Multi-level marketing revenue declines in the first half of 2025 as participant numbers drop sharply
- Sep 30, 2025
- 2 min read
Updated: Oct 2, 2025
The total revenue of the multi-level marketing (MLM) sector in the first six months of 2025 reached over VND 7 trillion, marking a decline of more than 9% compared to the same period last year. The combined revenue of the five largest enterprises accounted for nearly 93% of the sector’s total revenue during this period.
Decline in the number of participants
According to the National Competition Commission’s report on MLM activities, the total number of participants in the first half of 2025 stood at 634,567, down 13.43% from 732,997 in the same period of 2024. Participation was heavily concentrated in the five leading enterprises (representing 91% of the total sector), including: Herbalife Vietnam, Amway Vietnam, Care For Vietnam, Tiens Vietnam, and Unicity Marketing Vietnam.
Notably, the number of new participants (101,876) was significantly lower than those who terminated their contracts (130,893), resulting in an overall contraction of the sector compared to 2024.
Revenue distribution and key products
Herbalife Vietnam remained the market leader with revenue exceeding VND 4 trillion, accounting for approximately 53% of the sector’s total. Overall, revenue in the MLM industry continued to rely predominantly on functional foods and cosmetics, which made up around 92% of total sales.
Household goods, fashion items, equipment, and other products represented the remaining 8%. Total tax contributions to the state budget from MLM enterprises amounted to VND 1.302 trillion in the first half of 2025.
Regulatory oversight and enforcement
From January to August 2025, the National Competition Commission carried out five inspections on compliance with MLM business regulations at five enterprises. Based on the inspection results, the Commission imposed administrative penalties totaling nearly VND 1.2 billion.
In addition, two cases showing signs of unauthorized MLM activities, involving Greenleaf and LucMall, were referred to the police for further investigation.
(According to MarketTime)
The figures in this report provide an interesting perspective on the current state of multi-level marketing in Vietnam. Declining participation can have a major impact on the entire business model, making industry data especially valuable for understanding where the market may be heading. I sometimes use Muse Image market research visuals to visualize business trends and economic insights more clearly.
This is an interesting look at the changing dynamics of Vietnam's multi-level marketing industry. The sharp decline in both revenue and participant numbers suggests that the sector is facing significant challenges and evolving consumer behavior. I also enjoy exploring Meta Muse Video business trend storytelling to present market developments and industry data in a more engaging way.
This is an interesting look at the changing dynamics of Vietnam's multi-level marketing industry. The sharp decline in both revenue and participant numbers suggests that the sector is facing significant challenges and evolving consumer behavior. I also enjoy exploring Meta Muse Video business trend storytelling to present market developments and industry data in a more engaging way.
Interesting that over 90% of MLM revenue is concentrated in just five companies, and 92% comes from functional foods and cosmetics—so much for "diverse product lines." Reminds me of how niche tools can dominate a space too, like this pokemon nuzlocke encounter tracker that basically does one thing but does it well.
this data on the mlm sector's contraction is quite stark. the net loss of participants, with more leaving than joining, points to a significant structural shift. it's notable how reliant revenue remains on a narrow product range like functional foods. the regulatory actions mentioned also highlight the ongoing challenges in this space. AI Image Editor