Vietnamese chocolate brand Marou is planning to open more Maison Marou stores - its high-end coffee, cake, and chocolate chain - this year in major cities such as Da Nang and Da Lat, bringing its total outlet numbers to 18. Marou currently has eight Maison Marou stores in Ho Chi Minh City, Hanoi, and southern Binh Duong province.

“We are benefiting from the dynamic effort we made in 2021 and 2022 with the launch of new groundbreaking products such as MarouBar and new flagship stores in Ho Chi Minh City, Hanoi, and Binh Duong, and, as always, have strengthened relationships with our cacao partners around Vietnam,” said Mr. Vincent Mourou, Co-Founder and CEO of Marou. “Morou’s customers connect deeply with the excellence we provide, which starts from the long-term committed relationships we have with over 500 cacao farmers in seven provinces.”

Great ambition

Vietnamese cocoa has become more widely known around the world, with Marou’s chocolate rated by the New York Times as the best chocolate bar in the world. Vietnamese cocoa therefore not only grew in renown but also in demand. “We are the Vietnamese chocolate company that brought Vietnamese cocoa to the world stage by creating award-winning chocolate,” said Mr. Morou.

“We are proud to introduce Vietnam’s cacao-growing regions to the international market, and continually aim to inspire with new creations and bring fresh cacao to more cities in Vietnam.” Marou’s mission is to become the Number 1 vertically- integrated chocolate maker and retailer in Asia and the pride of Vietnam by 2024.

As the current market leader in the B2B chocolate sector in Vietnam, Puratos Grand-Place also has a clear plan and strategy for promoting its development in the country’s chocolate market in 2023 and beyond. “Our primary focus is on investing in research and development, leveraging our market understanding to offer the best chocolate products to the market,” said Ms. Tran Thi Thuy Vy, Sales Director at Puratos Grand-Place.

It has also achieved significant milestones in the domestic chocolate market. “Our foremost accomplishment is expanding the reach of chocolate to the entire Vietnamese populace,” said Ms. Vy. “This has been made possible not only by offering chocolate bars but also by introducing a variety of chocolate-based products such as ice cream, cakes, choco pie, croissants dipped in chocolate, and birthday cakes covered with chocolate, to name just a few.”

Puratos Grand-Place also secured Carbon Neutral Certification (Scope 3) for its 60 DAYS chocolate product, from CO2logic. 60 DAYS chocolate is unique in Puratos Grand-Place’s approach to chocolate-making, surpassing industry standards. It employs a combination of wooden acacia box fermentation and slow-roasting methods to produce “tree-to-bar” chocolate within a span of 60 days. This process also reduces emissions, as it involves proximity to the source of production and short transition times. Puratos Grand-Place’s higher purpose guides all of its actions, with initiatives such as the Chocolate Bonus program and Carbon Neutral efforts already in place.

In addition to Marou and Puratos Grand-Place, a number of other Made-in-Vietnam chocolate brands such as Vesococa, The Cocoa Project, Belvie Chocolate, Alluvia Chocolate, Stone Hill, and Legendary Chocolatier have been successfully promoting their brand image among customers and contributed to the development of the domestic chocolate market over recent times. They not only develop their brands in Vietnam but also take Made-in-Vietnam chocolate to international markets.

“The domestic market holds substantial potential but remains quite young, and it will take many more years before it can be considered mature,” said Mr. Morou. “Consumption, however, is increasing every year, and there is no clearer way to see this than in the growing number of local chocolate brands.”

There are now over 30 chocolate companies producing chocolate from Vietnamese cacao, compared to just a few back in 2011. Sales remain small, but there is clearly growing interest in chocolate made from Vietnamese cocoa. “What we’re seeing in 2023 is an improvement in design and packaging and an expansion in flavors being offered,” he said. “This shows an attempt to better meet specific Vietnamese tastes.”

High-quality Vietnamese cocoa is also more appreciated these days, leading to high-quality chocolate products. Vietnam is the second Asian country to secure a Fine Flavor Cocoa (FFC) designation from the International Cocoa Organization (ICCO), helping it rank 23^rd out of 60 countries and territories around the world growing cocoa.

Figures from Statista show that revenue in Vietnam’s cocoa segment is forecast to total $55.92 million in 2023 and the market’s compound annual growth rate (CAGR) is expected to reach 1.21 per cent in the 2023-2025 period. Such advantages will contribute to the overall development of the country’s chocolate market. “Vietnam holds enormous potential for growth,” said Ms. Vy. “Chocolate remains a top flavor choice, and the unique cocoa from Vietnam is recognized as a fine flavor, resulting in high-quality chocolate that is greatly appreciated by customers worldwide, including in Japan, South Korea, and Europe.”

With the potential the chocolate market holds, chocolate producers in the country are constantly developing resources to boost business and meet customer needs. Ms. Vy said Puratos Grand-Place has a team of technical advisors, or chefs, who use chocolate as an ingredient to create the tastiest and healthiest cakes, bread, cookies, and candy, etc., thereby contributing to its outstanding achievements in Vietnam’s chocolate market.

Moving forward

In addition to the positives, local chocolate producers also encounter their fair share of difficulties. For example, feverish inner-city real estate development is among the more disruptive issues Marou faces when working with store landlords, but this is nothing new. “We are a long-term-focused company,” Mr. Morou said. “The expansion of Maison Marou is experiencing many of the same issues as other brands, like high rents, unfavorable rental conditions, short to medium-term leases, and hot competition for good locations, etc.”

According to the Vietnam Cocoa Coordination Board at the Ministry of Agriculture and Rural Development (MARD), current demand for Vietnamese chocolate is about 5,500 tons a year, but most of the chocolate sold locally is imported. It is therefore necessary to further promote chocolate production in the country to meet customer needs and make full use of Vietnam’s cocoa resources.

Ms. Vy also noted that 2023 will present challenges not previously forecasted. While the chocolate market may not be significantly impacted, there has been a clear decline in overall consumer spending. “It is imperative for companies to understand the market landscape and stay connected with customers to offer suitable products,” she said. “To address this, we have recently developed a new range of Easy Real Chocolate, which is affordably-priced while maintaining excellent flavor and smooth texture.”

Businesses in the chocolate market are also in need of more support from the government to facilitate their development strategies. Marou is working closely with local and provincial governments to support sustainability initiatives in cacao development and farmer training.

“However, we would like to see more joint efforts between the private and public sector to realize ambitious objectives in cacao, given that most of the cacao in Vietnam is transformed here by chocolate companies into finished chocolate for the domestic market,” said Mr. Morou. “At Marou, we see value creation as a key for the sustainable growth and success of the cacao sector in Vietnam.”