Herbalife’s Vietnam earnings hit $75.4 mln in Q1, exceed China tally

Herbalife, a global multi-level marketing corporation selling dietary supplements, recorded $75.4 million in net sales in Vietnam in the first quarter of 2025, according to the firm’s report.

In U.S. dollars, net sales declined by 0.3% year-on-year. However, measured in local currency, the figure increased by 3.2%, the company added.

Foreign exchange rate fluctuations in Vietnam had an unfavorable impact of $2.6 million on net sales during the period, the report noted.

In the Vietnamese market, Herbalife raised product prices by 3.5% in March 2024 and by another 2.5% in March 2025.

Thanks to this performance, Vietnam rose to second place among Herbalife’s Asia-Pacific markets in Q1, trailing only India with $209.3 million in net sales. China ranked third with $64.8 million.

In terms of sales volume, Herbalife recorded year-on-year growth in most years, with the exception of 2023. Sales volume remained flat in Q1/2025, the report said.

Herbalife products distributed in Vietnam are produced by Herbalife Innovation & Manufacturing (HIM) Lake Forest and Winston-Salem, both based in the U.S. In Vietnam.

Herbalife Vietnam SMLLC was established in 2009 and operates as a multi-level marketing business, with its headquarters in Ho Chi Minh City.

Vietnam is the 71st market where Herbalife has launched operations globally. By earnings, Herbalife is the largest multi-level marketing company in Vietnam.

According to the Ministry of Industry and Trade, Vietnam now has 19 licensed multi-level marketing businesses with about 768,000 participants. The sector records total revenues of VND16.2 trillion ($625 million) last year, down from VND16.8 trillion in 2023. Notable players are Herbalife, Oriflame, Amway, and New Image.

Early this year, the National Competition Commission fined Herbalife Vietnam VND205 million (over $8,000) for its violations in multi-level marketing.

According to a decision by the commission, Herbalife Vietnam, headquartered at No. 26 Tran Cao Van street, District 3, Ho Chi Minh City, was fined for “not implementing or improperly implementing basic training for multi-level marketing participants according to the law”.

The company also improperly implemented reporting obligations in multi-level marketing activities required by the law.