Against this positive backdrop, Masan Group (HoSE: MSN), a leading consumer-retail company, reported strong results across its core businesses. Both retail arm WinCommerce (WCM) and meat subsidiary Masan MEATLife (MML) delivered robust growth in July and August 2025, exceeding targets. These results reflect the strength of domestic demand and the effectiveness of Masan’s expansion strategy, underscoring the growing importance of its ecosystem in meeting consumer needs.
WinCommerce: Expansion Targets Achieved, New Stores Already Profitable
According to its latest business report, WCM recorded revenue of VND 3,573 billion in August 2025, up 24.2% year-on-year. For the first eight months, revenue reached VND 25,000 billion, a 16.1% increase over the same period in 2024, far exceeding the planned growth target of 8-12%. Same-store sales (LFL) grew 8.2% during the eight months, with August alone posting a strong 11.9%, well above historical averages, reflecting genuine demand across the existing network.
The strategy of expanding into rural areas continues to deliver clear results. In the first eight months, WCM opened 415 new stores, achieving its base target for the year (400-700 stores). Of these, 300-about 75%-were rural WinMart+ outlets. Nearly half of all new openings were concentrated in central Vietnam, reinforcing the region’s strategic importance.
The fact that rural WinMart+ stores are reaching breakeven and profitability quickly demonstrates the relevance of the modern retail model, as consumer habits shift toward safe, convenient, and traceable products.
Masan MEATLife: Increasing Contribution Within the Ecosystem
While WCM expanded its footprint, Masan MEATLife (MML) achieved strong results by capitalizing on the “eat well - live well” consumer trend. In July 2025, average daily sales per WCM store from MML products reached about VND 2.3 million. If scaled across the nearly 4,200 WCM stores, this could translate into daily revenue of nearly VND 9.5 billion-demonstrating significant growth potential through the modern retail channel.
MML’s contribution to WCM’s total meat sales has continued to rise: from 49% in 2023, to 55% in 2024, 62% in Q2/2025, and 69% in July 2025. This trend underscores MML’s growing importance within Masan’s distribution network.
Momentum from Domestic Market Recovery
The strong growth of WCM and MML reflects broader market trends. VAT reductions, higher base wages, and a shift from traditional markets to modern retail are key drivers. Meanwhile, Vietnam’s National Day holidays and vibrant tourism and service activities in August added further momentum to consumer demand.
Vietnam is approaching the USD 5,000 per-capita GDP threshold, typically associated with surging demand for higher-value products. This provides a favorable backdrop for Masan to capture growth opportunities in both urban and rural markets.
Despite recent positive business results, challenges remain. Vietnam’s retail sector is becoming increasingly competitive as international players enter and domestic chains expand aggressively. Rapid network growth also brings higher operating costs, from rent to logistics and staffing. Balancing expansion with cost control is therefore essential for sustaining long-term profitability.
Nevertheless, the company’s outlook is supported by both internal strengths and macroeconomic conditions. The consumer landscape in the first eight months showed clear signs of recovery, with total retail sales of goods and services rising 9.4% year-on-year. Leveraging this momentum, the synergy between WCM and MML creates a dual advantage: WCM expands retail coverage to reach consumers, while MML provides quality products that meet growing demand for safety and traceability. Combined with Masan Consumer and other units in the ecosystem, Masan is well positioned to sustain growth in the quarters ahead.
On the stock market, MSN is also positively valued by major brokerages. KBSV applies an SoTP approach with a target price of VND 100,000 per share, based on baseline growth at Masan Consumer, WinCommerce, and Masan MEATLife. VCBS recommends BUY with a target of VND 93,208 per share. Meanwhile, VCI identifies MSN as a leading consumer-retail stock, supported by network expansion and product portfolio optimization, with a target price of VND 101,000 per share.