Kido Group

What Kido Group does

KIDO Group (HOSE: KDC) is a publicly listed Vietnamese food processing conglomerate founded in 1993 and headquartered in Ho Chi Minh City, operating across essential kitchen-staple categories including cooking oil, margarine, ice cream, frozen foods, steamed buns, seasonings, and confectionery. The group owns leading consumer brands such as Tuong An (cooking oil and margarine, in market since 1977), Merino and Celano (ice cream), Tho Phat (steamed buns), KIDO's Bakery, and Kingdom (mooncakes), with category leadership positions of approximately 30% in cooking oil, 77% in margarine, and 43.5% in ice cream (per 2020 market share data). Underlying operations include majority-owned Vocarimex for vegetable oil raw material supply, a 22,000 m2 Tho Phat manufacturing facility certified to HACCP Codex, BRC, and ISO 22000:2018 standards, and integrated digital infrastructure (ERP, DMS, Sales Management systems) supporting a 450,000+ point-of-sale distribution network across Vietnam.

KIDO generates revenue primarily through wholesale and retail sales of branded food products via multiple channels: modern trade (supermarkets and hypermarkets), traditional trade (1,000+ GT points), e-commerce platforms (Shopee Mall, TikTok Shop), franchise stores (miniBAO, targeting 12,000 stores in 5 years), and B2B enterprise sales. Secondary revenue streams include the AIRO technology subsidiary (launched December 30, 2025) providing AI-powered marketing, livestream, and consumer analytics services to external businesses, and franchise/wholesale fees from the miniBAO model. Tho Phat products also generate export revenue across 30+ countries.

The group's strategy centers on becoming Vietnam's "national kitchen" supplier through brand consolidation, M&A-driven category expansion (notably the 68% acquisition of Tho Phat in 2023), a 2026 restructuring plan to separately list Tho Phat and re-list Tuong An, and digital/AI commercialization via AIRO. Management has guided to 2025 revenue of VND 13 trillion with VND 800 billion pre-tax profit, and 2026 revenue of approximately VND 12 trillion with profit exceeding VND 700 billion.

Name

Kido Group

Legal name

Công ty Cổ phần KIDO

Website

https://kdc.vn

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

251–500 employees

Short description

KIDO Group (HOSE: KDC) is a Vietnamese publicly listed food processing conglomerate manufacturing and distributing branded cooking oil, margarine, ice cream, steamed buns, seasonings, and frozen foods under leading domestic brands including Tuong An, Merino, Celano, and Tho Phat across 450,000+ Vietnamese retail points.

Ownership category

akta.pro rank

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Food Manufacturing and Sales: KIDO Group manufactures and sells essential food products across multiple categories including cooking oil, margarine, seasonings, fresh cakes, mooncakes, frozen foods, buns (via Tho Phat), and snacks. Revenue comes from direct product sales through various distribution channels including modern trade, traditional trade, and e-commerce platforms.
2. Technology Services (via AIRO): AIRO subsidiary provides AI-powered sales and marketing solutions to external businesses, including content production, livestream operations, and data analytics services. This represents the group's expansion into technology services.
3. Franchise Operations (miniBAO): miniBAO franchise model generates revenue through franchise fees and wholesale product supply to franchisees. The company aims to open 12,000 miniBAO stores within 5 years.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Kido Group manufactures and sells a multi-category portfolio of essential food products for Vietnamese consumers and food-service operators, including cooking oil and margarine (Tuong An), ice cream (Merino, Celano), mooncakes and fresh cakes (Kingdom, KIDO's Bakery), steamed buns and frozen foods (Thọ Phát), and seasonings (fish sauce, broth powder). Distribution spans 450,000+ points of sale, modern and traditional trade, e-commerce platforms (Shopee Mall, TikTokShop), and the miniBAO franchise chain, with a small B2B technology-services arm via its AIRO subsidiary.

Differentiator

Problem solved

Functional benefit

Brands

• Tuong An: Cooking oil and margarine brand, one of the longest-standing Vietnamese food brands, market leader in cooking oil
• Merino
• Celano
• Thọ Phát
• KIDO's Bakery
• AIRO
• Kingdom
• miniBAO

Products and services

• Tuong An Cooking Oil
• Tuong An Margarine
• Merino Ice Cream
• Celano Ice Cream
• Thọ Phát Steamed Buns and Frozen Foods
• Kingdom Mooncakes
• KIDO's Bakery Fresh Cakes and Snacks
• miniBAO Franchise Store Concept
• KIDO Seasonings (Fish Sauce and Broth Powder)
• AIRO AI and Social Commerce Technology Services

Quantifiable outcome

• KIDO achieved 30% cooking oil revenue growth in 2020
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core, flagship and minor.

• AIRO (Công ty Cổ phần Hiện thực hóa AI)coreTechnology or Integration · 30 December 2025KIDO launched AIRO corporation on December 30, 2025 as a strategic expansion into AI technology and social commerce. AIRO focuses on AI and social commerce solutions providing products such as AI-powered TVC content production, 24/7 livestream capabilities, AI avatar sales design, multi-channel sales network management, affiliate marketing with KOL/KOC, and consumer behavior data analytics.
• Young Businessmen Association of HCMC (YBA)flagshipStrategic or Co-development Partner · 30 December 2025YBA is one of 5 associations partnering with AIRO to promote AI application in business operations, particularly in sales, marketing, and digital transformation for enterprises.
• HCMC Support Industry Association (HASI)flagshipStrategic or Co-development Partner · 30 December 2025HASI partnering with AIRO to advance AI application in manufacturing and industrial operations within the support industry sector.
• HCMC Food and Foodstuff Association (FFA)flagshipStrategic or Co-development Partner · 30 December 2025FFA partnering with AIRO to promote AI application in food and foodstuff industry operations, sales, and marketing.
• HCMC Association of Construction Science and TechnologyminorStrategic or Co-development Partner · 30 December 2025Association partnering with AIRO to promote AI application in construction industry digital transformation.
• Tri Tam Group (Công ty TNHH Đầu tư Tri Tâm Group)minorStrategic or Co-development Partner · 30 December 2025Tri Tam Group partnering with AIRO for investment and strategic development in AI and social commerce solutions.
• TikTokflagshipGTM or Marketing Partner · 30 December 2025Strategic partnership for E2E entertainment and shopping channel. Tường An conducts livestream sales and affiliate marketing on TikTok platform. The partnership enables KIDO to leverage social commerce trends with Vietnam's social commerce market expected to reach $5 billion in 2025.
• Tho Phát (Thọ Phát Quốc Tế)coreOthers · 1 January 2023KIDO acquired Tho Phát, Vietnam's largest bao bun (steamed buns) company. Initially purchased 25% stake in April 2023, increased to 68% by September 2023 for controlling interest. Tho Phát has 37 years of market presence, 60 types of bao buns, exports to 30+ countries, operates a 22,000m2 facility with international certifications. The acquisition supports KIDO's strategy to become the 'national kitchen' filling Vietnamese kitchens.

Scale indicators15 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Masan Consumer: Vietnamese FMCG conglomerate with leading positions in seasonings (Chinsu, Nam Ngu), instant noodles (Omachi), and beverages. Directly comparable to KIDO as a multi-category Vietnamese food manufacturer targeting daily household consumption through similar modern and traditional trade channels.
• Acecook Vietnam: Vietnam's largest instant noodle manufacturer (Hao Hao, Modern). Comparable to KIDO as a Vietnamese food manufacturer with strong domestic distribution and category leadership in essential, price-sensitive food staples.
• Vinasoy: Vietnam's leading soy milk and plant-based beverage producer. Comparable as a Vietnamese plant-based food manufacturer with national distribution, category leadership, and shared focus on nutrition/health-oriented products similar to KIDO's margarine and frozen food lines.

Regional players

• TH Milk: Vietnamese dairy and food company with strong brand presence. Comparable scale and Vietnamese market focus to KIDO, though operating in dairy rather than KIDO's core oil/margarine/bun categories.

Broad incumbents

• Want Want China: Asia-Pacific food conglomerate with broad portfolio including dairy, snacks, and rice crackers. Comparable as a multi-category Asian FMCG incumbent with similar family-controlled governance and category extension strategy.
• Tingyi (Cay Nha): Master Kong brand operator and China's largest instant noodle maker with broad food and beverage portfolio. Comparable as a large-scale Asian FMCG manufacturer with category leadership and integrated supply chain similar to KIDO's ambitions.
• Unilever (Vietnam): Multinational FMCG giant operating in Vietnam with Wall's ice cream, Flora margarine, and Knorr seasonings—directly competing with KIDO's leading categories. Comparable as the global incumbent challenging KIDO's domestic market share.
• Upfield: World's largest plant-based spreads manufacturer (Flora, Rama) competing with KIDO's Tuong An margarine. Comparable as the global incumbent in KIDO's margarine category.

Others

• Mondelez International: Global snacks and confectionery major that acquired KIDO's confectionery business in 2018. Relevant as both a former parent of KIDO's confectionery assets and an indirect competitor in adjacent snack categories KIDO re-entered via Kingdom mooncakes.
• Cargill (Vietnam): Global agribusiness and cooking oil supplier operating in Vietnam. Comparable as a major player in the cooking oil and palm oil supply chain that competes for share in KIDO's largest category by revenue.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• TikToktiktok.com/@kido_vn
• LinkedInlinkedin.com/company/kido

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kido Group