Masan Group (MSN) will spend about VND3-3.5 trillion (US$142-166 million) on fixed assets this year. This money will not include funds for potential merger and acquisition (M&A) deals. This decision was approved at a shareholders' meeting on Friday in HCM City.

MSN chairman Nguyen Dang Quang said M&A was the engine for the group's growth. It had raised $1.5 billion long-term capital from partners, including International Finance Corporation, KKR, JPMorgan and TPG to fund its business and investments.
"The group's core of success is how to allocate capital, not in raising capital," said Quang.
Of the amount, Masan spent $964 million on business, $174 million in M&A and about $350 million stored in cash.
Quang listed the four outstanding achievements of the group last year. Masan Consumer (MSF) acquired Vinh Hao Mineral Water; KKR continued to pour another $200 million into MSF, raising its total investment to $359 million; TPG Capital invested $50 million in Masan Agri; and Masan signed with HC Starck to form a joint venture to produce value-added tungsten.
Last year, total revenues of the group reached VND11.942 trillion ($566 million), but after-tax profit was just VND451 billion ($21.4 million). Masan continued not to pay dividends to shareholders, even though its undistributed profit reached VND6.357 trillion ($301.3 million).
This year, the group has set a revenue target of VND21-22.5 trillion ($995 million to 1.1 billion) while the net profit is projected at VND3-3.8 trillion ($142-180 million).
Masan is the leader in consumer goods, especially in the spice industry, food and beverages. MSF was the chicken that laid the golden egg for the group.
MSF performed strongly last year with a total revenue of VND11.942 trillion ($566 million) and a net profit of nearly VND3.1 trillion ($147 million).
The company plans to use VND5.8 trillion ($275 million) to pay cash dividends for 2013 and 2014 with a rate of 110 per cent.
The payout will be made in the second quarter of this year.