Masan and Vinamilk dominate Vietnam food industry market capitalization

A report by TCBS Research released on October 20, 2026, reveals a high level of market concentration within Vietnam's food industry. While there are 51 listed food companies on the HOSE, HNX, and UPCoM exchanges with a cumulative market capitalization of 541,450 billion VND, approximately 16% of this value is attributed to overlapping parent-subsidiary holdings.

After adjusting for these overlaps, the net market capitalization of the sector stands at 454,555 billion VND. The three largest entities—MCH, MSN, and VNM—account for 73.7% of this net value, totaling approximately 335,000 billion VND. The top 10 companies represent 94% of the industry's net capitalization, leaving the remaining companies to share only 6%.

Profitability is similarly concentrated. In the first half of 2026, the top 10 companies reported a revenue of 108,680 billion VND, a 7.4% year-on-year increase. Net profit attributable to parent company shareholders reached 12,539 billion VND, up 33.6%. Vinamilk contributed 44.6% of this total profit, while Masan Consumer contributed 25.9%, meaning these two companies together account for over 70% of the group's profits.