Vietnamese consumer giant Masan is set to expand its activities to other ASEAN member countries this year since the local market is showing signs of saturation, the company's chief executive has been quoted as saying.
Masan Consumer Holdings, an unlisted subsidiary of Masan Group Corporation, expects to achieve US$5 billion sales in Cambodia, Laos, Myanmar and Thailand, besides Vietnam in 2020, news website VnExpress quoted Seokhee Won as saying at the company's shareholder meeting this week.
That represents an increase of more than eight times from last year.
Masan would increase the marketing of its main product lines like fish sauce, seasoning and coffee in the five markets, which are home to 250 million people, Won said.
The company expects take over the region’s top position from Thai Beverage Plc in the near future, he said.
Masan plans to foray into Thailand first with the support of Singha Asia Holdings Pte Ltd, a Singapore-based unit of Thailand's Boon Rawd Brewery, the website reported.
Singha acquired 25 percent of Boon Rawd and 33.3 percent of Masan Brewery, a unit of Masan Group, for a total of $1.1 billion at the end of last year.
Masan Consumer reported over VND2.9 trillion ($130 million) in net profits last year, down 15.2 percent from 2014, while its revenues saw a marginal increase of 0.2 percent to more than VND13.39 trillion ($600.45 million).
Its shares of the Vietnamese soy sauce and chili sauce markets remained unchanged at 71 and 43 percent. But there were slight dips in its market shares of two other main products: fish sauce down 5 points to 65 percent, and coffee down 1 point to 40 percent.