Kido enters Vietnam's billion-dollar spice market

Vietnamese food major Kido has launched four products in the domestic fish sauce and seasonings sector to take advantage of the booming industry, which in 2022 was worth over VND35,700 billion ($1.47 billion) and is forecast to increase to VND40,800 billion ($1.68 billion) in 2026.

The new products of Kido Group, listed on the Ho Chi Minh Stock Exchange (HoSE) as KDC, come under the Tuong An and Tuong An Unicook brands, and have been on the shelves since December 25.

The products include Tuong An 40 protein-rich anchovy fish sauce; Tuong An 32 protein-rich anchovy fish harmonic; Tuong An Unicook meat stock powder; and Tuong An Unicook Shiitake mushroom seasoning.

Tran Le Nguyen, vice board chairman and general director of Kido Group and board chairman of Tuong An Vegetable Oil JSC, said that spices are an important strategic business for the group in expanding its essential food goods line.

To promote the new products, the group is taking advantage of the Tuong An brand to penetrate markets, including the logistics network and distribution channels of 450,000 available sales points for essential goods.

With the Lunar New Year holiday approaching, Kido will provide complementary sets of vital products, such as margarine, fish sauce, cooking oil, and spices to give retailers and customers more options and a more varied product experience.

Market research by Euromonitor International showed that Vietnam's spice market grew to VND35,707 billion (about $1.5 billion) in 2022. Fish sauce was the most significant component, making up 42%,

This year, the group completed the acquisition of Tho Phat International JSC, the owner of the leading dumpling brand Tho Phat. Kido leaders said Tho Phat is an important part of the group's strategy to expand in the bakery industry.

Kido currently has three main product lines: cooking oil, ice cream, and cakes. The group is actively diversifying its products, aiming to "fill the Vietnamese kitchen". Joining the spice industry is a step toward realizing that goal.

On the unlisted public company market (HoSE), KDC stood at VND63,000 ($2.6) on Tuesday.