15:25 | 09/05/2016 Companies
The story began 20 years ago, when a group of young Vietnamese students finished their scholarship programmes in Eastern Europe and launched their own noodle business in the foreign market.
The founding members found themselves in a rapidly changing market of economic liberalisation, and instead of standing idly by, they were determined to make their business a force for change.
The ship that returned
Masan made its return, thought it started off in Eastern Europe, to Vietnam in 2002 with the launch of Chin-Su fish sauce, making its first step towards sating the appetites of 90 million people. Since then, Masan has spearheaded fundamental changes in many segments, such as food and beverages, tungsten production, and meat processing.
Masan is now one of the largest corporations in Vietnam and aims to be “recognised globally, as well as become the pride of Vietnam by virtue of its successful and unique business model in Asia” by 2020.
Referring to the company’s target of achieving a market value of 10 per cent of the gross domestic product, equal to $20 billion by 2020, chairman Nguyen Dang Quang said, “it does not sound impractical.”
Quang’s confidence is bolstered by the fact that Masan achieved its target of $1 and $5 billion in 2011 and 2015, respectively.
“Masan thinks of Vietnam as a country with great potential in natural and human resources, while our competitors see it as a poor country. It is a matter of perspective,” Quang said./.