Multi-level marketing firm Herbalife Vietnam records $299 mln net sales in 2022

Herbalife Nutrition Ltd., a global multi-level marketing (MLM) firm providing dietary supplements and skincare products, recorded net sales of $298.9 million in Vietnam in 2022, up 9.6% year-on-year.

According to the firm’s annual report for 2022, net sales increased 11.8% in terms of local currency (Vietnamese dong). However, exchange rate fluctuations led to an unfavorable impact of $5.9 million in the year, Herbalife said.

The business also highlighted that pandemic-related operating constraints were generally eased in the market last year. Besides, further changes to direct-selling regulations in the market are expected to receive government approval in 2023, according to the report.

The Vietnamese market has seen several years of sales volume growth as sales leadership focused on sustainable and consumption-oriented business practices, while the number of product access points increased, it said.

In the Asia Pacific, not including China, Herbalife’s net sales went up 6.4% year-on-year to $1.67 billion last year. India was the largest market with net sales of $677 million, up 30.4%. Net sales in China dropped 37.9% year to $391 million.

According to the Ministry of Industry and Trade, Vietnam has 19 MLM firms as of March 2023. Total revenue of the MLM sector grew 24% year-on-year from VND15.44 trillion ($657 million) in 2020 to VND19 trillion ($809 million) in 2021, according to the ministry.