Vietnam’s food and beverage industry is one of the most dynamic sectors in the country, with both local and international giants competing for market dominance. Here are the top 10 biggest food and beverage companies in Vietnam based on sales revenue.

No.1. C.P. VIETNAM CORPORATION

C.P. Vietnam Corporation (CPV) is the largest foreign-invested agribusiness in Vietnam, operating a fully integrated 3F Plus model: Feed (animal and aquatic feed production), Farm (livestock breeding and farming), and Food (processing and distribution), with a focus on sustainability and traceability. Headquartered in Dong Nai Province, CPV employs 30,000 workers and is 70.8% owned by Modern State Investments Limited.

Market Leadership & Operations

As one of the first foreign companies to enter Vietnam’s animal feed sector, CPV built its first factory in 1993 and now operates nine feed production plants nationwide. The company holds the largest market share in livestock farming, particularly in pork and chicken, while also leading in animal feed production.

Financial Performance

• Revenue (converted to USD, rounded):
  • 2023: ~$3.3 billion
  • 2022: ~$3.6 billion
  • 2021: ~$3.5 billion
• Profit after tax (converted to USD, rounded):
  • 2023: ~$65 million
  • 2022: ~$210 million
  • 2021: ~$360 million

Despite maintaining an annual revenue of around $4 billion, CPV’s profit margin has declined, with 2023 profits dropping significantly compared to previous years. However, the company remains on a growth trajectory, leveraging its market dominance, large-scale operations, and integration across the supply chain.

With expansion plans and increasing demand for high-quality livestock products, CPV is expected to surpass $4 billion in revenue in 2024. The company's continued investment in technology, sustainability, and supply chain efficiency will be key to maintaining its leadership in Vietnam’s agribusiness sector.

No. 2. MASAN CONSUMER CORPORATION (MASAN GROUP)

Masan Consumer Corporation is a leading consumer goods company in Vietnam, specializing in food, beverages, and packaged goods. A subsidiary of Masan Group (31.19% ownership), the company is headquartered in Ho Chi Minh City and employs over 35,000 people. Masan is known for its strong brand portfolio, including Chin-Su, Nam Ngư, Omachi, and Kokomi, which have secured dominant market positions in fish sauce, soy sauce, instant noodles, and processed foods.

Masan Consumer has established itself as a household name in Vietnam’s FMCG sector. Ranked 7th in Vietnam’s Top 50 Most Valuable Brands in 2016, its brand value soared to $320 million, marking a 113% growth, the highest in the industry. The company continues to expand, leveraging its extensive distribution network and innovative product offerings.

• Revenue (converted to USD, rounded):
  • 2023: ~$3.3 billion
  • 2022: ~$3.2 billion
• Profit after tax (converted to USD, rounded):
  • 2023: ~$80 million
  • 2022: ~$200 million

Masan saw a 6% revenue growth in 2024, reaching ~$3.5 billion, while its net profit surged by 377% to ~$85 million, surpassing its annual targets. The company expects 2025 revenue to grow by 7-14%, reaching $3.4-$3.6 billion, with projected net profits ranging from $200 million to $270 million.

With continuous innovation, strategic investments, and a strong consumer base, Masan Consumer is well-positioned to maintain its leadership in Vietnam’s fast-moving consumer goods market.

NO. 3. VIETNAM DAIRY PRODUCTS JSC (VINAMILK)

Vinamilk is Vietnam’s largest dairy company and a market leader in Southeast Asia, specializing in milk, yogurt, ice cream, and nutritional products. Founded in 1976, the company is headquartered in Ho Chi Minh City and employs nearly 10,000 workers. The State Capital Investment Corporation (SCIC) holds a 36% stake, reinforcing Vinamilk’s strategic importance to the national economy.

Market Leadership & Expansion

Vinamilk has built an extensive distribution network, dominating the domestic dairy sector while aggressively expanding internationally. The company operates multiple subsidiaries and joint ventures, including Angkor Milk (Cambodia) and Driftwood Dairy (USA), which significantly contribute to its growth. In 2024, exports surged by 12.9%, driven by a 20% increase in Angkor Milk’s sales and a 10% revenue boost from Driftwood.

Financial Performance

• Revenue (converted to USD, rounded):
  • 2024: ~$2.6 billion
  • 2023: ~$2.5 billion
  • 2022: ~$2.5 billion
  • 2021: ~$2.6 billion
• Profit after tax (converted to USD, rounded):
  • 2024: ~$400 million
  • 2023: ~$380 million
  • 2022: ~$360 million
  • 2021: ~$450 million

Growth & Outlook

Despite profit fluctuations in recent years, Vinamilk’s revenue remains stable, with a 2.2% increase in 2024, driven by cost optimization and international expansion. The domestic market continues to be the primary revenue driver, generating ~$2.1 billion in 2024, while exports contributed ~$220 million.

With a strong brand, growing global presence, and continuous innovation, Vinamilk is well-positioned to maintain its leadership in the dairy industry while expanding further into international markets.

No.4 SAIGON BEER – ALCOHOL-BEVERAGE CORPORATION (SABECO)

Saigon Beer—Alcohol—Beverage Corporation (SABECO) is the fourth-largest player in Vietnam's Food and Beverage (F&B) industry. Operating as a joint stock company, SABECO is headquartered at No. 187, Nguyen Chi Thanh Street, Ward 12, District 5, Ho Chi Minh City, Vietnam. The company specializes in the production and distribution of beer, wines, and other beverages and is classified under VSIC 1103—Manufacture of malt liquors and malt.

SABECO is majority-owned by Vietnam Beverage Company Limited, which holds a 53.59% stake. The company is led by Chairman Koh Poh Tiong and employs over 8,200 workers, making it one of the largest employers in Vietnam’s beverage industry.

SABECO has consistently reported strong financial results, though revenue and profit declined slightly in 2023:

• Sales Revenue:
  • 2023: $15.1 billion
  • 2022: $16.7 billion
  • 2021: $10.5 billion
• Profit After Tax:
  • 2023: $1.72 billion
  • 2022: $1.82 billion
  • 2021: $1.57 billion

Despite the revenue drop from 2022 to 2023, SABECO remains a highly profitable enterprise, generating over $1.5 billion in net profit annually.

SABECO’s extensive distribution network and strong brand presence make it a dominant force in Vietnam’s beverage sector. With a history of resilience and adaptability, the company continues to be a key player in the market, capitalizing on Vietnam’s growing demand for beer and alcoholic beverages.

The latest financial statement, as of December 31, 2023, reaffirms SABECO’s position as a stable and profitable business in the F&B industry.

NO. 5. HEINEKEN VIETNAM BREWERY LIMITED COMPANY

Heineken Vietnam Brewery Limited Company (Công ty TNHH Nhà Máy Bia Heineken Việt Nam) is one of the leading beer manufacturers in Vietnam. Established as a limited liability company, it is a subsidiary of Heineken Asia Pacific Pte. Ltd., which holds a 60% ownership stake. The company is headquartered on the 18th and 19th floors of Vietcombank Tower, located at No. 5, Cong Truong Me Linh Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam.

With approximately 3,000 employees, Heineken Vietnam specializes in the manufacturing and distribution of beer, operating within the malt liquor and malt production industry (VSIC: 1103). The company is led by General Director Alexander Paul Johannes Louis Koch.

Financial Performance

Heineken Vietnam has experienced fluctuations in sales and profitability over the past three years:

• Revenue (converted to USD, rounded):
  • 2023: ~$1.37 billion
  • 2022: ~$1.73 billion
  • 2021: ~$1.12 billion
• Profit after tax (converted to USD, rounded):
  • 2023: ~$200 million
  • 2022: ~$420 million
  • 2021: ~$260 million

Business Performance and Outlook

In 2023, Heineken Vietnam reported a significant decline in revenue and profit compared to 2022. Sales dropped by approximately 21%, and profit after tax fell by nearly 52%. This decline reflects challenges in the market, such as changing consumer behavior, rising production costs, and increased competition in Vietnam’s beer industry.

Despite the downturn, Heineken Vietnam remains one of the dominant players in the Vietnamese beer market, leveraging its strong brand presence and distribution network. As part of the global Heineken Group, the company benefits from access to international expertise, innovation, and strategic investments.

Moving forward, Heineken Vietnam’s ability to adapt to consumer trends, optimize costs, and maintain its brand strength will be crucial in navigating the competitive landscape and sustaining profitability.

No.6. SUNTORY PEPSICO VIETNAM BEVERAGE CO., LTD

Suntory PepsiCo Vietnam Beverage Co., Ltd. (Công ty TNHH Nước Giải Khát Suntory PepsiCo Việt Nam) is a wholly-owned subsidiary of Suntory PepsiCo Investment B.V., making it a key player in Vietnam’s non-alcoholic beverage industry. The company operates as a one-member limited liability company with its headquarters in Sheraton Tower, No. 88, Dong Khoi Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam.

Suntory PepsiCo Vietnam is part of Suntory Group, a multinational beverage company that started as a family business in Osaka, Japan, in 1899 and has since expanded across Asia, Europe, America, and Oceania. The company is currently Vietnam’s leading beverage manufacturer, with:

• 5 production plants
• 6 sales offices
• Nearly 3,000 official employees and thousands of informal workers

Its product portfolio includes 13 popular brands, such as Pepsi, 7Up, Sting, TEA+, Aquafina, Revive, and Mirinda, making it a dominant force in the soft drinks and bottled water sector. General Director Jahanzeb Qayum Khan leads the company.

Suntory PepsiCo Vietnam has shown steady growth in sales and profits over the past three years:

• Revenue (converted to USD, rounded):
  • 2023: ~$1.02 billion
  • 2022: ~$1.00 billion
  • 2021: ~$730 million
• Profit after tax (converted to USD, rounded):
  • 2023: ~$140 million
  • 2022: ~$130 million
  • 2021: ~$95 million

Despite economic challenges, Suntory PepsiCo Vietnam continues to expand its market share, increasing its revenue by approximately 2% in 2023 compared to 2022. Profit after tax also saw a steady 8% rise, reflecting effective cost management and strong consumer demand for its products.

The company’s competitive advantage lies in its strong brand portfolio, extensive distribution network, and investment in local production facilities. As Vietnamese consumers continue to shift toward healthier and functional beverages, the company's TEA+ and Aquafina brands are well-positioned to capitalize on emerging trends.

Looking ahead, Suntory PepsiCo Vietnam's ability to innovate, expand product lines, and maintain brand loyalty will be crucial in sustaining its leadership in Vietnam’s non-alcoholic beverage industry.

NO. 7. NESTLE VIETNAM LIMITED

Nestlé Vietnam is a powerhouse in the fast-moving consumer goods (FMCG) industry, delivering nutrition and health solutions through iconic brands like Milo, KitKat, Nescafé, Maggi, and Lavie. Established in 1995, it operates as a 100% subsidiary of Nestlé S.A., the world’s largest food and beverage group, headquartered in Vevey, Switzerland.

With six factories and over 2,300 employees in Vietnam, Nestlé has heavily invested in local operations, surpassing $700 million in total capital by 2019.

Financial Performance

• Revenue (converted to USD, rounded):
  • 2023: ~$800 million
  • 2022: ~$730 million
  • 2021: ~$670 million
• Profit after tax (converted to USD, rounded):
  • 2023: ~$57 million
  • 2022: ~$59 million
  • 2021: ~$59 million

Market Position & Outlook

Despite stable profitability, Nestlé Vietnam is steadily expanding, with 2023 sales growing 10% year-over-year. Its strong brand portfolio, focus on health-conscious products, and commitment to local investment position it as a leader in Vietnam’s food and beverage industry. Looking ahead, Nestlé's ability to adapt to consumer trends and drive innovation will ensure its continued dominance.

NO. 8. CJ VINA AGRI CO., LTD

CJ Vina Agri has been a key player in Vietnam’s livestock and animal feed industry since 1999, operating under CJ Group (Korea). With seven high-capacity feed production factories, two specialized aqua feed plants, 120+ livestock farms, and eight transshipment warehouses, the company plays a critical role in Vietnam’s agricultural supply chain. It also promotes food processing brands like CJ Cau Tre, CJ Foods, and CJ Minh Dat.

Financial Performance

• Revenue (converted to USD, rounded):
  • 2023: ~$750 million
  • 2022: ~$820 million
  • 2021: ~$740 million
• Profit after tax (converted to USD, rounded):
  • 2023: - $58 million (loss)
  • 2022: ~$19 million
  • 2021: ~$110 million

Challenges & Outlook

After a major loss of ~$58 million in 2023, CJ Vina Agri faces profitability struggles, likely due to rising input costs and market volatility. Despite this, its strong infrastructure, diversified product lines, and parent company backingprovide a foundation for recovery. Future success will depend on cost optimization, innovation in feed production, and maintaining competitive pricing in Vietnam’s livestock market.

NO 9. ACECOOK VIETNAM JOINT STOCK COMPANY

Acecook Vietnam is a dominant force in Vietnam’s instant noodle industry, holding a market share of around 50%. Established in 1993 and fully operational by 1995, it operates with 100% Japanese capital under Acecook Co., Ltd. (56.64% ownership). Headquartered in Ho Chi Minh City, the company employs 7,000 people and has expanded its reach to 47+ countries.

Market Position & Key Products

Acecook Vietnam is one of the top four instant noodle manufacturers in the country, competing against local and international brands. Its Hảo Hảo brand is a household name, known for its affordability and Vietnamese taste preferences. Over time, Acecook has diversified its product line beyond instant noodles to include rice noodles, pho, vermicelli, snacks, and pickled products, all of which have contributed significantly to its financial success.

Financial Performance

• Revenue (converted to USD, rounded):
  • 2023: ~$640 million
  • 2022: ~$600 million
  • 2021: ~$520 million
• Profit after tax (converted to USD, rounded):
  • 2023: ~$110 million
  • 2022: ~$65 million
  • 2021: ~$58 million

Acecook Vietnam has shown consistent revenue growth, with a 25% increase from 2021 to 2023. Profit after tax in 2023 more than doubled compared to 2021, reflecting improved efficiency, pricing strategies, and strong demand.

Outlook & Expansion

With a dominant market presence, a strong distribution network, and ongoing innovation, Acecook Vietnam is well-positioned to expand further in both domestic and international markets. The company’s ability to adapt to changing consumer trends, such as healthier and premium instant food options, will be key to sustaining its long-term growth.

10. TH MILK FOOD JSC

TH Milk Food is a leading dairy producer in Vietnam, specializing in raising dairy cows and producing high-quality fresh milk. Founded by Ms. Thái Hương, who holds a 2.74% ownership stake, the company is headquartered in Nghe An Province and is known for its sustainable farming practices.

Financial Performance

• Revenue (converted to USD, rounded):
  • 2023: ~$660 million
  • 2022: ~$590 million
  • 2021: ~$480 million
• Profit after tax (converted to USD, rounded):
  • 2023: ~$26 million
  • 2022: ~$10 million
  • 2021: ~$9 million

Growth & Market Position

With a steady rise in revenue and a nearly threefold profit increase from 2021 to 2023, TH Milk is cementing its position as one of Vietnam’s top dairy brands. Its focus on innovation, premium quality, and large-scale dairy farming has fueled its success.

Future Outlook

TH Milk’s commitment to sustainable dairy farming, expansion of production, and growing consumer demand for fresh milk will drive continued growth and market leadership. Its strong brand reputation and investment in high-tech farming position it as a key player in Vietnam’s booming dairy industry