Jardine Matheson, a multinational conglomerate with nearly 200 years of history spanning Asia and Europe, has long been known for its diverse business ventures - from trading opium, tea, and cotton to investments in automobiles and real estate. Today, the group is strengthening its footprint in Vietnam by investing heavily in leading corporations.

Through its Singapore-based subsidiary Jardine Cycle & Carriage (JC&C), Jardine Matheson focuses on automotive distribution and has significant stakes in prominent Vietnamese companies, including Thaco (led by billionaire Tran Ba Duong), REE Corp. (headed by Nguyen Thi Mai Thanh), and Vinamilk (under Mai Kieu Lien’s leadership).

JC&C began its investment in Thaco in 2008 with a 20.5% stake and has since increased its shareholding to 26.6% by 2019. In late 2023, JC&C acquired $350 million in convertible bonds from Thaco, maturing in 2028, a move that will further boost its stake in the company.

In 2012, JC&C invested in REE Corp. through its Platinum Victory fund, initially acquiring more than 10% ownership. This has grown to over 35%, with plans to reach 42.1% through a recent registration to purchase 30 million additional shares, valued at approximately VND 1.9 trillion. At current market prices, JC&C’s stake in REE is worth over VND 11 trillion.

Similarly, JC&C has invested heavily in Vinamilk, holding over 10% of shares valued at roughly VND 14 trillion. Beyond these corporations, Jardine Matheson has also entered Vietnam's real estate market through its subsidiary Hongkong Land, which manages several high-value properties in Hanoi and Ho Chi Minh City.

Jardine Matheson’s success lies in its strategy of investing in market-leading companies with long-standing operational histories. However, the group avoids investing in large real estate corporations or emerging companies less than two decades old.

Despite its calculated strategy, Jardine Matheson has seen profit declines in Vietnam. According to the group’s mid-2024 financial report, JC&C’s profits from its Vietnamese investments fell 12% year-over-year to $30 million.

Thaco contributed $15 million, though its auto sales and market share improved. Profitability in the automotive segment declined due to intense competition, particularly from electric carmaker VinFast (owned by billionaire Pham Nhat Vuong) and Chinese manufacturers.

REE Corp. generated $7 million in profits for JC&C, a 39% drop attributed to reduced hydropower demand. Despite its half-century history, REE's focus on renewable energy and clean water projects has faced challenges.

Vinamilk remains Vietnam’s dairy leader but has experienced slowing revenue and profit growth over recent years, accompanied by a decline in stock value.

In real estate, Jardine Matheson operates through Hongkong Land, which owns prime properties like Central Building in Hanoi and The Nassim in Ho Chi Minh City. The conglomerate also has ties to well-known retail chains in Vietnam, including Pizza Hut, Starbucks, and KFC.

Founded in 1832 in Canton (now Guangzhou, China) by Scotsmen William Jardine and James Matheson, Jardine Matheson initially made its mark trading opium, tea, and spices. By 1834, the company had ended the East India Company’s monopoly in Asia, becoming the largest British trading firm in the region.

In 1844, Jardine Matheson established its headquarters in Hong Kong and expanded along China’s coastline, cementing its dominance in Asian commerce.

Today, the group continues to leverage its historical expertise to navigate the modern business landscape, with Vietnam being a key focus.

Manh Ha