EBITDA Continuously Increases for 4 Quarters, WinCommerce Plans to Open 700 More Stores

In 2023, despite the challenges both domestically and internationally, the retail market in Vietnam is gradually becoming a lucrative investment opportunity and a fiercely competitive battleground. Amidst this backdrop, WinCommerce (a subsidiary of Masan Group) emerges as the solution for an optimized store model, expanding networks, and sustaining market share for Vietnamese businesses...



Currently, the total size of the retail market in Vietnam reaches about over 140 billion USD, and it is forecasted to increase to about 350 billion USD by 2025. This number will contribute around 59% of the country’s GDP. The retail sector also has a high growth rate and contributes significantly to the GDP growth of the country, contributing to the structural shift of the economy towards increasing the proportion of the industry and service sectors.

Therefore, the Vietnamese retail market has attracted both domestic and foreign businesses, creating a fiercely competitive market. This is both a challenge and an opportunity for Vietnamese businesses to optimize and improve their business models to gain the trust of domestic consumers.

Accordingly, WinCommerce (WCM), the company that owns the largest retail point in the country, is one of the bright spots in the Vietnamese retail market. In 2023, alongside the “Vietnamese use Vietnamese products” cultural campaign such as developing private labels and maintaining the retail market share for domestic businesses, this company is also actively deploying many strategies to accompany consumers in a challenging economic context.


According to the financial reports of Masan, despite the challenging macro environment, after achieving breakeven EBIT in Q3/2023 (the first time since the COVID-19 period), WCM still achieved profitability in Q4/2023 with a slight increase in EBIT across the entire network and EBITDA margin (Profit before tax, interest, and depreciation) improved to 3.2%, continuously increasing for 4 consecutive quarters since the beginning of the year. The after-tax profit margin (PAT) of the LFL convenience store group (stores opened before 2022 and still in operation) reached 3.7% in Q4/2023.

WCM’s revenue reached VND 30,054 billion in 2023 and VND 7,653 billion in Q4/2023, increasing by 2.3% and 3.0% respectively compared to the same period last year thanks to the positive impact of new store openings, strong growth of converted stores, and successful upgrading of the store model.

Abundant vegetable and fruit area at WinMart Supermarket.


2023 marks an important turning point for WCM when it achieves breakeven EBIT for the first time following the Covid period. In addition, WCM also recorded a positive LNST for the grocery product group in Q4/2023, which is an important milestone for the full-year breakeven LNST of WCM.

Achieving these positive results is attributed to the optimization of retail store models during the past year by WCM.

Accordingly, WCM ended 2023 with 312 convenience stores (WinMart+) increasing the total number of stores nationwide to 3,633, maintaining the position of the largest retail chain in Vietnam. Recognizing the outstanding profitability of the converted stores, WCM accelerated the renovation of these stores.

Throughout 2023, WCM upgraded a total of 1,615 stores, accounting for 46% of the convenience store network. In the second half of 2023 alone, WCM renovated 309 WIN stores and 1,100 rural WinMart+ stores, exceeding the initial plan of 250 WIN stores and 676 rural WinMart+ stores. The new store models all achieved positive results.

Specifically, for the WIN store model, LFL growth reached -4.8% in February 2023 compared to the same period, which increased to +4.9% in December 2023 compared to the same period. Besides, the low-cost store model, rural WinMart+, improved LFL growth from -13.4% compared to the same period in February 2023 to +4.9% in December 2023 compared to the same period.

Contributing to WCM’s positive results is Masan’s internal logistics department, Supra, which effectively handled ~50% of WCM’s goods, helping to reduce costs per unit. Specifically, logistics costs per unit decreased by 11% compared to the same period last year for both dry and fresh products. To improve operational efficiency, WCM and Supra are collaborating to rationalize and digitize the entire supply chain system.

In 2024, WCM expects to achieve net revenue from VND 32,500 to 34,000 billion, increasing by 8-13% compared to the same period of last year. The company plans to open from 400 to 700 new stores. The WIN membership program is expected to boost consumer spending and generate revenue through advertising and consumer insights for brands.

Based on the operating results of the store models, it can be seen that WCM’s business situation is stable and promising for breakthroughs starting this year. This is a clear sign of a sustainable profit model which helps maintain the retail market share for Vietnamese businesses and represents an important milestone that instills confidence in the leadership regarding the continued growth trend in 2024.