Some of Mekong Capital’s investee companies post strong H1 growth
Several companies invested by Mekong Capital, among the leading foreign-run asset management firms in Vietnam, continued to record strong revenue growth in the first half of this year.
LiveSpo
In H1/2024, LiveSpo, a consumer health company, recorded a 49% year-on-year growth in net revenue, Mekong Capital said in a newsletter, without giving specific figures.
The performance was mainly attributed to the company’s effective selling strategy in pharmacy chains and e-commerce channels.
In May 2024, LiveSpo was granted two exclusive patents by Vietnam’s National Intellectual Property Office for LiveSpo COLON and LiveSpo X-SECRET. LiveSpo COLON supports the treatment of colitis, while LiveSpo X-SECRET supports the prevention and treatment of vaginitis.
LiveSpo manufactures and sells liquid spore-based probiotic supplements, focusing on improving digestive health and enhancing respiratory function. It is well-known for its nasal-spray spore probiotics, LiveSpo NAVAX.
Marou
Marou, a chocolate company founded by two French entrepreneurs, saw its net revenue up 76% year-on-year in H1.
It now has 16 shops nationwide, offering a wide selection of chocolate drinks, pastries, and chocolate bars in big cities in Vietnam and several kiosks in Tan Son Nhat International Airport in Ho Chi Minh City.

Marou's Dark Chocolate 65% and Caramel Lotus Seeds. Photo courtesy of Mekong Capital.
In June 2024, Marou won a Silver Award from the International Institute of Chocolate and Cacao Tasting in the category of chocolate bars for its Dark Chocolate 65% and Caramel Lotus Seeds.
Gene Solutions
In H1, biotechnology company Gene Solutions recorded the number of Non-Invasive Prenatal Testing (NIPT) tests growing by 21% year-on-year, driven by the company’s effort to offer wider variations of NIPT tests with different price ranges and features.
In June 2024, Gene Solutions’ central lab in HCMC was accredited by the College of American Pathologists (CAP) Laboratory Accreditation, the highest standard for diagnostic laboratories. Gene Solutions has become the first next-generation sequencing lab in Vietnam to receive this accreditation.
Also in June, HSBC provided a social loan for Gene Solutions, allowing the latter to continue expanding its healthcare services to Vietnam and ASEAN’s citizens.
Gene Solutions is a genetic testing company that specializes in NIPT for pregnant women and a pioneer in oncology with its early cancer detection technology, SPOT-MAS. Gene Solutions currently has operations in Vietnam, Singapore, Indonesia, Thailand, and the Philippines.
Pawnshop chain F88
F88 earned a net profit of VND31 billion ($1.22 million) in Q1, after posting a heavy loss in 2023.
In Q2/2024, FiinRatings, Vietnam’s first public credit rating agency, announced that it maintained F88’s rating at the level of BBB- and upgraded the outlook to “stable” due to F88’s improvement in business performance and diverse capital mobilization capabilities.

F88 employees. Photo courtesy of the company.
Founded in 2013, F88 is one of Vietnam’s largest financial service chains providing vehicle title lending and insurance to mass underbanked people through its 820 branches nationwide as of June 30.
Vua Nem
During Q2, Vua Nem, the leading mattress retail company in Vietnam in terms of number of stores, opened three new outlets in Binh Duong, Thai Nguyen, and Dak Lak provinces.
The store-level EBITDA reported a 123% year-on-year jump in the first six months of 2024 as Vua Nem offered new and affordable products to its customers via a network of 129 stores nationwide.
Vua Nem targets to differentiate by offering an omnichannel shopping experience with a wide range of mattresses, bedding accessories, and sleep solutions such as multi-brand mattresses, bedding accessories and adjustable beds.
In May, Mekong Enterprise Fund IV invested $5 million in HUSK, a pioneering biochar and biofertilizer company.
Founded in 2017, HUSK produces biochar, carbon-based fertilizers, and crop protection products.
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