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Table of Contents
I. Introduction..................................................................................................3
II. Background and History of Masan Consumer.......................................................3
1. Historical Context.......................................................................................3
2. Ownership and Governance...........................................................................4
3. Company Growth & Major Products................................................................4
4. Strategic Dilemma......................................................................................6
III. Analysis of Macro-environment (PESTEL):........................................................7
IV. Analysis of Industry Competitiveness................................................................9
1. Threat of New Entrants (Moderate)...............................................................10
2. Threat of Substitutes (High).........................................................................11
3. Bargaining Power of Suppliers (Low)............................................................11
4. Bargaining Power of Buyers (Moderate).........................................................11
5. Competitive Rivalry (High).........................................................................11
V. Masan Consumer resources & capabilities.........................................................12
VI. Stakeholders analysis..................................................................................14
1. Internal Stakeholders.................................................................................14
2. External Stakeholders................................................................................15
VII. Current Strategy.......................................................................................16
1. Scope....................................................................................................17
2. Competitive Advantage..............................................................................18
3. Assessment.............................................................................................18
VIII. Corporate-Level strategy...........................................................................19
IX. Business-Level strategy...............................................................................21
1. Repositioning..........................................................................................21
2. Product Development................................................................................21
3. Product Explanation..................................................................................22
X. Conclusion.............................................................................................23
References................................................................................................23

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I. Introduction

Nowadays, an evolving competitive landscape is witnessed, with more competitors entering the
markets, armed with innovative products that may disrupt the market. The situation paints a ‘red
ocean’ of competition across industries. In this case, strategies are the lighthouses, that assist firms in
navigating among such turbulent waters and illuminating directions to success. Abdulwase et al.
(2020) suggest that an excellent strategy can bring forth a competitive advantage, contributing to a
firm’s sustainable growth. When a firm develops an appropriate strategy, they are less vulnerable to
fierce competition and can quickly adapt to such quickly evolving business environments.

To gain a realistic perspective of strategies, our report will delve into the case of Masan Consumer, a
leading force in Vietnam's FMCG industry, where we scrutinize its operational intricacies and
strategic posture. Our objective is to explore the nature of the market that Masan Consumer is
competing in. Therefore, we can assess the appropriateness of Masan Consumer’s strategic choices
that lead to its positioning in the domestic market now. Theoretical frameworks will be utilized as a
guideline for our analysis rely on.

II. Background and History of Masan Consumer

1. Historical Context

Figure 1: Timeline of Masan Consumer’s Development (reproduced from Masan Consumer n.d.)

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Established in 1996, Masan Consumer has rapidly evolved from a local Vietnamese business into a
leading FMCG powerhouse. Interestingly, the corporation is a result of consolidation, in which each
company carries a strength that plays a pivotal role in Masan Consumer’s success. For instance, Viet
Tien Food Technology specialized in sauce processing, while Masan Consumer Industrial JSC
facilitated manufacturing capabilities, and Minh Viet Packaging JSC focused on packaging (Masan
Consumer n.d.). In a way, Masan Consumer strategically formulates an ecosystem, where operations
are streamlined, and all capabilities are leveraged.

2. Ownership and Governance

From the timeline above, Masan Consumer has become a leading player with significant revenues.
Despite the heightened competitiveness in the FMCG industry, the corporation still manages to,
thanks to the Chairman – Mr. Truong Quang Thang’s strategic vision (Masan Consumer 2022). Mr.
Thang governs his teams to ‘expand’, by continuously renovating and offering new values to daily
commodities (Thanh 2024). His vision is to use Masan Consumer’s products as a means to alleviate
the living standard of Vietnamese consumers and their expectations of common goods. This mindset
has been imprinted onto all of Masan Consumer’s operations, allowing them to win over the great
share in the FMCG landscape, notably 13.2% in the Noodle segment and 29.8% in the Sauces
segment (Euromonitor 2023a, Euromonitor 2023b).

3. Company Growth & Major Products

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 Figure 2: Net Revenue (billion VND) and Gross Profit Margin (%) (reproduced from Masan
Consumer 2023)
Followed up with Mr. Thang’s direction, Masan Consumer penetrates the market aggressively, aiming
to make Masan Consumer’s products presence in ‘each and every Vietnamese household’ (Masan
Consumer Group 2024). The impressive amount of annual net revenue is the clearest indicator of
Masan Consumer’s driven commitments.

Figure 3: Brands managed under each business unit of Masan Consumer

For this report's purpose, we will assume Masan Consumer as the parent company, which currently
manages the five strategic business units. Under each unit, certain brands are established, significantly
contributing to the company's growth, both in terms of revenues and brand equity. According to
Kantar Worldpanel (2023), Masan Consumer successfully secured first place among the most chosen
brand owners in 2023, thanks to the strong collection of brands that have won over Vietnamese
consumers’ hearts. The strong brand loyalty has converted to numbers. Specifically, Kokomi,
Omachi, Chin-su, Nam Ngu, and Wakeup together generate annual revenues ranging from US$150 to
US $250 million, making up about 80% of Masan Consumer's overall revenue growth (Masan
Consumer 2023).

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In segments where Masan Consumer has gained great shares and established a loyal existing customer
base, Masan Consumer takes an additional step, offering added value to upscale the product (Masan
Consumer 2022). To interpret, the corporate strategically shifts the users from entry-level products –
instant noodles to premium products – instant hotpot. These initiatives mark Masan Consumer’s effort
to differentiate themselves from other players and enrich the products, not only with nutrition, but
with also values.

4. Strategic Dilemma

Figure 4: Balancing act of FMCG Industry

Nowadays, strategic innovations in FMCG industry are easier to replicate, since products are
increasingly commoditized, making firms continuously compete for ‘a piece of shrinking pie’ (Cooper
2011; Kunc 2005). For any FMCG firm, the goal is to capture consumer bases, not only for
profitability but also due to other underlying forces. The size of consumer base drives manufacturing
capacity, deciding if economies of scale are achieved. The scale then determines the cost per goods
sold and settles the retail price for consumers. The price then is a factor that decides consumers’
behaviors (Cooper 2011). Yet, the ambition to acquire a large customer base demands FMCG firms to
assess thoroughly their pricing approach and product portfolios. This would bridge the gap to the cost
vs. differentiation discussion. This balancing act can be a strategic dilemma for FMCG players if
their directions are unclear on where to compete, on Cost or Differentiation, and how to deliver
competitive advantages.
The Cost approach is a safe area where many FMCG manufacturers choose to settle, to make their
products budget-friendly to a wider customer base. Yet, this strategy puts them in a vulnerable spot of
price wars. On the other spectrum, firms aim to differentiate by adding values onto products,

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avoiding price wars and satisfying other unmet needs. Nevertheless, an essential commodity (e.g.
instant noodles, rice, beverages, etc.) has little room for added value, because each commodity already
has its distinct purpose of usage. Therefore, competitors can quickly imitate one’s innovation,
standardizing the differentiation. For instance, a new flavor of instant noodles can be recreated by
competitors, making the differentiation unsustainable and short-lived. So, the question arises, how can
Masan Consumer grow and sustain such stiff competition? In Masan Consumer’s case, the
corporation competes by trading up from price-appeal to premium offers. However, explained in the
loophole above, it is still the main priority of FMCG manufacturers to seize a great customer base
size. Therefore, Masan Consumer must ensure that their differentiated products suit both the budget
and taste of mass market. Suiting financially may mean Masan Consumer’s sacrifice in partial of its
profitability. Once again, the dilemma appears when a manufacturer finds a means to find the right
balance to navigate its market position.

III. Analysis of Macro-environment (PESTEL):

Figure 5: PESTEL Analysis

1. Political: Vietnam’s government declares the policy - ‘Vietnamese prioritizes choosing

Vietnamese products’, encouraging both local supply and consumption (Chau 2023). For common
FMCG goods (e.g. noodles, rice, cereal, etc.), the tax rate ranges from 30% to 40%, along with value-

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added tax, if any. Therefore, according to Nielsen Vietnam (cited in Do 2018), certain growths in
Vietnamese FMCG manufacturers have been witnessed. In Masan Consumer’s case, it is both an
opportunity due to less presence of foreign commodities and a threat - due to the increasing
competition from local, smaller brands that offer price-appeal options.

2. Economic: Vietnam’s 2023 GDP growth reached 5%, lower than the initial target of 6.5%, yet still
doubled the average global GDP growth (Masan Consumer 2023). Notably, the Consumer Price Index
(CPI) increased by 0.12%, which directly impacted the ‘budget management strategy’ of consumers
(VNS 2024). Nevertheless, VNS (2024) points out that, although FMCG growth volume drops due to
rising prices, a rise in average spending is recorded. This means that consumers are purchasing less
often but are spending more money on overall FMCG goods. Two possible answers to this
phenomenon: (1) Consumers may prioritize essential goods and reduce the non-essentials; (2)
Consumers may purchase fewer items but pay more for premium items that they see higher values. In
Masan Consumer’s case, it is an opportunity as consumers’ wallets have not been entirely shut
down. If Masan Consumer’s products are equipped with values, they are still inclined to purchase.
Masan Consumer needs to offer added values (e.g. convenience, health, experience, etc.) that align
with consumers’ worth, prompting them to reach out to Masan Consumer’s products.

3. Social: A new landscape of Vietnamese demographic structure is painted, with the ‘golden
population’ maturing and the young generation coming to age, becoming decision-makers (VNS
2024). Kanwar and Siddharth (2020) emphasize the importance for FMCG manufacturers to
understand young people’s outlooks on FMCG products and align the products with their needs.
Besides prices, these consumers pay attention to added value. Therefore, it is Masan Consumer’s duty
to strike a balance between price and quality, creating an opportunity to capture the brand loyalty of
these potential consumers. If they are familiar with Masan Consumer’s products at their early stage of
consumer behaviors, the pattern of frequent purchasing will likely happen throughout the future and
facilitate long-term customer bases. Additionally, household incomes rise, yet household sizes
decrease, demanding Masan Consumer to develop value propositions, in which cost may not be the
main driver (VNS 2024). Customers are looking for more than standardized products, which can be an
opportunity for Masan Consumer to add value to products and differentiate themselves from
competitors.

4. Technological: The COVID-19 pandemic has reshaped the FMCG landscape and altered shopping
behaviors (Doingsoon 2023). Online grocery shopping has become a routine, allowing consumers to
browse and purchase products from the comfort of their homes. This has transformed the way
consumers interact with FMCG products, where informed purchase decisions are made online.
Consumers can search for specific product information, read reviews, and compare prices. It is an

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opportunity because there are more channels to increase Masan Consumer’s presence and reach more
people. Yet, it is also a threat as online presence reduces the real-life interaction between a product
and consumers. Hence, Masan Consumer must ensure their products’ attractiveness to capture
consumers’ willingness to pay. Additionally, online views are unfiltered, which means negative word-
of-mouth can facilitate a sense of social proof, and discourage other consumers to try purchasing a
product. Consequently, Masan Consumer needs to establish a strong online presence to mitigate this
potential threat.

5. Environmental: To face climate change, the ESG standard (Environment – Social – Government)
has been set out for manufacturers to follow (Dinh and Nguyen 2023). Regarding FMCG, the mass
scale of production requires a closer look at waste management, energy consumption, and reduction
of environmental footprints (PACE n.d.). Fortunately, Masan Consumer has duly committed to ESG,
by tailoring environmental monitoring programs for each business unit (My 2023). This signifies
Masan Consumer’s approach to adapt to the environmental challenge proactively, creating an
opportunity for them to offer sustainable values for consumers, beyond simply product functions.

6. Legal: FMCG goods must comply with the law of decelerating ingredients. Specifically, the
manufacturers must identify additives and substances on the product’s label (Vietnam Laws n.d.). It
will become a threat with great penalties if Masan Consumer does not adhere to protect consumer
rights and compete transparently.

IV. Analysis of Industry Competitiveness

To gain a comprehensive perspective on the FMCG industry, Porter’s Five Forces will be applied
(Winik 2021). From that, we can seek gateways to grow beyond the limitations of the current
competitive industry (Bruijl 2018).

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 Figure 6: Porter’s Five Forces (reproduced from Oraman et al. 2011)

1. Threat of New Entrants (Moderate)

The FMCG industry calls for significant capital investments for new entrants to compete and position
the brand name (Oraman et al. 2011). Economies of scale must be achieved to acquire lower unit
prices, while products have to be renovated to differentiate. 84% of industrial experts are facing
greater product innovation difficulties nowadays than they did five or ten years ago (Nguyen, et al.
2020). These challenges may discourage many new entrants. However, with the Vietnamese
government’s supportive policies, an increased appearance of new players has been recorded recently
(Sis International Research Market 2023; Statista 2023; Euromonitor 2023a). Yet, the threat of these
new entrants is moderate, because existing players have already seized a certain market share.
Therefore, latecomers must compete either for significantly low prices or exceptional quality to find
their standing in the market.

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2. Threat of Substitutes (High)
The purpose of FMCG items is to fulfill the daily needs of consumers. Due to the density of
supermarkets, convenience stores and e-commerce, FMCG products are more accessible than ever,
providing more alternatives for consumers to choose (Dao 2023). For instance, according to a survey
in Vietnam in 2022, 47% of attendees tend to prefer cooking from scratch and 44% of them prefer
cooking meals at home (Statista 2023). This signifies consumers’ preferences for personalization.
Therefore, if firms manufacture undifferentiated commodities, consumers may gear toward other
products with no consequences (Oraman et al. 2011).

3. Bargaining Power of Suppliers (Low)

Vietnam's supply chain landscape is considered complex and dynamic because it has a vast network
of suppliers (Nguyen 2023). Large FMCG players may have more leverage than suppliers, since
suppliers will be pressured to increase environmental responsibility, infrastructure upgrades, and new
technologies adoption to support FMCG businesses facing agreements such as Extended Producer
Responsibility (EPR) (Resseccary 2024). Besides, although Vietnamese suppliers are considered to
have the potential to produce goods from raw materials (VNS 2023), supply chain disruptions caused
by the pandemic and geopolitical conflicts have affected the assurance of raw materials, causing
material shortages and difficulties for both suppliers and FMCG companies (Bizzi 2024a).

4. Bargaining Power of Buyers (Moderate)

Despite the growth in the FMCG industry in Vietnam, corporations are being advised to be aware of
the impact of inflation (Bizzi 2024b) and adjust their pricing strategies to adapt to the behavior
changes and the concern about rising living costs of consumers (Ha 2023, Nielsen IQ 2023).
Vietnamese consumers are becoming more price-conscious and are always trying to tighten their belts
(Kantar Worldpanel 2023) as 71% of them are actively seeking the best deals on FMCG products
(Nielsen IQ 2023). Furthermore, when Vietnamese consumers are willing to splurge on an FMCG
product, they expect to receive return value like the commitment to the environmental responsibility
of the brand (Kantar 2023). Therefore, to regulate the power of buyers, FMCG players must
strategically insert values into the products, ensuring that they do honor the price consumers are
paying (VNS 2024).

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5. Competitive Rivalry (High)
The intensity of rivalry in the Vietnam FMCG industry is considered the strongest among the above
forces (Kantar 2024). A fierce competitive situation occurs among existing FMCG brands (Vo 2023).
The entry of both foreign brands into the market also puts pressure on local FMCG to differentiate
their products to maintain their leading positions in the market (Rubik Top 2023a). Kantar (2024) also
points out that due to the slow adaptation and the failure to identify the unique development capacity,
more than half of FMCG brands struggled to keep up with competition last year, especially in
growing categories where about a third of brands are falling behind.

According to the analysis above, given the high forces of intense competition and the threat of
alternatives within the Vietnamese FMCG market, strong brand differentiation strategies and value-
added product offers are necessary to sustain Masan Consumer's position in the market.

V. Masan Consumer resources & capabilities

In this section, the Resource-based view theory (Barney 1991) will be applied to point out resources
that are considered competitive advantages of Masan Consumer.

Table 1: Analysis of Masan Consumer’s VRIN

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 Figure 7: Masan Consumer’s Value Chain
Some of Masan Consumer’s VRIN resources are shown clearly throughout their Value Chain. It
implies that they have the capability to control the quality of different stages of production, allowing
them to better control the quality of products and avoid unforeseen issues outside of factories.

In the first part of Value Chain - Research & Development (R&D), Masan Consumer owns one of the
best R&D centers in Vietnam, where significantly innovative formulas and products have been
introduced. A great R&D team is a crucial resource for Masan Consumer to create new formulas or
techniques and can continually improve their current products. Annually, around 30 products can be
launched. Additionally, the team is actively researching consumers’ behaviors and making appropriate
adjustments or innovations. This initiative greatly supports Masan Consumer’s process of product
development.

In Material Sourcing, although Masan Consumer has various suppliers, they actively provide
technological support for their suppliers (Chinsu Ngon n.d.). The objective is to alleviate the
suppliers’ performances and align with the corporation’s values (Masan Group n.d.) Therefore, in this
stage, they still have quality control capacity.

In terms of Manufacturing, Masan Consumer owns 30 manufacturers in different provinces that have
high efficiency and standards including ISO 9001:2000, ISO 22000:2005, HACCP, etc. (Vu 2024).
Furthermore, their factories are equipped with some of the most advanced technology in the world
(Linh 2021). Although technology is something other organizations can imitate, the condition is they
would need a significant financial investment. This competitive advantage allows Masan Consumer to
reach economies of scale, lower their production cost, and meet market demand.

Regarding Distribution, 5 distribution centers of Masan Consumer offer 24-hour delivery to any
province throughout Vietnam (Masan Group n.d.). Thus, although Masan Consumer does not directly
act as a retailer, they have a strong relationship with WinCommerce, one of the largest retail
companies in Vietnam (Vietnam Credit 2022). Both are key players in a project called “Point of Life”,
a one-stop shop consumer platform developed by CrownX, aiming to reach 35-50 million customers
(PV 2022). This allows Masan Consumer to strengthen a strategic partnership with WinCommerce,
which is expected to have over 4000 stores in Vietnam by the end of 2024 (Quang 2024). It means
Masan Consumer’s products are prioritized in the retail chain, promoting the brand’s sales and

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recognition. The strategic partnership is a crucial sustainable competitive advantage of Masan
Consumer.

Some other resources that are considered Masan Consumer’s competitive advantage include
Branding and Financial Capability. Masan Consumer was named among the top 10 valuable brands
in Vietnam in 2020 by Forbes Vietnam (Vietnam Credit 2020) and is well-known among most
Vietnamese households. For instance, a report by Kantar (2023) claimed that Nam Ngu, a fish sauce
brand of Masan Consumer was Vietnam’s most chosen FMCG brand. With this reputation, Masan
Consumer is a trusted partner for suppliers and distributors. New products introduced by them will be
more likely to be accepted by consumers compared to new brands in the market. In terms of Financial
Capability, by the end of 2023, Masan Consumer has total assets of 40,553 billion VND. Thanks to a
portfolio of diverse and reliable products, Masan Consumer’s revenue has reached billion-dollar
(Masan Consumer 2023). As a result, the corporation has capabilities for product investment and
launching.

Overall, all mentioned resources can be considered sustainable in Masan Consumer’s case. A synergy
of these competitive advantages shapes Masan Consumer as a well-rounded player amid the
competitive landscape of FMCG and an open gateway for new opportunities. Any strategy should
utilize all these resources.

VI. Stakeholders analysis

Operating on such a large scale, it is crucial for Masan Consumer to identify stakeholders and
consider the impact of their actions on the corporation’s strategic decision-making. Specifically, the
primary stakeholders, whose participation drives the survival of the corporation (Benn et. al. 2016)
will be delved into.

Figure 8: Stakeholders’ Mapping

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1. Internal Stakeholders
a. Owners/Shareholders: Currently, 92.7% of shares are held by Masan Consumer, indicating a
significant amount of internal financial resources (Stockbiz 2024). These are the people who have
control over the corporation’s direction. Their interests must be taken into consideration when
tailoring strategies. The remaining shares are owned by other prominent local and international
corporations, and investment funds (Vietnambiz 2023).
b. Departments: Each department of Masan Consumer has input into the process of strategic
planning.

Figure 9: Roles of each Masan Consumer’s department

2. External Stakeholders
a. Retail supermarkets/outlets: These channels are the touchpoints between Masan Consumer’s
products and consumers. Some of the supermarkets that promote their products are WinCommerce,
Aeon, Big C, Lotte, Coop, etc. (Caféland 2022). The relationship between Masan Consumer and the
retailers is interdependent. Masan Consumer’s profitability is driven by retailers’ sales performance,
while consumers’ willingness to purchase at retailers is due to the attractiveness of Masan
Consumer’s products. Therefore, it is most important that Masan Consumer delivers value for these
retailers, in terms of added values on products, to retain their interest and strengthen the relationship
(Benn et. al. 2016).
b. End-users: The end-users are understood as households who directly consume Masan Consumer’s
products. An assessment of their preferences and needs must be done before any product
developments. This will ensure that Masan Consumer is selling products that consumers want to buy
(Benn et. al. 2016). The satisfaction of end-users is equivalent to Masan Consumer’s profitability.
Thus, consumers have powerful word-of-mouth, aiding Masan Consumer to generate future sales and
strong brand equity. However, the end-users do not have a final say on the corporation’s strategic
decision.

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c. Competitors: The FMCG industry is a fierce competition between existing players. Particularly,
they are Unilever, AceCook, Nestle, etc., along with other small players vying for opportunities. The
nature of the FMCG industry is standardized commodities. If a product has minimal differentiation,
customers can effortlessly try an alternative from a competitor, at no additional cost (Oraman et al.
2011). Therefore, Masan Consumer must observe what competitors offer, and from there, execute
suitable adjustments to outmaneuver the market.

d. Vietnam Food Safety Department: The Department oversees enforcing food safety laws and
conducting inspections of food-producing companies (Nguyen 2023). Hence, their sayings have a
certain weight to Masan Consumer’s process of product development. Masan Consumer must satisfy
their requirements of adherence to regulations, food safety, and quality assurance investments.

VII. Current Strategy

Masan Consumer’s ambition is shown through its effort to leverage the corporation’s premium brand
equity to penetrate mass market segments. Particularly, an umbrella strategy is adopted to satisfy a
broad range of consumer groups. Each of their product groups has a premium brand (Omachi for
Convenient Food; Chin-su for Condiments; VinaCafe for Beverages) and mass-market brands
(Sagami and Kokomi for Convenient Food; Nam Ngu and Tam Thai Tu for Condiments; Wake-Up
and Phin for Beverages). Masan Consumer aims to supply all the demands of customers at different
effluent levels, regions and tastes.
According to Porter’s Generic Strategies (Islami, Mustafa and Latkovikj 2020), an analysis will be
carried out. Scope is measured on the compatibility of the corporation’s products to various customer
segments with distinct preferences and budgets. Competitive Advantage is evaluated based on what
resources and ability the corporation acquires to outperform its rivals. After identifying each player’s
position onto the framework, we will carry out a comparison of Masan Consumer and AceCook – its
direct competitor. Within the market of noodles in 2023, AceCook owned 20.8% of share, while
Masan Consumer took second place with 13.2% (Euromonitor 2023a).

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 Figure 10: Position of FMCG Players onto Porter’s Generic Strategies

1. Scope

Similar to Masan Consumer, AceCook has created both premium and mass-market brands under the
same product group. If Masan Consumer has Omachi for premium and Kokomi for mass-market,
AceCook supplies Potato-King and Hảo Hảo, respectively. From the comparison, it can be seen that
Masan Consumer’s prices are relatively higher, offering fewer product variations than AceCook.
Customers may choose AceCook if they have cost consciousness in mind and distinct preferences in
taste. Moreover, a wider range of SKUs suggests that AceCook's production has a higher possibility
to achieve economies of scale. FMCG products in the same product group are formulated with
standardized processes. For example, core ingredients may remain the same for seasonings and instant
noodles. From that, AceCook's fixed costs are divided over a greater volume, and thereby lowering
the cost per unit. Notably, AceCook has caught up to the healthy lifestyle of Vietnamese consumers
and launched the newest product lines of unfried noodles - Zeppin and noodles for sport enthusiasts -
SPORT+ ACTIVE. In contrast, Masan Consumer competes with high-quality packaging and a
relatively high amount of dried meat in each noodle package.

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 Table 2: Price Comparison of a 30-noodle pouch box (in VND, inspected at WinMart)

2. Competitive Advantage
Masan Consumer owns an extensive distribution platform, thanks to its acquisition of WinCommerce.
By limiting third parties’ reselling, Masan Consumer can manage their products’ selling costs more
competitively and uniformly. Thus, Masan Consumer puts great efforts into strategically building a
strong brand equity. For example, last year, Omachi organized promotional dance events at Thao Cam
Vien in Ho Chi Minh City. Each event invited social media influencers and advertised a flavor of
Omachi noodles. This was an opportunity for Masan Consumer to reach mass-market segments and
let consumers experience and interact with brands more directly (Euromonitor 2023a, Vu 2023). The
price of Masan Consumer’s noodles is higher than the average unit price; however, customers are
getting better value for money regarding brand equity and easy access to all of Masan Consumer’s
distribution platforms, not the product itself. Particularly, the highlights of Masan Consumer's noodles
are that they are made from potatoes to be more health-oriented and are offered in a bowl or cup
(besides a pouch) for convenience.

3. Assessment
From the analysis above, Masan Consumer is stuck in the middle between Differentiation and
Differentiation Focus. To interpret, Masan Consumer’s initial goal is to create a differentiated
product that appeals to mass market segments. Omachi is strategically set to be a premium range of
instant noodles, targeting the higher-income segment. Yet, despite the high price, the actual products
do not have any other added value, compared to AceCook’s Potato-King, in which noodles are also
made from potatoes, unfried, and added with pea starch and dried vegetables for nutritious purposes
(AceCook n.d). Therefore, the question arises, why should customers purchase a higher-priced

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product, yet with less value offered? On the other hand, Kokomi, although intended to penetrate the
mass-market segments, does not offer pricing competitively, compared to competitors. The strategic
misalignment calls for action, as Masan Consumer lost first place to AceCook due to less products
being offered, which was mentioned earlier. Yet, the market that Masan Consumer is competing in is
also shrinking due to the large presence of smaller players, who competed aggressively in cost. As a
result, in 2023, Masan Consumer reduced its market share by 0.8% (Euromonitor 2023a).

VIII. Corporate-Level strategy

The BCG Matrix (Henderson 1970) decides which business unit Masan Consumer should focus on
now.

Figure 11: Application of BCG Matrix onto Masan Consumer’s business units
The world’s average GDP growth for the next 5 years is forecasted at 3.11% (Statista 2024). All
industries Masan Consumer compete in are expected to have a higher growth rate than the GDP
growth forecast: Convenience food with 6.51% (Statista n.d.a), Seasoning with 4.89% (Fortune
Business Insights 2024), Beverages with 10.05% (Statista n.d.b), Home care with 4.09% (Statista
n.d.c), and Home meal replacement with 7.09% (Info Wave 2024). This means that Masan Consumer
is competing in growing markets, and all mentioned business units will belong in either the Star or
Question Mark group.
The difference is in their market share. With Home care, Beverages (Beer and Energy drink as
examples) and Home meal replacement (Ready meals), Masan Consumer is not dominant in the
market with a small relative market share of under 0.5, which makes them fall into the Question Mark
zone (Euromonitor 2023c, Euromonitor 2023d, Euromonitor 2023e, Euromonitor 2023f). Further

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research and investigation are required. However, divesting some of these business units and
allocating resources to other potential units might be a worthwhile endeavor for Masan Consumer.
Notably, nearly 30% of the seasoning market is acquired by Masan Consumer, being the biggest
player (Euromonitor 2023b). This implies that Masan Consumer is succeeding, and they can follow
the current strategy in this unit. The remaining potential unit, with over 6.5% growth rate in the next 5
years, is Convenience food; however, although Masan Consumer is doing quite well with the second
position in this market, they need to work out some new strategies to effectively compete with the
market leader – Acecook. In this market, some remarkable brands of Masan Consumer are Omachi
and Kokomi.
To conclude, on the corporate-level strategy, the recommendation for Masan Consumer is to focus on
the industry where they have room to grow, have a strong competitor to compete, and have already
had some resources to support development – Convenience Food.

Figure 12: Corporate-Level Strategy applied to Ansoff Matrix

In this part, the Ansoff Matrix (Ansoff 1957) will be applied to set the direction for Masan
Consumer’s strategy for growth. Currently, following the “Go Global” strategy, Masan Consumer is
selling both domestically and internationally. They aim to become the leading firm in Southeast Asia
based on revenue and profit growth (Tan 2024). Therefore, it is recommended that the market for
Masan Consumer should remain the same for now.
Regarding resources, Masan Consumer’s R&D team is considered a sustainable competitive
advantage, who has been actively and effectively working on improving product range and quality.
Furthermore, there is an increasing global demand for Convenience food, especially among
millennials since people’s lives are more and more fast-based (Ristic 2024). Therefore, the

20
recommendation is to leverage the R&D advantage to create new products catering to the existing
markets that Masan Consumer has been excelling in, including domestic and international markets.
This aligns with the Product development of Ansoff Matrix. Details of execution will be discussed
below.

IX. Business-Level strategy

1. Repositioning
Our corporate-level strategy of Product Development equals Masan Consumer’s establishment of new
products in existing markets. Simultaneously, from assessing the current strategy, Masan Consumer is
seen as ‘stuck in the middle’ between Differentiation and Differentiation Focus. Therefore, at the
business level, we suggest Masan Consumer moves upward to the segment of Differentiation. This
means that their scope is expanded by offering new products that satisfy more of customers’
preferences.
The synergy of these two approaches can assist Masan Consumer to retain its existing customer base
yet cater to evolving market needs as highlighted in PESTEL’s social factor. Masan Consumer can
then increase its market share, because adding on products can enrich the product range and capture a
greater portion of the existing market. Thus, the force of the competitive rivalry can be regulated,
because with innovation, Masan Consumer can stand out from competitors.

2. Product Development
The proposed business-level strategy for Masan Consumer is to develop a healthy and plant-based
instant noodles product line.
a. Opportunity of Vietnam's Instant Noodle Market
Based on the PESTEL analysis above, opportunities for developing this healthy product line are being
expanded. Vietnamese are more health-conscious nowadays, especially when selecting foods in daily
life, 47% of them want to add more vegetables or fiber to their meals (Tran 2023). They also expect
more from FMCG products with natural ingredients, and those have added value in health,
experiences and convenience. Two out of three Vietnamese consumers claim that they are willing to
“splurge" up to 10% more for organic and natural FMCG values (Burrage 2022).
Furthermore, Vietnam is also considered one of the global leaders in instant noodle consumption, with
an average individual consuming 85 servings of noodles within a short period (Ha 2023). In recent
years, due to inflation, the instant noodles market has also expanded as Vietnamese consumers, who
are also price-sensitive, have prioritized more affordable and preferred food options (VCCI 2023).

21
They are also drawn to premium instant noodles and are willing to pay more to get noodles for
superior ingredients and flavor. This trend has been evidenced when the market share of premium
instant noodle brands such as Masan Consumer's Omachi has also increased dramatically recently
(Rubik Top 2023b). Thus, brands are even more eager to produce new and innovative products to
satisfy Vietnam's "craving" for premium and healthy offerings (Ha 2023).
b. Strategy of product development:
Given this potential market, Masan Consumer certainly needs to continue to seize opportunities to
maintain its position in the industry. Taking advantage of their VRIN in branding, R&D capability
and advanced manufacturing facilities, Masan Consumer can develop and introduce a new line of
high-quality vegetable instant noodles that aligns with the Vietnamese consumer preferences for
healthier and premium noodles.
By leveraging its positive brand reputation and image, Masan Consumer can effectively gain the trust
of Vietnamese consumers and solidify its position as a leader in the lucrative instant noodles market.
This new product line allows Masan Consumer to expand their reach and serve a wider customer base,
while still maintaining their distinct position.

3. Product Explanation
a. Product name: Plant-based instant noodles
b. Recipes and Ingredients: Masan Consumer leverages their VRIN to add more value to their
existing instant noodles and develop a new line of plant-based instant noodles:
- R&D Capability: One of Masan Consumer's VRIN highlighted above is their R&D capability. The
company has been successful in developing the premium Omachi noodle product line with the slogan
"delicious but not afraid of heat", meeting the needs of consumers who are worried about eating
instant noodles not being good for their health and demonstrating the brand’s ability in R&D (Nguyen
2023). Moreover, the formula for producing noodles from potato flour allows Omachi noodles to
achieve a characteristically soft and chewy texture (Lotte Mart 2024a) and many versions of Masan
Consumer's noodles also provide real meat (Lotte Mart 2024b). By effectively utilizing their R&D
ability, Masan Consumer can create innovative plant-based noodles that stand out in the market in
terms of formulations, texture, user experience of enjoying meat and health benefits.
- Cost-Effective Production: Taking advantage of existing experience in the production of high-
quality instant noodles and the advanced manufacturers can provide more opportunities for Masan
Consumer to reduce production costs and allow them to offer competitive product pricing in the
market.
- Strategic Partnership with WinCommerce: Furthermore, being a strategic partnership with
WinCommerce is also a VRIN that can support Masan Consumer achieve its goal of launching the
plant-based instant noodles product line. WinCommerce is a dominant player in Vietnam's modern
22
retail through its expansive network of supermarkets and minimarts (WinCommerce n.d.).
Additionally, WinCommerce's extensive retail network through supermarkets and minimarts can
facilitate the new line of Masan Consumer's noodles distribution and accessibility.
c. Unique Selling Points:
- Flavors and Nutrition: Taking advantage of more than ten rich and unique flavors of Omachi and
Kokomi instant noodles (Masan Consumer n.d.), Masan Consumer can reduce the production cost and
product price for this new product line and attract consumers with familiar but attractive flavors.
Packed with minerals and vitamins from plant-based ingredients, it can provide consumers assurance
when eating healthy food and satisfaction when enjoying Masan Consumer’s signature rich noodle
soup.
- Convenience: Instead of just producing regular dried vegetable noodles like other brands on the
market (Bachhoaxanh 2024), Masan Consumer's plant-based instant noodles will still contain a sauce
and a dried vegetable sachet with their distinct noodle flavors, delivering greater convenience for
consumers.

X. Conclusion
A thorough analysis has been done to capture the general picture of the FMCG industry and to assess
the current strategy of a leading player – Masan Consumer. From there, our suggestion is tailored to
create a sustainable competitive advantage for Masan Consumer’s ongoing business unit of
Convenience Food. It is an FMCG manufacturer’s duty to enrich the common goods so that
consumers can thereby alleviate their standard toward the essentials. Hence, with our proposal, Masan
Consumer can not only tap onto a new segment of health-conscious consumers but also possibly shift
existing customers to another lifestyle choices that prioritize health. This approach will assist Masan
Consumer to sustain its leadership in both existing and new markets, capturing a larger size of
customer base and most importantly, leveraging on the established VRIN resources. Following up
with adopting our strategy, we suggest Masan Consumer to monitor: (1) the adoption process of plant-
based instant noodles by the mass market; (2) the competitor’s actions – including promotions or
advertisement to narrow the competitive gap with Masan Consumer (Kunc 2005). Lastly, it is worth
noting that Masan Consumer has already built a strong brand equity. Taking full use of customer
loyalty can somewhat benefit Masan Consumer at the launch of new products, making them easier to
be accepted and welcomed by consumers.

23
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