Retail Modernization - Gaining Advantage from Market Trends
For years, Vietnam’s retail market has been shaped by the coexistence of two main distribution channels: traditional trade (General Trade - GT) and modern trade (MT). While GT remains the “lifeblood” contributing the majority of total retail sales, MT is emerging as a new growth driver, reflecting urbanization, digitalization, and modern lifestyles.
According to Insight Asia and Kantar, the MT channel in Vietnam reached around 27% of total retail sales in 2025 and is projected to rise to 35% by 2030 - the fastest growth rate in ASEAN. This acceleration is driven by several converging factors: the expanding middle class, rapid urbanization, and growing demand for convenience and transparency in shopping. Statistics from Insight Asia show that 62% of consumers now shop via MT channels weekly, while 67% check promotions through apps or digital platforms before making purchasing decisions - indicating that MT has become a core part of modern consumer behavior.
At the same time, government policy is also reinforcing this trend. Under the “Domestic Trade Development Strategy to 2030, Vision 2045,” Vietnam targets to increase the share of domestic retail goods to about 85%, thereby encouraging local retail chains to expand and take a more active role in market regulation. This policy serves as a “macro framework” enabling Vietnamese enterprises to seize the accelerating MT growth momentum.
Growth Opportunities for Large-Scale Retail Chains
In this context, WinCommerce (WCM) - a member of Masan Group - stands out as one of Vietnam’s leading local retail systems, operating nearly 4,500 WinMart and WinMart+ stores nationwide as of the end of October 2025. Its store network is evenly distributed across all regions, with the Central region leading in expansion, adding 261 new stores, accounting for nearly 50% of all new openings this year. Notably, 75% of new stores follow the WinMart+ Rural model, reflecting WCM’s strategic focus on fast-growing consumption areas.
According to the October 2025 update, WinCommerce recorded net revenue of VND 3,458 billion, up 24.7% year-on-year - its strongest growth since the beginning of the year and well above expectations. For the first 10 months of 2025, WCM’s revenue reached VND 31,900 billion, up 17.4% year-on-year, while like-for-like (LFL) growth stood at 8.6%, indicating strong sales efficiency per store.
Remarkably, same-store sales growth (LFL) in October 2025 reached 12.1% year-on-year, showing a strong recovery in consumer demand across the system. Within this, the WinMart+ rural model achieved an impressive 47% growth, reflecting the potential of modern retail in non-urban areas where consumers increasingly value convenience and transparent pricing. WinMart+ stores in urban areas also maintained stable growth of 15.4%, while large-format WinMart supermarkets rose 10.7%, underscoring the brand’s adaptability and lasting appeal across market segments.
As of the end of October, WCM had opened 529 new stores, meeting its full-year target range of 400-700, with all newly opened locations reporting positive profitability.
WCM’s advantage lies not only in scale but also in the synergistic strength of Masan’s integrated consumer-retail-technology ecosystem. The direct connection between WCM and other Masan subsidiaries - such as Masan Consumer, Masan MEATLife, and Phuc Long Heritage - enables product portfolio optimization, supply chain management, and real-time data-driven decision-making. This integrated model allows WCM to accelerate network expansion while improving profit margins through optimized inventory, operations, and customer loyalty value.
The wave of retail modernization is rapidly reshaping Vietnam’s market, with the MT channel growing at the fastest pace in ASEAN. Changing consumer behaviors, supportive government policies, and the strength of domestic ecosystems are providing a foundation for enterprises like WinCommerce to accelerate and lead the market. However, Vietnam’s retail industry still faces challenges such as high operating costs, narrowing profit margins, and fierce competition among modern retail formats, requiring businesses to continually optimize efficiency and innovate service models.
In this landscape, WinCommerce is not only expanding market share but also contributing to the modernization of Vietnam’s retail industry - aiming to build a modern, sustainable, and consumer-centric domestic distribution system.