MSG producer Vedan Vietnam’s 2024 revenue drops 4% to $166 mln

Food seasoning maker Vedan recorded a revenue of $166 million in Vietnam last year, down 4% year-on-year, according to the 2024 performance review of the Taiwan-headquartered firm.

Vietnam remained the biggest market for Vedan, accounting for 43.7% of its total revenue of $380.2 million. Other major markets were Japan with 18.3% and mainland China with 14.8%.

“The decrease in revenue in the Vietnamese market during the year was mainly attributable to the slow recovery of the market sentiment for MSG, fertilizer and feed, and specialty chemical products, characterized by reduced demand and a prevailing wait-and-see atmosphere,” Vedan said in its report.

Vedan’s global revenue from MSG and seasoning-related products in 2024 was approximately $218 million, down 5.5% year-on-year, since market demand in Vietnam, Japan, China, and ASEAN markets has not yet recovered, and low-price competition in the market has suppressed sales volume and selling prices, the company noted.

Vedan’s Vietnam subsidiary was established in 1991, with its factory located in the southern province of Dong Nai. The factory’s output includes starch, glucose syrup, MSG, modified starch, Chlor-alkali, Lysine, and other products.

Vedan also has a branch in Hanoi and a tapioca starch processing factory in the southern province of Binh Phuoc.

As of end-2024, Vedan Vietnam had a workforce of 3,830, including 3,080 male employees. The company is eligible for a 15% corporate income tax compared to the normal rate of 20%.