Mekong Capital investees enjoy significant revenue growth
Several companies comprising the investment portfolio of Mekong Capital, a leading fund manager in Vietnam, reported significant revenue growth in 2023.
LiveSpo
In 2023, LiveSpo, a consumer health company, recorded a 79% year-on-year growth in net revenue as a result of product diversification for distribution in the three largest pharmacy chains in Vietnam and effective promotions including selling directly to end-users on e-commerce platforms.

Nasal-spray spore probiotics, LiveSpo Navax. Photo courtesy of Mekong Capital.
Founded by three persons with experience in biotechnology, sales and marketing, LiveSpo manufactures and sells liquid spore-based probiotics supplements, focusing on improving digestive health and enhancing respiratory function. It is famous for its nasal-spray spore probiotics, LiveSpo Navax.
Marou
Marou, a chocolate company founded by two French entrepreneurs, recorded a 75% year-on-year growth in net revenue in 2023. In the year’s fourth quarter, the company expanded its retail presence in Vietnam by opening three new outlets in Ho Chi Minh City, Danang and Hoi An.
Marou makes premium quality single-origin chocolate bars from cacao beans sourced from Vietnam. The company currently has 15 stores that offer a wide selection of chocolate drinks, pastries and chocolate bars in big cities and nine kiosks at the Tan Son Nhat International Airport.
Gene Solutions
In 2023, Gene Solutions, a leading genetic testing company, achieved a 46% year-on-year growth in net revenue, mainly driven by a 44% increase in the number of tests across its network of more than 2,670 hospitals and clinics in Vietnam and other Southeast Asian markets.
Gene Solutions, founded by three Vietnamese scientists and doctors with experience in genetics, cancer biology, and biotechnology, specializes in Non-Invasive Prenatal Testing for pregnant women and early cancer detection technology SPOT-MAS. Gene Solutions is currently present in Vietnam, Singapore, Indonesia, Thailand and the Philippines.
YOLA
YOLA, an English language training center, saw its 2023 total enrolment increase 35% year-over-year, with a re-enrolment rate of 73%, compared to 58% in 2022.
With 11 centers in Ho Chi Minh City, YOLA offers a wide range of English courses for kids, primary and secondary students, as well as academic English and IELTS preparation courses.
HSV Group
In the fourth quarter of 2023, HSV Group, one the largest cosmetics retailer in Vietnam in terms of number of stores, opened three new Beauty Box outlets in Hanoi, bringing their total number to 17 in-mall locations nationwide.

A Beauty Box store of HSV Group. Photo courtesy of Mekong Capital.
Beauty Box, a multi-brand skincare and cosmetics retail chain, offers a diverse range of exclusive and authentic beauty products from overseas brands. In addition, Beauty Box has a team of dedicated beauty consultants in store to provide personalized advice to customers targeting their specific needs.
Entobel
In November 2023, Entobel, an insect-based ingredient manufacturing biotech company, opened its second industrial-scale black solder fly factory in Ba Ria-Vung Tau, southern Vietnam. This facility has an annual production capacity of 10,000 tons, making it the largest such facility in Asia.
Entobel’s end products include insect-derived protein, oil and organic soil amendment, primarily consumed by the aquaculture and livestock industries.
Besides the abovementioned investee companies, Mekong Capital’s current portfolio includes Rever, a proptech company; Mutosi, a retail chain; F88, a pawn chain; Vua Nem, a mattress retailer; Nhat Tin Logistics; Red Wok, a multi-brand restaurant company; and ABA Cooltrans, a cold supply chain from transportation to storage and distribution of goods to retailers. In its latest release, Mekong Capital does not provide information about their performances.
It has exited from a number of prominent companies like Pizza 4P’s, a restaurant chain; Mobile World, an electronic appliance retail chain; Golden Gate, a multi-brand restaurant chain; Masan Food; Loc Troi Group, an agribusiness firm; and pharmaceutical company Traphaco.
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