
working with them to eliminate anything standing in
the way of achieving those targets;
• Working closely with them in IPO preparation,
investor communication, equity capital raising,
merger and acquisition, etc.
22 23
10. Building Powerful
Management Teams
We work closely with our investee companies
to develop management teams that can
successfully execute the companies’ business
plan. In addition to working together with our
companies to enhance their effectiveness at
recruiting, integrating, maintaining and motivating
an extraordinary management team, we also
introduce candidates for senior management
positions. We have an extensive track record of
successfully filling senior management positions
at our investee companies.
Senior positions filled in investee companies
by the Mekong Capital recruitment team
(2H05 – 2008)
(Source: Mekong Capital’s Internal Report)
2H05 13
2006 20
2007 38
2008 35
0 5 10 15 20 25 30 35 40
Unit: people
24 25
11. Enhancing Financial Management
Mekong Capital has a track record of having worked closely with around 25 Vietnamese
companies to substantially enhance accounting practices. 100% of our investee companies in
Mekong Enterprise Fund and Mekong Enterprise Fund II have transitioned to Big Four Auditing
Firms. Almost all of our investee companies meet substantially higher financial reporting
standards than what is typical in Vietnam. More specifically, we work closely with our investee
companies to build their internal capacity in:
Inspiring Excellence in Leadership
and Corporate Culture • Management Reporting - Prepare • Budgeting - Implement budgets,
insightful monthly management reports and ensure compliance with budgets,
We often work closely with our investee companies to identify so management can make well-informed to enable companies to achieve their
opportunities to transform their corporate cultures in ways that will decisions; annual net profit targets;
lead to greater business results. Having successfully transformed
• Shareholder Reporting - Prepare • Accounting Policies - Implement
our own culture into one that is a foundation for extraordinary
standardized, timely and accurate clear accounting policies based on
results, Mekong Capital is often effective at inspiring our investee
financial reports for shareholders that best practices;
companies by sharing our own experience in corporate culture
comply with applicable accounting
transformation. • Full Transparency - Resolve any
standards, and exceed the expectations
issues in the way of full transparency to
of shareholders and regulatory agencies
Likewise, we are also committed to inspiring and empowering increase the company’s attractiveness to
in Vietnam. This is important to prepare
extraordinary leadership in our investee companies – leadership shareholders.
for a successful listing;
that opens up a bigger future for those companies than what
previously seemed possible. All of these give greater confidence to
• Accuracy - Implement internal controls
shareholders, therefore increasing the
and internal auditing functions to ensure
Our fastest growing investee companies are the ones that are the company’s attractiveness and increasing
the accuracy of the company’s
most proactive about developing extraordinary leadership and the valuations that institutional investors will
financial data;
corporate cultures. accept when investing in the company.
26 27
12. Track Record of Consistent
Results and Achievements
Our investment portfolios include many of the fastest growing companies in their sectors in
Vietnam. Median revenue growth rate has been 35% per year on average, while one third of our
companies have achieved annual revenue growth rates of more than 50% since we invested. (1)
Some of our investee companies’ achievements include:
• Having launched the X-Men brand in 2003, • Over the past two years, Traphaco has
ICP quickly developed it into the leading solidified its position as the Number 1 traditional
brand for men’s personal care products medicine manufacturer in Vietnam, with over
in Vietnam by 2004. More recently, ICP 50% of the market share (3). The firm has deeply
successfully expanded into cosmetics, with penetrated new markets, with successful product
the L’OvitEÙ cosmetics brand, and into the launches such as Hoat Huyet Duong Nao
beverage market, with brands including and Boganic. Consequently, net profit CAGR
Orangina soft drink, TeaFres herbal tea and reached approximately 70% for the two years
Our Investment Criteria Xtra energy drink.
• With two initial stores opened by mid-2005,
ending 2008.
• Since its first restaurant opened in late 2005,
The Gioi Di Dong had rapidly expanded Golden Gate has grown rapidly to 12 outlets
Mekong Capital adheres to rigid investment criteria to ensure to 26 crowded stores throughout Vietnam by mid 2009, positioned as the leading hotpot
that each of our investments is successful. by mid-2009 due to effective branding restaurant chain in Vietnam under the two
and marketing, as well as finding good brands: Ashima and Kichi-Kichi.
Some of our investment criteria include:
locations and managing the stores with high
• Fast growing companies with business models proven to be • As of mid-2009, Phu Nhuan Jewelry ("PNJ")
efficiency. The Gioi Di Dong now represents
scalable in Vietnam and similar countries; had the largest jewelry distribution network
approximately 10% of total mobile phone
in Vietnam with 19 branches, 97 retail stores
• Companies with strong track records of net profit growth and sales in Vietnam. (2)
and more than 3,000 wholesalers across
successful execution of expansion plans; • With a strong ability to identify and launch the nation. This makes it one of the country’s
• Companies led by an outstanding management and leadership new products and services complementary largest retail networks.
team who are committed to strengthening management and to its existing products to meet the needs of
• In 2008, Masan’s revenue and net profit
leadership on an ongoing basis; its customers, MK Smart’s revenue and net
rose 194% and 342% y-o-y, respectively, via
profit grew 115% and 198%, respectively,
• Companies whose key shareholders and senior management have the successful expansion of the market share
annualized for the two years ending in 2008.
a strong commitment to maximizing long-term shareholder value; of its soy sauce brand, Chin-Su, to 75% of
• Companies focused on a single business, or closely related the high-end sauce segment (4). At the same
(1) The average revenue growth rate is the annualized
businesses. growth rate of 2008 revenue as compared to
time, the Company successfully executed an
revenue of the year prior to the year in which our expansion into the instant noodles market,
fund made its initial investment.
with the Tien Vua and Omachi brands.
(2) (3) (4) Company estimates
28 29
13. PORTFOLIO HIGHLIGHTS
Our investee companies operate in scalable industries
and have management teams that execute well on their
Mekong Capital’s existing portfolio includes around 25 expansion plans to capture the growth opportunities in
companies operating across various industries, from Vietnam’s fast growing markets.
personal care products, food & beverage, retail, IT
Our investee companies have track records of notable
distribution to industrial products. Our companies are achievements. Mekong Capital has contributed
often the market leaders among Vietnamese companies towards many of those achievements through our close
in their respective sectors. involvement with our investee companies.
30 31
14. AA Corporation
Established in 1993 as a construction company
specializing in interior decoration, AA Corporation has
progressively developed into one of the leading interior
contracting companies and high quality indoor furniture
manufacturers in Vietnam.
AA Corporation is structured around three divisions:
• AA Interior for domestic projects: provides fabrication
and fit-out services for top hotels, residences, spas,
retail shops, restaurants and offices for the domestic
market in Vietnam – including Intercontinental,
Sheraton, Park Hyatt, and Sofitel.
• AA Furniture for export: manufactures and exports
furniture for international furniture brands and
leading international hotel brands.
• AA Deùcor for retail: owns three major furniture
brands namely Nha Xinh, AA Deco and Bellavita.
Together, AA Deùcor has 10 shops and showrooms
nation-wide, targeting mid-to-high end Vietnamese
customers.
Since our investment in the Company, through
close co-operation between Mekong Capital and AA
Corporation, AA Corporation has recruited a number
of key management positions such as Chief Executive
Officer for AA Furniture, HR Manager for AA Furniture,
Financial Controller, Marketing Director, etc. and built
up the management team in key functions to strengthen
the Company’s overall management capabilities.
As a result, the Company executed well on its sales
and marketing plan, which contributed to an 85%
increase in gross profit in 2008, despite the global
financial crisis.
www.aacorporation.com
32 33
15. Ngo Han
Ngo Han Joint Stock Company is a leading
manufacturer of magnet wire in Vietnam. Ngo Han’s
production of magnet wire involves melting copper
cathodes into copper rods, drawing (stretching) copper
rods into thin wires and coating the wires with enamel or
taping the wires with adhesive paper. Their products are
used primarily in motors, transformers, ballasts, voltage
stabilizers, electronic components and other items used
to generate or transform electromagnetic fields.
Since its establishment in 1987, the Company has
grown to achieve revenue of $48.5 million in 2008
and commanded a 25% market share as of mid-2009.(5)
Ngo Han’s focus on continuous improvement - being the
only magnet wire company in Vietnam with Six Sigma,
a data-driven methodology that helps reduce defects
and errors - has enabled Ngo Han to manufacture
superior quality, and technologically advanced products.
Ngo Han is the local supplier of choice for many
foreign-controlled manufacturers operating in Vietnam,
particularly for those that have strict quality requirements.
Recently, the Company began expanding business
downstream in the value chain by developing and
distributing bus-bars, thick strips of copper or aluminum
that conduct electricity within switchboards or distribution
boards in electrical power distribution.
As part of Mekong Capital’s long-term value creation
plan for Ngo Han, we facilitated Ngo Han’s transition
from a family-owned business to a joint-stock company
managed by a team of professional managers. We worked
with the Company to recruit various senior management
positions, including Chief Executive Officer, HR Manager,
Chief Accountant, Account Manager to expand to the
North, and Sales Manager to shift the sales mix to higher
value added products.
www.ngohanwire.com
(5) Company estimates.
34 35
16. International Consumer Products
Founded in 2001, International Consumer Products Corporation (“ICP”)
is the leading Vietnamese company in personal care and cosmetic
products in Vietnam. ICP also recently expanded into the food and
beverage industry. ICP’s core business focuses on several strong brands
for household and personal care products:
• Vegy for cleansing liquid for vegetables and fruits;
• Ocleen for household cleansing products;
• X-Men, Dr. Men and Teen-X for men’s personal care;
• L’OVITEÙ and QGirl for women cosmetics.
ICP is licensed by Schweppes International Limited to manufacture,
market and distribute Orangina soft drinks in Vietnam and to market and
distribute this product to nine other countries in the region. The Company
subsequently introduced TeaFres and Xtra beverage brands shortly after
launching Orangina on the local market.
ICP owns an intensive distribution system nationwide, distributing directly
to a majority of groceries stores, supermarkets and hypermarkets all over
the country.
During the second quarter of 2009, ICP acquired a controlling stake
in Thuan Phat Foodstuff Joint Stock Company, a local FMCG company
that produces and distributes packaged sauces, including fish sauce, soy
sauce, chili sauce, and other local specialties. Mekong Capital worked
closely with ICP to successfully identify and implement ICP’s acquisition
of Thuan Phat, which created a foundation to leverage the Company’s
strengths in marketing and distribution to expand into new product
categories.
ICP has been implementing a leadership development and corporate
culture transformation program since 2008, which has provided a
foundation for the Company to deliver extraordinary financial results.
The percentage of sales staff that met and exceeded monthly sales
targets increased from 35% to 65% as a result of the corporate culture
transformation process. (6)
ICP achieved an annualized revenue growth rate of 37% for the period
from 2006 to 2008 due to an extraordinary senior management team that
effectively implemented its expansion plans.
ICP successfully implemented SAP an ERP system in June 2008, substantially
,
strengthening the Company’s capacity for excellent financial reporting.
www.icpvn.com
(6) 35% was for the first 8 months of 2008, while 65% was for the last 4 months of 2008.
The initial roll-out of their new culture occurred around August 2008.
36 37
17. The Gioi Di Dong
Founded in 2004, at a time when the consumer
electronics retail market was highly fragmented,
The Gioi Di Dong has quickly established its market
leadership position and became the most prominent
mobile phone retailer in Vietnam, specializing in mobile
phones and related products including SIM cards,
phone accessories, laptops, digital cameras, and other
electronic gadgets. The Company also provides a range
of relevant value-added services.
The Gioi Di Dong is led by a highly capable team with
an impressive track record of expansion and exceptional
financial performance. Quickly upon its establishment,
The Gioi Di Dong’s management took proactive steps
in building up an extensive coverage network across the
country. With two stores by mid-2005, The Gioi Di Dong
was operating a chain of 26 branded outlets throughout
Vietnam by mid-2009.
The Gioi Di Dong achieved an annualized net revenue
growth rate of 110% for the two years ending 2008, due
to their strong branding and marketing, as well as effective
working capital management, two key success drivers for
the consumer electronics retail industry.
Mekong Capital worked closely with The Gioi Di Dong
to restructure its online reporting system into one that
generates timely and systematic reports in order for
managers to make strategic decisions based on real-
time data. The Gioi Di Dong also implemented Oracle
ERP in 2008, which has empowered The Gioi Di Dong
to identify and close under-performing stores, while
shifting its network towards stores that consistently
meet or exceed their targets.
www.thegioididong.com
38 39
18. Golden Gate
Founded in 2005, and renamed Golden Gate in
July 2008, the Company currently operates two
restaurant chains, under the brands Ashima and
Kichi-Kichi. Ashima is the first and leading mushroom
hotpot restaurant chain in Vietnam. Its unique selling
points are reflected by a new cuisine concept together
with a distinguished service standard, aiming at the
emerging middle class in Vietnam. Kichi-Kichi is a hot-
pot counter concept, targeting fast-food and casual
customers. As of June 2009, the Company had a total
of 8 Ashima restaurants in Hanoi, Ho Chi Minh City,
Hai Phong and Da Nang and 4 Kichi-Kichi outlets
throughout the country.
The leadership team at Golden Gate has been very
effective in implementing systematic processes in
areas such as standardized service and supply chain
management. This enables the Company to expand
quickly with consistent quality. As a result, revenue
doubled in 2008. As of mid-2009, the Company has
rapidly and successfully built up a total of 12 hotpot
restaurants from a total of 4 restaurants at the time
Mekong Enterprise Fund II made its investment in
the Company.
To keep the growth momentum, Mekong Capital
has worked closely with the Company to recruit a
number of highly capable candidates for senior
management positions, including the Chief Operating
Officer and Chief Executive Officer positions.
Mekong Capital also proactively worked with the
Company to implement several post investment value
creation projects, such as reducing cost of goods
sold, improving service quality and providing advice
on the roll out of the Kichi-Kichi chain to ensure it is
implemented on schedule and successfully.
www.ashima.com.vn
40 41
19. MK Smart
MK Smart Joint Stock Company (“MK Smart”) is a
world-class manufacturer and service provider for bank
cards, loyalty cards, SIM cards, scratch-off cards, and
other value added services for loyalty and ID card
clients. Its main clients are corporate customers, such
as telecom operators, banks, insurance companies,
and loyalty and ID market companies. MK Smart has a
complete and large-scale, modern production line - from
printing, chip embedding, personalization to packaging.
MK Smart offers a high quality, secure, competitive, and
fast turn-around solution with a wide range of products
and services.
MK Smart has been effective in identifying and launching
new products and services that are complementary to
its existing products and meet the needs of its existing
customers. The Company has recently expanded to
provide pre-printed business forms and direct mailing
services for the Vietnam market.
Since its establishment in 2003, MK Smart has quickly
become the Number 1 local card manufacturer in the
Vietnam market. Annualized revenue grew over 115%
for the two-year period ending in 2008.
To continuously and rapidly expand, MK Smart has been
cooperating with Mekong Capital to fill key positions
and develop its senior management team. We worked
with the Company to recruit a Chief Financial Officer,
a Compliance Manager, a Business Development
Manager, and a Chief Operating Officer.
Mekong Capital also provided consultancy to improve
MK Smart’s accounting systems and implement new
accounting software, which created a foundation for
accurate and timely management reports. In addition,
we worked closely with the Company to develop a
detailed and workable costing system and insightful
monthly management reporting in order to effectively
meet profit targets.
www.mksmart.com.vn
42 43
20. Phu Nhuan Jewelry
Phu Nhuan Jewelry Joint Stock Company (“PNJ”) is
engaged primarily in manufacturing and retail of gold
and silver jewelries and the trading of physical gold
under the well-established brand names PNJGold,
PNJSilver, CAO Fine Jewelry and Phoenix PNJ – DongA
Bank Gold Tale. PNJ was the first Vietnamese company
to invest in advanced jewelry production technology.
Since its establishment, PNJ has emerged as the
largest jewelry retailer in Vietnam, and has one of the
largest retail networks in any category in Vietnam. PNJ’s
distribution and retail network includes 19 branches, 97
retail stores and more than 3,000 wholesalers across
the nation.
In addition, a labor force of well-trained technicians
and almost 1,000 skilled goldsmiths provide a strong
competitive advantage to PNJ in the local and
overseas markets.
PNJ successfully completed its listing on the Ho Chi
Minh Stock Exchange in March 2009. Due to various
communication activities, the Company is now well-
received by the market. As the Company prepared to list,
Mekong Capital coordinated to develop a sound investor
relations campaign to communicate the Company’s key
messages to the regional investment community.
PNJ’s revenue and net profit growth were 53% and 96%,
respectively, annualized for the two years ending 2008.
www.pnj.com.vn
44 45
21. Masan Food
Masan Food Corporation is the market leader in the
sauces and condiments segment of Vietnam’s packaged
foods industry. Masan Food’s most well-known brands
are Chin-Su, Tam Thai Tu and Nam Ngu for soy sauce,
fish sauce, chili sauce and granules. The Company
recently expanded its offering to include instant noodles
under the Tien Vua and Omachi brands and aims to
capture over 20% of the instant noodles market by the
end of 2009.
Masan Food’s success is attributable to its management
team, brand building expertise and extensive distribution
network. The Company is led by a team of professionals
with backgrounds as senior managers at major
international consumer product companies in Vietnam
and in the region, including Procter & Gamble, Unilever,
and Nestleù. Its marketing-driven strategy has allowed
it to dominate both the premium and mainstream
segments in all of the categories where it competes.
Masan Food’s distribution network and sales team
directly reaches over 110,000 points of sales, covering
all major cities and provinces in Vietnam. Masan aims
to leverage its existing strengths to successfully launch
new products in other food and beverage categories.
In 2008, the Company reported revenue of
VND1,943 billion and net profit of VND361 billion,
a y-o-y increase of 194% and 342% respectively. The
key revenue contributors were fish sauce and soy sauce,
which together accounted for 68% of the Company’s
2008 revenue.
www.masanfood.com
46 47
23. RESIDENT REPRESENTATIVE OFFICE
OF MEKONG CAPITAL LTD IN HO CHI MINH CITY
CAPITAL PLACE, 8TH FLOOR
6 THAI VAN LUNG STREET, DISTRICT 1
HO CHI MINH CITY, VIETNAM
Tel: (84 8) 3827 3161 - Fax: (84 8) 3827 3162
E-mail: info@mekongcapital.com
RESIDENT REPRESENTATIVE OFFICE
OF MEKONG CAPITAL LTD IN HANOI
HAREC BUILDING, 12TH FLOOR
4A LANG HA STREET, BA DINH DISTRICT
HA NOI, VIETNAM
Tel: (84 4) 3772 4888 - Fax: (84 4) 3772 4868
E-mail: info@mekongcapital.com
www.mekongcapital.com
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