Vietnam’s retail market is undergoing a significant transformation, fueled by a growing middle class, rapid urbanization, and a shift toward more modern consumption habits. Against this backdrop, WinCommerce (WCM), a subsidiary of Masan Group (HOSE: MSN), continues to assert its leadership with a strong pace of store expansion and business performance that exceeded expectations in June 2025.
June Revenue Beats Baseline Forecast; New Stores Show Profitability
According to its June 2025 business update, WCM recorded net revenue of VND 3,218 billion, up 16% year-over-year well above the company’s full-year baseline growth target of 8-12%. For the first half of 2025, WCM reported VND 17,900 billion in revenue, marking a 13.4% increase compared to the same period last year. Notably, like-for-like (LFL) growth for mature stores reached 6.9%, reflecting sustainable improvement in operational efficiency.
In addition to revenue growth, WCM is rapidly expanding its national footprint, with a strategic focus on rural areas, which account for over 60% of Vietnam’s population and remain dominated by traditional retail formats. In June alone, the company opened 61 new stores, bringing the total number of new stores this year to 318 completing over 45% of the 2025 target (400-700 stores). Approximately 75% of these are WinMart+ stores in rural areas.
The central region of Vietnam has emerged as a growth hotspot, contributing 161 new store openings more than 50% of the total expansion in the first half of the year. This underscores WCM’s ability to strategically select locations and adapt its retail network expansion to regional demand.
Unlike the “growth at all costs” approach often seen in the industry, WCM remains committed to a strategy that balances expansion with financial discipline. According to the company, all new stores opened since the beginning of the year are currently profitable. This reflects an optimized operating model and validates the WinMart+ rural format not only meeting essential consumption needs but also integrating financial and value-added services.
Owning the End-to-End Value Chain-A Unique Advantage in Retail
Speaking at the Techcombank Investment Summit 2025 on July 9, Danny Le, CEO of Masan Group, highlighted that modern retail still only accounts for 12% of the Vietnamese market compared to 30-50% in neighboring markets like Thailand and Indonesia. To accelerate modernization, building an end-to-end supply chain and investing in data platforms are key.
Supported by Masan’s fully integrated ecosystem-from production to end-consumer WinCommerce possesses a rare competitive advantage as modern retail takes off in Vietnam.
Masan is among the few local companies with a complete end-to-end consumer-retail value chain. This includes production (Masan Consumer, Masan MEATLife, WinEco), logistics (SUPRA), consumer finance (Techcombank), and multi-channel distribution (WinMart, WinMart+, WiN stores, traditional trade, and e-commerce). As part of this ecosystem, WCM can leverage synergies across the value chain, managing the entire product journey from factory to consumer basket with high operational efficiency and personalized experiences.
Additionally, WCM is strengthening its digital capabilities through the WiN membership program, which targets 30-50 million users. This consumer data platform will be instrumental in driving digital transformation and enhancing customer lifetime value.
Unlocking Rural Potential with a New Generation of Retail
In rural Vietnam-where WCM is currently concentrating its investments-significant untapped potential remains. Each WinMart+ Rural store is not just a retail outlet but a digital touchpoint and multifunctional service hub, offering bill payments, money transfers, and access to digital finance in addition to essential consumer goods. This forward-looking approach positions WCM to lead the modernization of rural consumption.
Following a comprehensive restructuring, WCM achieved a significant turnaround, recording its first-ever positive after-tax profit in 2024-a key milestone for the company.
With a disciplined development model, a long-term focus on efficiency, and strong integration within Masan’s consumer ecosystem, WinCommerce is contributing to the modernization of Vietnam’s retail sector. The company’s store expansion strategy, combined with clear operational effectiveness, reinforces its leadership as the market shifts toward modern retail. This makes WCM a vital component in Masan’s broader vision of building a leading integrated consumer-retail platform in the region.