According to the Vietnam Supermarket and Hypermarket Industry Report (Insight Asia, September 2025), Vietnam’s FMCG market is showing a clear rebound after a period of stagnation in 2023-2024. The total retail market size in 2025 is estimated at USD 309.7 billion, with the modern trade (MT) channel accounting for 27% of total sales - a sharp increase from 15% in 2005. Notably, 62% of Vietnamese consumers now shop at supermarkets and modern retail stores weekly, reflecting both stable purchasing power and the ongoing modernization of consumption habits.
In response to this shift, Masan Consumer (UPCOM: MCH), a member company of Masan Group (HOSE: MSN), has proactively charted a new course by implementing a “Direct Coverage” distribution model nationwide - enabling better control over supply chains, data, and point-of-sale performance.
Q3/2025 Results: Clear Signs of Recovery
In Q3/2025, Masan Consumer reported revenue of VND 7,517 billion, down 5.9% YoY, reflecting the initial transition phase of implementing the Direct Coverage model within the traditional trade (GT) channel. This strategic transformation typically requires 3-6 months for the new system to stabilize and reach full operational efficiency.
Nevertheless, early signs of recovery have emerged. The revenue decline narrowed significantly compared to Q2/2025 (-15.1%), indicating that the recovery momentum is taking shape. The modern trade channel grew 12.5%, while exports increased 14.8% YoY, demonstrating the company’s operational agility amid ongoing restructuring in Vietnam’s FMCG landscape.
According to Masan Consumer’s management at a recent investor meeting, nationwide rollout of the Direct Coverage model has led to notable operational improvements, and the company expects to return to positive growth in Q4/2025.
By the end of Q3/2025, active points of sale reached approximately 345,000, up 40% YoY; salesforce productivity rose 50%; and distributor inventory days fell to 15 days, down 8 days from the same period last year. These improvements validate the early success of the new model and set the stage for sustainable growth ahead.
“Direct Coverage” - Masan Consumer’s New Growth Engine
The Direct Coverage model is a next-generation sales and distribution approach launched nationwide by Masan Consumer in 2024. It connects directly with hundreds of thousands of retail outlets, eliminating intermediary layers while enabling real-time market data visibility and direct engagement with retailers.
Unlike traditional distribution systems, this model empowers the company to capture consumer demand fluctuations instantly, optimize production-inventory-promotion planning, and enhance performance at every point of sale. It also fosters two-way relationships with small retailers - the critical partners who serve as the final touchpoint to consumers.
Detailing the initiative, Danny Le, CEO of Masan Group, explained that the project transforms three key pillars: people, technology, and connectivity. Specifically, the salesforce was restructured into regional “sales representatives”, supported by new digital tools and smart ordering systems, allowing direct connections with retail outlets.
According to the company’s latest update, the model is delivering encouraging results: the average number of SKUs per order has increased to 3.4, up 50% YoY, while early-phase rollouts have achieved high single-digit sales growth. Core brands such as CHIN-SU, Omachi, Wake-up 247, and Chanté have all outperformed the market in both volume and sales - clear evidence of the model’s adaptability and efficient market penetration.
From Q4/2025, Masan Consumer expects to complete the nationwide rollout of the Direct Coverage system, return to positive revenue growth, and improve profit margins through a more optimized channel mix. In parallel, the company will accelerate innovation across its core categories - seasonings, convenient foods, and beverages - targeting premium and international-standard product segments.
In tandem, MCH continues to premiumize its FMCG portfolio, especially in the seasoning, convenience food, and beverage categories, leveraging its digitized distribution network to reach consumers faster and more effectively. Masan Consumer is also accelerating preparations for its planned IPO and listing on HOSE, reinforcing its commitment to transparency and global investor engagement.
According to Chairman Nguyễn Đăng Quang, the integration of the WiN Membership Program with WinCommerce’s retail network and Masan Consumer’s Direct Coverage model will form a unified consumer-retail ecosystem - one that serves over 100 million Vietnamese consumers, providing a solid foundation for sustainable growth and long-term value creation for shareholders.