The Ultimate Guide to Masan’s Retail Revolution: Unlocking the Potential of Vietnam’s Retail Landscape

WinCommerce (WCM), the retail arm of Masan Group, is poised for growth and modernization in Vietnam’s retail market, with a particular focus on rural areas, which comprise over 60% of the country’s population and are witnessing a rapid shift in consumer behavior.

Sustaining Profitability

Amid global trade tensions and tariffs, domestic consumption is expected to be a crucial driver for Vietnam’s economic growth. According to the Ministry of Industry and Trade, the Vietnamese retail market was valued at $142 billion in 2023 and is projected to reach $350 billion by 2025, contributing 59% to the country’s GDP. The government is determined to achieve economic growth of 8% or higher this year, which will improve people’s income and spending power, fueling consumer demand and boosting the retail sector.

This positive outlook bodes well for retailers like WinCommerce, which is well-positioned to benefit from this trend. The company reported positive financial results in the first quarter of 2025, with a 10.4% year-on-year increase in revenue. This growth was driven by a 7.8% increase in like-for-like (LFL) sales across its mini-supermarket network, with WinMart+ Rural stores achieving an impressive 13.5% LFL growth. The average daily revenue of WiN, WinMart+ Rural, and WinMart+ Urban stores also increased by 9.1%, 16.7%, and 8.2%, respectively, compared to the same period last year.

WinMart+ store in Vietnam

This growth is attributed to increased customer footfall, indicating strong consumer engagement and the potential for network expansion. Notably, rural areas, home to over 60% of Vietnam’s population, are emerging as a key growth driver for the company.

In April 2025, WCM strengthened its presence by opening 100 WinMart+/WiN stores across major cities and neighboring provinces. The new models introduced in four supermarkets in Hanoi and Ho Chi Minh City, including WinMart Xa La Ha Dong, WinMart Luong Yen, WinMart Truong Dinh, and WinMart Diamond, have been well-received by customers.

2025: Network Expansion and Retail Modernization

WCM aims to open an additional 800–1,000 stores in 2025, bringing the total count to over 4,500. Notably, about 70% of these new stores will be located in rural areas, leveraging WCM’s low-cost, high-efficiency model. This expansion strategy aligns with the consumption trends of over 60 million rural dwellers who are rapidly transitioning from traditional to modern retail channels but lack an efficient and convenient distribution system.

WinCommerce’s modern retail network expansion in Vietnam

Following a period of restructuring, WCM has successfully developed distinct store models catering to the needs of different regions. WinMart+ Rural focuses on offering competitive prices to price-conscious consumers in rural areas, while WiN urban stores prioritize convenience for busy city dwellers. Both models are committed to providing an exceptional customer experience and high-quality fresh produce across their networks.

These new store models have achieved market-leading financial performance and the lowest breakeven points thanks to operational improvements implemented since 2019. Over five years, the average CAPEX and OPEX per store have been reduced by 30%, while gross profit margins have increased by 7%. As a result, store-level EBIT (excluding head office costs) has improved significantly, from -15% in 2019 to +4.4% in 2024, solidifying WCM’s mini-supermarket model as a sustainable profit pillar.

WinCommerce’s efficient and profitable mini-supermarket model

These positive figures underscore that WCM’s mini-supermarket model is not only growing but also achieving early and sustainable profitability.

Additionally, WCM is piloting the WiN+ model, partnering with traditional grocery stores to offer essential products, financial services, membership benefits, and technology-enabled management. This model expands WCM’s reach in rural areas, reduces initial investment costs, and broadens its customer base.

Traditional retail channels still dominate in rural areas, accounting for over 80% of the market share. WCM’s expansion and adoption of technology-driven management will “modernize” the retail landscape in these regions, meeting the evolving needs of consumers for safe food, traceable products, and convenient services.

WinCommerce’s technology-driven strategy for retail modernization

To accelerate the modernization of the retail industry, WCM has embarked on a “Go Digital” strategy, aiming to automate its entire network of 8,000 future stores. Technology enables real-time store performance monitoring, personnel optimization, and personalized promotions for over 11 million WiN members. The company plans to roll out an enhanced membership program nationwide in the second half of 2025, including additional services such as banking agencies, to realize the “Point-of-Life” model, transforming each WCM sales point into a lifestyle services hub.

Following a successful restructuring and profitable 2024, WCM enters 2025 with an impressive expansion pace and a clear focus: profitable growth and retail modernization.