Multi-level marketing firm Herbalife's Vietnam earnings down 6.7% in 2023
Herbalife, a global multi-level marketing corporation selling dietary supplements, earned $279 million from net sales in Vietnam in 2023, down 6.7% year-on-year, according to the firm’s report.
The fluctuations of the foreign exchange rate in Vietnam led to an unfavorable impact of $5.2 million on net sales last year. In local currency, the decrease in net sales was 4.9% year-on-year, Herbalife added.
Herbalife is an official sponsor of Vietnam's national football team. Photo courtesy of Nguoi Lao Dong (Laborer) newspaper.
The lower net sales were recorded despite a 3% price increase starting March 2023. Macroeconomic conditions in the Vietnamese market would continue to create challenges, Herbalife said. Herbalife would continue working closely with the authorities to monitor regulatory changes and their impacts, the firm added.
With the performance, Vietnam was among the biggest Asia-Pacific markets for Herbalife. India was the largest with $796.6 million, up 17.6% year-on-year; followed by China with $327.4 million, down 16.3%.
Globally, in 2023, Herbalife recorded net sales of $5.1 billion, down 2.7% year-on-year. The firm made a post-tax income of $142.2 million.
According to the Ministry of Industry and Trade, Vietnam now has 20 licensed multi-level marketing businesses with about 750,000 participants. The sector records an average annual growth of 10-20% in revenue. Notable players are Herbalife, Oriflame, Amway, and New Image.
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