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July 01, 2021

Masan Group Doubles Bet on Off-to-Online Platform Increases Stake in The CrownX to 84.9%

Ho Chi Minh City, 1st July 2021 – Masan Group (HOSE: MSN, “Masan” or the “Company”) and its subsidiary, The CrownX (“TCX”), today announced the acquisition of TCX’s shares from minority shareholders (the “Transaction”). As a result of the Transaction, Masan Group’s direct and indirect stakes in TCX increased from 80.2% to 84.9%.

Masan management believes the Transaction is an optimal use of the Company’s cash and believes in the growth and profit trajectory of The CrownX.

“We will hit a key milestone this year with VCM becoming profitable. We are turning our focus on expansion to build the nation’s #1 network while keeping our profit momentum intact. This turnaround gives us confidence to invest big to accelerate our offline-to-online strategy. We believe The CrownX is undervalued based on its expected 2021 financial performance and its current valuation does not price in the upside of our off-to-online platform.” said Danny Le, Chief Executive Officer of Masan Group.

VinCommerce (“VCM”):

  • Turning profit: based on achieving break-even EBIT for the month of June, management sees a path to deliver positive EBIT in 2H2021 which is inclusive of headquarter costs.

  • Expanding store network back to 3,000+: like-for-like growth posted in 1H2021 to be supplemented by opening 300-500 VinMart+ (“VMP”) minimarts by year end. New stores projected to deliver break-even EBITDA in 6-12 months due to a revamped and more efficient supply chain model, total commercial margin uplift, and a winning assortment to drive consumer traffic.

  • Phuc Long Kiosk, store-in-store, driving traffic and profitability for VMP: 50 pilot stores to be operational by end June 2021, expected to generate VND5 million additional sales per day in which VCM has a 20% revenue sharing arrangement. Management forecasts 1,100 kiosks will be operational across VMP locations by year end. The additional VND1 million revenue/day (20% of VND5 million per day per kiosk) is expected to enhance EBITDA margins by 4% for each VMP store that has a Phuc Long Kiosk.

  • Online Channel: Management expects to ramp-up online partnership with Lazada to drive grocery as a daily online use case. The initial pilot of 4 hour express delivery from 14 VinMart (“VMT”) supermarkets in HCMC and Hanoi with a winning portfolio of 2,000 pre-selected SKU’s, where fresh products acts as a differentiator, has delivered strong initial results.

Masan Consumer Holdings (“MCH”):

  • Outperforming the FMCG market: posted double-digit top and bottom-line growth in 1H2021, despite overall FMCG market de-growing in 1H2021.

  • Innovations driving the way: growth continues to be driven by innovations launched over the past 8 quarters and management preparing for big innovations as the FMCG market recovers in the back half of the year.

Alibaba Group and Baring Private Equity Asia did not sell its shares as a part of the Transaction. Management still plans to raise an additional USD300-400 million at The CrownX in 2H2021. Further details will be made available as part of Masan Group’s 2nd quarter earnings release, scheduled for 30th July 2021.


Masan Group Corporation (“Masan” or the “Company”) believes in doing well by doing good. The Company’s mission is to provide better products and services to the 100 million people of Vietnam, so that they can pay less for their daily basic needs. Masan aims to achieve this by driving productivity with technological innovations, trusted brands, and focusing on fewer but bigger opportunities that impact the most lives.

Masan Group’s member companies and associates are industry leaders in branded food and beverages, branded meat, modern retail, value-add chemical processing, and financial services, altogether representing segments of Vietnam’s economy that are experiencing the most transformational growth.


The CrownX is a consumer-retail platform that currently consolidates Masan’s interests in MCH and VCM. The company was established with the vision to become a “Point of Life” platform in order to provide more products and services to Vietnamese consumers online and offline.



Tanveer Gill

T: +84 28 6256 3862

E: [email protected]


Van Pham

T: +84 90 9216 292

E: [email protected]

This press release contains forward-looking statements regarding Masan’s expectations, intentions or strategies that may involve risks and uncertainties. These forward-looking statements, including Masan’s expectations, involve known and unknown risks, uncertainties and other factors, some of which are beyond Masan’s control, which may cause Masan’s actual results of operations, financial condition, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You should not rely upon forward-looking statements as predictions, future events or promises of future performance.

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