Fortune has unveiled the Southeast Asia 500 rankings for 2024, a first-time list of the 500 largest companies in the region, ranking them by revenue. Fortune’s focus on the region comes as Southeast Asia gains greater significance in the global economy due to shifting supply chains and the rapid development of the region's economies.

“The Fortune Southeast Asia 500 reflects a dynamic and fast-changing region–one whose core economies are growing notably faster than those of Europe or the US,” said Clay Chandler, executive editor of Fortune in Asia.

The inaugural rankings include companies from seven Southeast Asian nations: Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia. The ten largest companies on the list reported revenues of $650 billion. All Southeast Asia 500 Companies reported total revenues of $1.8 trillion for fiscal year 2023. The minimum revenue threshold to be included on the list was $460.8 million. Vietnam is home to 70 companies on the list.

In the field of consumer goods and retail in Vietnam, Masan Group ranks first on the Fortune list with a revenue of $3.2 billion.

With over 28 years in the market, Masan has built a consumer goods platform with strong fast-moving consumer goods (FMCG) brands to tap into the local market opportunity of $24 billion. With a vision to serve 8 billion people globally and its "Go Global" strategy, Masan estimates the market value could increase 131 times.

In the consumer goods and retail segment, two subsidiaries, Masan Consumer (MCH) and WinCommerce (WCM), account for 80 per cent of Masan’s revenue. Among them, MCH's products are popular among Vietnamese consumers across different living spaces. MCH appears in the corners of kitchens, inside fridges, as well as in living rooms and bathrooms. MCH boasts five large brands with revenues ranging from $150 to $250 million, including CHIN-SU, Nam Ngu, Omachi, Kokomi, and Cafe Wakeup 247. The company aims to build six brands with revenues reaching $1 billion, including CHIN-SU, Omachi, Cafe Wakeup 247, Vinacafe, Chanté, and Tea 365.

Truong Cong Thang, general director of Masan Consumer, said, “MCH posts an average annual growth rate of 14 per cent, double the growth of local and regional firms. It only takes five minutes for customers to buy MCH’s products, and 98 per cent of Vietnamese households have at least one Masan Consumer product in the kitchen, bathroom, fridge, etc.”

The FMCG segments Masan is serving are worth up to $8 billion. Meanwhile, the entire market size in Vietnam could reach $32 billion. Therefore, Masan has decided to build a new FMCG model with a strategy to build six big brands worth a billion dollars, bringing big brands and Vietnamese cuisine to the world and becoming the pride of Vietnam. In the future, Masan aims to have at least one product in every household globally.

At its 2024 AGM, Nguyen Dang Quang, chairman of the Board of Directors at Masan Group, said, “Masan products are imbued with moments of concern, passion, and sweetness. They are also the ambassadors of Vietnamese cuisine in Masan's journey to the world. Alongside Vietnamese consumers, we are finding ways to take solid steps on the journey of bringing Vietnamese cuisine to 8 billion global consumers with strong brands."

In the retail segment, WCM boasts Vietnam’s largest modern retail chain covering WinMart supermarkets, WinMart+ stores, and WiN stores. WCM posted a revenue of VND30 billion ($1.2 million) in 2023, which is expected to increase to VND33 billion ($1.3 million) in 2024. In particular, its mini mart chain, which accounts for 75 per cent of revenue, doubled its sales growth from 2019-2023. More than 2,000 stores were profitable in terms of earnings before interest, taxes, depreciation, and amortisation (nearly 10 times the 2019 figure).

Since the end of 2023, WCM has adjusted its pricing strategy and price marketing to customers through its in-store staff as well as promoting communications on digital platforms about products found at WCM. In addition, the retail company also ensures competitive pricing compared with the market, bringing products with good prices to customers in both rural and urban areas.

The company not only offers the 20 per cent discounts for MEATDeli chilled meat and WinEco clean vegetables for WiN and WinCommerce members, but also carries out periodic promotional programmes for private label products including Ngoc Nuong Rice, WinMart Good (dry food), WinMart Cook (processed food), WinMart Home (household appliances), and WinMart Care (personal care).

These private label products are 10-20 per cent cheaper than other items in the same segments on the market. WinCommerce will open 400-1,000 new stores this year, subject to the recovery of the consumers goods market.

In addition to the two growth machines Masan Consumer and WinCommerce, Masan Group also owns subsidiaries which are industry leaders across many fields such as Masan MEATLife (meat value chain), Phuc Long (F&B retail chain), and Masan High-Tech Materials (high-tech industrial materials).