At the forefront of this transformation is KONE, a global leader in elevators and escalators, known for its groundbreaking solutions that drive energy efficiency and optimize people flow.

Energy efficiency and people flow optimization: Sustainability at the core

KONE’s unwavering commitment to sustainability is evident through its cutting-edge, energy-efficient innovations. The company’s solutions are engineered to significantly reduce energy consumption, a critical factor in minimizing the carbon footprint of modern buildings. For instance, KONE’s revolutionary UltraRope technology lowers energy usage during a 500-meter elevator journey by up to 15%, while its regenerative drive systems slash energy consumption by up to 70% compared to conventional designs. These advancements not only deliver substantial cost savings for building operators but also align with international green building certifications standards such as LEED, EDGE, Green Mark and LOTUS, positioning KONE as the go-to choice for environmentally conscious developers. In addition to energy efficiency, KONE’s advanced people flow technologies redefine building functionality and user experience. The KONE Office Flow solution integrates access control, destination management, and communication systems to streamline movement within office environments. Meanwhile, the Destination Control System intelligently manages passenger distribution, reducing waiting and travel times while maximizing elevator efficiency. Together, these systems embody KONE’s vision for seamless, safe, and sustainable urban mobility.

Driving awareness at Vietnam’s premier sustainability forums

KONE actively champions sustainable development by showcasing its innovations at major industry events in Vietnam. Most recently, King Cheng, Managing Director of KONE Vietnam, highlighted the company’s eco-friendly solutions in green construction dialogues. At the EuroCham Green Economy Forum & Exhibition (GEFE) 2024, held in Ho Chi Minh City from October 21�3, Cheng presented KONE’s latest developments in energy-efficient elevators and smart building technologies. The event, which convened over 8,000 participants, including government officials, industry leaders, and sustainability advocates, focused on critical topics such as climate resilience and green energy transitions. KONE’s participation reinforced its leadership in driving sustainable urbanization in Vietnam. On November 19, 2024, KONE took center stage at the NordCham’s Green Construction Conference, also in Ho Chi Minh City. Cheng highlighted the company’s pioneering green People Flow solutions for modern buildings, fostering growth of green construction initiatives in Vietnam.

A leader in corporate sustainability and innovation

KONE’s inclusion in the Top 50 Corporate Sustainability Awards 2024 is a testament to its unwavering commitment to sustainable business practices. By integrating eco-friendly technologies and prioritizing energy efficiency, KONE continues to reduce its environmental footprint while supporting Vietnam’s green development goals. As the first elevator and escalator company to achieve LOTUS Green Product Certification for its entire product range, KONE has set a new industry benchmark. Awarded by the Vietnam Green Building Council, this certification validates KONE’s dedication to creating environmentally responsible products that align with global sustainability priorities.

The LOTUS certification is also a significant milestone for Vietnam’s construction industry, as emphasized by VGBC Executive Director Douglas Snyder. “This accomplishment is a major step forward in expanding sustainable practices in the industry, equipping the market with the knowledge needed to make informed, environmentally responsible decisions. We look forward to collaborating with KONE to advance sustainability across Vietnam, creating more impactful, environmentally friendly initiatives that benefit a wide range of stakeholders.�/p>

Shaping the future of urban sustainability in Vietnam

As Vietnam undergoes rapid urbanization, the demand for sustainable and intelligent infrastructure has become imperative. KONE’s innovative solutions address these challenges head-on, delivering energy-efficient solutions that enhance urban life while promoting environmental stewardship. ??Through its visionary approach to optimized people flow and green technologies, KONE is not just transforming buildings—it is elevating Vietnam’s journey toward a smarter, greener future.

The company aims to further approach its VND2 trillion ($78.75 million) profit goal in the final quarter of the year. In Q3 2024, Masan’s net revenue reached VND21.487 trillion ($846.1 million), a 6.6-percent increase from VND20.155 trillion ($793.65 million) in Q3 2023, driven by sustainable growth in its consumer retail businesses.  By the end of January-September, Masan recorded a total net revenue of VND60.476 trillion ($2.38 billion), averaging VND220 billion ($8.66 million) per day.  The company reported having achieved 130 percent of its base-case profit after-tax plan and is optimistic about a positive scenario in Q4 2024.

Masan Consumer maintains double-digit growth momentum, plans IPO for 2025

Masan’s branded consumer goods segment, Masan Consumer (Stock code: MCH), continued to show positive results in Q3 this year.  Q3 revenue for Masan Consumer increased by 10.4 percent year-on-year, reaching VND7.987 trillion ($314.5 million).  This growth was driven by the premiumization strategy in the Convenience Food and Seasonings segments, which saw year-on-year increases of 11 percent and 6.7 percent, respectively. Additionally, innovative efforts in the Beverages and Home & Personal Care segments achieved growth of 18.8 percent and 12.4 percent, respectively.  The company maintained a strong gross profit margin of 46.8 percent in Q3 2024.

A customer browses discounted seasoning products at WinMart supermarket.

Recent developments in Masan Consumer’s IPO process have also been positive.  On October 2, the company announced plans to transfer MCH shares from Unlisted Public Company Market (UPCoM) to the Ho Chi Minh City Stock Exchange (HoSE).  Furthermore, it plans to offer 326.8 million shares to existing shareholders at a ratio of 100:45.1, or allowing shareholders with 1,000 shares to purchase 451 new shares at VND10,000 ($0.39) each.  This move may be a step toward preparing for the listing of MCH shares on HoSE, with the company aiming to complete the listing by 2025.

WinCommerce achieves positive profit after tax for Q3

Masan’s consumer retail business reported a ‘double�increase in profit after tax.  In Q3 2024, Masan’s retail segment, WinCommerce (WCM), achieved a 9.1-percent year-on-year revenue growth, reaching VND8.603 trillion ($338.76 million) across its entire network.  This growth was primarily driven by the new store models, WIN (targeting urban shoppers) and WinMart+ Rural (serving rural shoppers).

Customers shop at WinMart Royal City in Hanoi, September 7, 2024.

WCM’s NPAT reached VND20 billion ($787,541) in Q3 2024, marking its first positive profit since the COVID-19 period, indicating a clear path toward sustainable profitability. As of September 2024, WCM operates 3,733 stores, with a net addition of 60 new locations since Q2 2024.  The pace of new store openings is being accelerated once again.  Winmart supermarkets have delivered positive EBIT despite flat top-line growth, mainly driven by improvement in shrinkage. According to the report, WCM’s strategic focus for the last quarter of 2024 is to continue achieving positive net profit after tax (NPAT), accelerate like-for-like (LFL) growth, and open approximately 100 new stores per quarter.  WCM will also strengthen its presence in rural areas with the successful WinMart+ Rural model.

Masan MEATLife records positive profits for 3 consecutive quarters

In Q2 2024, Masan’s branded meat segment, Masan MEATLife (MML), reported a year-on-year increase of VND43 billion ($1.7 million) in EBIT and a VND105 billion ($4.13 million) rise in NPAT before minority interest (NPAT Pre-MI) in Q3 2024.  This marks the third consecutive quarter of positive EBIT for MML and the first quarter with positive NPAT Pre-MI (VND20 billion) since 2023.  The strong performance was driven by increased sales of processed meat and higher market prices for chicken and pork.

European-standard chilled meat production line at the MEATDeli processing complex in Ha Nam Province, northern Vietnam.

MML continues its mission to transform Vietnam’s growing processed meat market with delicious, healthy, and high-quality products, notably through its “Love brands,�Ponnie and Heo Cao Boi, which together hold about 50 percent market share in the sterilized sausage product segment. To mitigate risks in the volatile farm market, the company is restructuring its farm ??segment while maintaining an appropriate scale to ensure a steady supply of raw materials for domestic meat production. Masan’s tea and coffee chain, Phuc Long Heritage (PLH), experienced a yea??r-on-year growth of 12.8 percent, reaching VND425 billion ($16.73 million) in Q3 2024, primarily due to the addition of 21 new stores outside WCM during the same quarter.  PLH now operates 174 stores nationwide. “I am confident we will approach our high-case NPAT target of VND2,000 billion, and now are focused on synergizing our entire consumer-retail platform to deliver consolidated double-digit top and bottom-line growth for 2025,�said Dr. Nguyen Dang Quang, chairman of Masan Group. The positive results from the consumer retail business reflect Masan’s strong recovery and the overall resurgence of the consumer market in January-September.  Looking ahead to the final quarter of 2024, the management is confident that Masan will come closer to its profit plan under a positive scenario.

Ho Chi Minh City, October 19, 2024 – American International Hospital (AIH Hospital) has signed a Medical Collaboration Agreement with Raffles Hospital Singapore to enhance the quality and range of patient care and treatment in Vietnam. Both parties announced plans to establish an Orthopedic Center and an Oncology Center at AIH. In addition, AIH Hospital will also align their clinical governance and hospital protocols and policies with Raffles Hospital Singapore. This collaboration opens opportunities for patients to access advanced medical treatments with Singapore quality standards right here in Vietnam. It will not only strengthen the professional ties between the two major healthcare systems but also contributes to the continued development of Vietnam’s healthcare sector, aligning it with international medical standards. Under the agreement, the AIH Orthopedic Center and AIH Oncology Center will be launched to screen, diagnose, and treat patients with these conditions at international standards, with close collaboration between AIH Hospital’s highly experienced medical team and top specialists from Raffles Hospital Singapore, who will provide shared care for AIH Hospital patients through joint consultations via video conferencing and regular fly-ins.  For Orthopedic patients, they will have access to enhanced surgical techniques including joint replacements and spinal surgeries at AIH Orthopedic Center and at Raffles Hospital Singapore. For Oncology patients, they will also have access remote second opinion reads for radiology and anatomical pathology as well as to cutting medical edge care in Singapore including robotic surgeries, proton therapy and participation in clinical trials where suitable. To support the professional development and quality assurance of both centers, Raffles Hospital Singapore will not only share international best practices but also audit clinical service delivery at AIH Hospital. AIH Hospital will adopt clinical and imaging protocols according to international standards from Raffles Hospital Singapore Radiology. AIH Hospital’s laboratory will also be enhanced through the adoption of the External Quality Assurance (EQA) Program with the support from laboratory at Raffles Hospital Singapore laboratory which is accredited by the College of American Pathologists (CAP). AIH Hospital and Raffles Hospital Singapore will also further develop clinical education through clinical exchanges and hosting of joint medical/healthcare seminars/webinars. Doctors at AIH Hospital will also be able to undergo observerships at Raffles Hospital Singapore to enhance their medical skills and international experience. Both AIH Hospital and Raffles Hospital Singapore will also explore opportunities for clinical research through the clinical trials and translational research in Singapore and/or in Vietnam.   

Ms. Nguyễn Th�M�Linh �CEO of American International Hospital (AIH Hospital) shared her vision for collaboration: “AIH Hospital aims to break down barriers and geographical boundaries in healthcare, optimizing the benefits and providing a seamless healthcare experience for patients. Through a comprehensive partnership with Raffles Hospital Singapore, AIH Hospital brings international standard medical services closer and more accessible to the people, thereby contributing to enhancing healthcare services and improving the quality of the healthcare system in Vietnam.�/p> The agreement between AIH Hospital and Raffles Hospital Singapo?re offers numerous practical benefits for patients, especially as Vietnamese people spend approximately 2 billion USD annually on overseas medical treatments, seeking better treatment opportunities in countries with advanced medical standards. Among these, Singapore is one of the most chosen destinations.

In a document prepared for approval by existing shareholders, Masan Consumer, listed on UPCoM as MCH, said the move will have an issuance ratio of 45.1% (1 share entitled to 1 purchase right and every 1,000 purchase rights entitled to purchase 451 newly issued shares).

Consumers shop for Masan Consumer products at WinMart supermarket. Photo courtesy of Masan Group.

The par value and the issuance price are both VND10,000 ($0.42) per share. The total value of shares issued at par value is VND3,268.1 billion ($132.5 million). The issuance is expected to help MCH bolster its charter capital and the trading prices of shares. According to the Vietnam Securities Depository and Clearing Corporation, only those whose names are on the list of Masan Consumer shareholders on the last registration date will be eligible to buy the newly issued shares. The issuance is expected to be deployed in 2024 or 2025. The specific time will be decided by the board of directors, upon State Securities Commission approval.

Consistent high dividends

In September, Masan Consumer finalized its shareholder list for paying additional dividend for 2023 at 168% par value. The payout date is October 4, 2024. From July 2023-July 2024, Masan Consumer paid dividends of VND7,100 billion ($287.9 million) in two payments, at 100% par value. As a result, in just over one year (July 2023-September 2024), Masan Consumer has paid cash dividends of 268%. For 2024, the company has announced a plan, subject to existing holders�approval, for advance payment of 2024 dividends from retained earnings at a maximum of 100% (1 share will receive a maximum 2024 dividend advance of VND10,000). The consistency in paying dividend has demonstrated Masan Consumer’s sustainability and profitability, executives said.

Strong competitor

MCH has carried its “record growth momentumâ€?of 2023 with positive business results in the second quarter of this year. It recorded a year-on-year revenue growth of 14% and a high gross profit margin of 46.3%. In addition, the company’s “Go Globalâ€?strategy also achieved positive results with export revenues growing 17% year-on-year in Q2. From 2017 to 2023, MCH revenue grew 2.2x faster than the market average. According to a recent report by HSBC, MCH has recorded high profit margins and stable revenue growth and significantly outperformed its regional peers in the FMCG and packaged food sectors. In 2023, the company posted a record-high post-tax profit of VND7,195 billion ($291.7 million), up 30% year-on-year. The earning per share (EPS) in 2023 reached VND9,888 ($0.4), a sharp increase compared to VND7,612 in 2022. According to Kantar Worldpanel, at least one Masan Consumer product can be found in 98% of Vietnamese households. By the end of 2023, Masan Consumer had five brands with annual revenues of $150-250 million, including Chin-su, Omachi, Kokomi, Nam Ngu and Wake-up 247. The company has said that it plans to closely coordinate with WinCommerce, retailer under the Masan Group ecosystem, known for its WinMart and WinMart+ supermarket chain, and the WIN Membership program to develop new products based on the analysis and understanding of customer behavior at these outlets. Being part of the retail – consumer link of the parent group, would give Masan Consumer a significiant competitive advantage, company executives said. In 2024, Masan Consumer expects net revenues between VND32,500 billion and VND36,000 billion ($1.32-1.46 billion). In addition to key products and business lines, the company is also developing innovative capabilities and processes to complete the FMCG portfolio in the future. Company executives said the strategic goals were to develop six brands worth at least $1 billion, have the “Go Global” strategy achieve 10-20% of its revenue, make Vietnamese brands internationally recognized, and become the leading company in Southeast Asia in terms of revenue and profit growth by applying the new FMCG model.

At the meeting with investors in early May, Danny Le, CEO of Masan Group, unveiled the plan to mobilise capital this year. With an average annual growth rate of 15 per cent over the past 6-7 years, it is the right time for Masan Consumer to consider the implementation of its initial public offering (IPO) plan, he said.

Double-digit growth for seven consecutive years

Masan Consumer has a stable track record of high growth. The company significantly outperforms other companies in the fast-moving consumer goods (FMCG) and packaged food industry in the region. According to an HSBC report, from 2017 to 2023, Masan Consumer grew at a rate 2.2x faster than the market average. The report also emphasised Masan Consumer’s plan to list MCH shares on the HoSE. HSBC believes that listing on the HoSE can help MCH shares improve liquidity in line with the outstanding capacity that the company has achieved over the years. In addition, a successful IPO would help increase the valuation of Masan stocks such as MCH and MSN. This roadmap is becoming clearer with positive information from both the company and the market. Masan Consumer’s starting point and core product line is seasonings. As of present, Masan Consumer has eight main consumer goods industries in Vietnam. The company owns five brands with annual revenue ranging from $150 million to $250 million. These consumer goods brands are popular in Vietnam, such as CHIN-SU, Nam Ngu, Omachi, Kokomi, and Wake-Up Coffee. The five flagship brands account for 80 per cent of Masan Consumer’s revenue in the Vietnamese market. According to Kantar, over 98 per cent of Vietnamese households own at least one Masan Consumer product. Among them, CHIN-SU and Nam Ngu are the most popular brands in urban areas. Meanwhile, the most chosen brands in rural areas are CHIN-SU, Kokomi, and Tam Thai Tu, according to a report by securities company HSC. In both rural and urban areas, Masan Consumer has established a loyal customer base, which is ready to experience new products and contribute to increasing sales across multiple categories. According to the company’s latest report, Masan Consumer continued its record growth momentum in 2023 with positive business results in the second quarter of 2024. The company posted revenue growth of 14 per cent and maintained a high gross profit margin of 46.3 per cent. In the second quarter of 2024, the convenience food, beverage, and coffee industries led the growth, recording increases of 20.7 per cent, 17.6 per cent and 16 per cent, respectively, on-year. In addition, the company’s Go Global strategy also recorded positive figures, with export revenue registering an increase of 17 per cent over the same period last year.

A customer selects Masan Consumer products.

Major boost from market upgrade

On September 18, the Ministry of Finance approved Circular 68/2024/TT-BTC. Under the new circular, stock purchases transactions do not require sufficient funds when placing orders by foreign institutional investors. Listed organisations and public companies will also disclose information in English. This circular comes into force on November 2, 2024. This is a step closer for the Vietnamese stock market to meet the requirements for an upgrade to emerging market status by FTSE Russell. SSI Research forecasts that Vietnam will be upgraded in an assessment scheduled for September 2025. With the upgrade to emerging market status, preliminary estimates suggest that capital inflows from exchange-traded funds (ETF) could reach up to $1.7 billion, not including capital from active funds (FTSE Russell estimates that total assets from active funds are five times greater than those from ETF funds). This could be a catalyst for companies with IPO plans in 2025, like Masan Consumer. Foreign investors are keen on the FMCG industry and the long-term investment opportunities in businesses with a stable track record of high growth and huge dividend payments. Thus, Masan Consumer’s MCH stock will be a potential option. With its outstanding growth rate, Masan Consumer has attracted the attention of many large domestic and foreign investors. The board of directors revealed a series of large investment funds holding shares in Masan Consumer. Among them, Albizia Asean Tenggara Fund owns 3,891,258 MCH shares, and Vietcap Securities JSC owns 2,700,800. The Bill & Melinda Gates Foundation Trust owns 1,041,100 MCH shares. In 2024, Masan Consumer aims to continue its double-digit revenue and profit growth. Net revenue is expected to reach between VND32.5 trillion ($1.32 billion) and VND36 trillion ($1.86 billion). The company has plans to own $6 billion brands and achieve 10-20 per cent revenue from the global market, premiumise products, and expand product ranges for each brand, increasing market accessibility from 100 million consumers in Vietnam to 8 billion people globally.

Recently, the Ministry of Finance has officially approved the regulation changes that would remove pre-funding requirements for foreign investors and require English disclosure by listed companies. The new law will take effect from 2 November 2024. J.P Morgan commented the changes would enable FTSE to upgrade Vietnam to Emerging markets within the next 12 months, leading to more than US $500mn of passive inflows into the market and potential positive revision from MSCI. The financial institution also believes the near-term tailwinds are favouring Comsumer Staples stocks with: (1) Potential inflows from Emerging markets upgrade, (2) Lower USD reduces input costs, and (3) Resilient earnings growth. “We upgraded the sector to OW with Masan Group (MSN) as one of top picks.â€? according to J.P. Morgan report on 18th September.  Using the sum-of-the-parts (SOTP) valuation method, J.P. Morgan has priced MSN at 94,640 VND per share, with projected price-to-earnings (P/E) and enterprise value to EBITDA (EV/EBITDA) ratios of 39x and 12x, respectively, for 2025. The SOTP method involves valuing each subsidiary or business division of a company individually, then combining these values to determine the overall company valuation. WinCommerce, the retail subsidiary of Masan, has continuously made profits in the three months of June, July, and August. This marks a milestone in the company’s retail strategy when innovation initiatives and operational optimization have brought about efficiency. WinCommerce is now the largest modern retail chains in Vietnam, with nearly 3.700 WinMart supermarkets and WinMart+/WiN mini supermarkets nationwide. In a meeting with investors on Sept. 4, Masan’s representative said that the LFL (like for like) revenue growth at existing stores of the mini supermarket system reached more than 10% YoY.

Customers shop at a WinMart supermarket. Photo courtesy of Masan.

Also on Sept. 4, Masan Group announced that it and SK Group have agreed to extend SK Group’s put option with Masan Group for a maximum of 5 years. SK Group will transfer 7.1% of WinCommerce shares to Masan Group for US$200 million, valuing this retail system at more than $2.8 billion. Masan will also receive the right to purchase SK Group’s remaining shares in WinCommerce in the future at the original price SK invested. Currently, the portion transfer of its ownership shares in WinCommerce helps SK Group earn profits while continuing to invest long-term in Masan Group by extending the put option. According to Nguyen, increasing ownership in WinCommerce helps the group increase its control and promote growth of its core business in the long term. In 2024, most securities companies predict economic recovery, with bright spots coming from the consumer and retail sectors thanks to cash flow into the manufacturing sector. According to Viet Dragon Securities Corporation (VDSC), the retail sector will have many growth drivers thanks to the return of the manufacturing sector. Moreover, low interest rates are often an anchor to help consumption recover, and domestic inflation remains under control. According to the General Statistics Office, Vietnam’s GDP in Q2 grew by about 6.93% over the same period last year. With better-than-expected growth results in the first 6 months of the year, HSBC raised its forecast for Vietnam’s GDP growth this year to 6.5%, from 6%. The growth figures of GDP, production, and tourism since the beginning of the year have partly signaled the recovery of the economy in general and consumption in particular, contributing to boosting the business results of retail consumer companies. In particular, with its leading position in the industry and continuous positive results from its core retail consumer business segment, Masan promises to not only complete but also exceed its 2024 profit plan. “We expect Q3 profit to be higher than Q2, thanks to WinCommerce’s continuously improved profitability, Masan Consumer’s growth, and positive signals from other business segments,” said Nguyen.

WinMart’s products help bring good prices to consumers. Photo courtesy of Masan.

Last May, Masan announced the signing of a sales and purchase agreement between Mitsubishi Materials Corporation Group and Masan High-Tech Materials, a subsidiary of Masan Group. Accordingly, Masan Group is expected to record a one-time profit of about $40 million from the sale of H.C. Starck Tungsten Powders (a subsidiary of Masan High-Tech Materials) and benefit from an increase in net profit of $20-30 million in the long term. Having received a deposit of $54 million from Mitsubishi Materials Corporation Group, Masan expects to complete the transaction and receive $70-80 million in cash in the fourth quarter. “We are confident in delivering our 2024 profit guidance and growing profitably in the short and medium term to deliver superior shareholder returns,” said Nguyen Dang Quang, Chairman of Masan Group.