Shoppers at WinMart, part of Masan Group’s retail network, showcasing the brand’s strong consumer engagement.
During the weekend trading session on September 19th, which marked the deadline for three ETFs—VanEck, Xtrackers, and Fubon—to finalize their portfolio adjustments, Masan Group’s MSN stock attracted significant foreign investment. Foreign investors purchased nearly 5.9 million MSN shares in this session alone. Notably, VanEck Vectors Vietnam ETF increased its MSN holding to 7.15%, equivalent to over 13 million shares.
This surge in foreign interest highlights MSN’s appeal, driven by two key factors: first, the company’s robust operational performance and growth potential across its core business segments; and second, favorable market catalysts within Vietnam’s equity landscape.
Intrinsic Growth Drivers from Core Operations
Masan’s investment appeal stems from the strong performance and market leadership of its subsidiaries. MSN operates a vertically integrated consumer-retail ecosystem, encompassing Masan Consumer (UPCOM: MCH), WinCommerce (WCM), Masan MEATLife (UPCOM: MML), Masan High-Tech Materials (UPCOM: MSR), and Phúc Long Heritage (PLH).
WinCommerce’s growth trajectory has been increasingly positive across quarters. In Q1/2025, revenue reached 8.785 trillion VND, up 10.4% YoY. Q2 saw a jump to 9.130 trillion VND, a 16.4% increase. The first two months of Q3 showed remarkable growth: July hit 3.486 trillion VND (+23%), followed by August at 3.573 trillion VND (+24.2%).
For the first eight months, WCM’s revenue totaled 25 trillion VND, a 16.1% YoY increase, surpassing the annual target of 8-12%. All new stores opened this year have turned profitable, marking the fourth consecutive profitable quarter for WinCommerce in Q2/2025.
This growth is fueled by an effective store expansion strategy. In eight months, WCM launched 415 new stores, reaching 4,243 nationwide. Of these, 300 were rural WinMart+ outlets, comprising 75% of new openings, with the Central region accounting for nearly 50%. This underscores the focus on rural expansion. Same-store sales growth (SSSG) hit 12% in August, reflecting improved operational efficiency.
WinMart supermarket in Ho Chi Minh City, exemplifying Masan’s modern retail footprint.
Masan MEATLife leads Vietnam’s branded fresh meat market, leveraging its direct integration with WinCommerce’s retail network. Its products are distributed through thousands of WinMart/WinMart+ outlets, ensuring a stable sales channel.
In August 2025, Masan MEATLife reported strong performance with 14,007 tons sold (+12.9% YoY) and net revenue of 999 billion VND (+11.1%), driven by steady demand and growing modern trade contributions.
Fresh meat counters at WinMart, a key driver of Masan MEATLife’s growth.
Masan Consumer, a core profit contributor, owns iconic brands like CHIN-SU, Omachi, and Kokomi. Its export revenue surged over 35% in H1/2025, driven by strong demand in Asian markets such as South Korea and Japan.
For H2/2025, Masan Consumer aims to expand export reach while premiumizing products and optimizing domestic distribution.
Consumers shopping Masan Consumer products, reflecting brand loyalty.
Masan High-Tech Materials benefited from high commodity prices for tungsten (APT), bismuth, copper, and fluorspar. In H1/2025, revenue reached 3.007 trillion VND, up 20% YoY on an SSS basis.
Phúc Long recorded 858 billion VND in revenue (+10.3% YoY) and 86 billion VND in net profit (+63.5% YoY) in H1/2025, driven by strong delivery channel growth and food sales. As of Q2/2025, Phúc Long operates 184 flagship stores nationwide, with plans to open 13 more in H2, including 8 in Hanoi.
Market Catalysts
External market developments further bolster MSN’s prospects.
Deputy Prime Minister Hồ Đức Phớc approved Decision 2014/QĐ-TTg on September 12, 2025, aiming to upgrade Vietnam’s stock market to FTSE Russell’s Secondary Emerging status by 2025.
This upgrade will unlock two capital inflow streams: passive and active. Passive flows from index-tracking ETFs are estimated at $1.5 billion (0.5% FTSE EM weighting). Active funds could contribute significantly more, with total inflows potentially reaching $10.4 billion under optimistic scenarios.
MSN is well-positioned to capture these flows, meeting key criteria: large capitalization, high liquidity, and 75% foreign ownership room.
Additionally, Masan plans to list its MCH subsidiary on the Ho Chi Minh City Stock Exchange (HOSE), enhancing liquidity and visibility. This could lead to MCH’s revaluation, positively impacting Masan’s overall valuation.
MSN’s appeal lies in its proven operational excellence across core segments and its strategic position to benefit from Vietnam’s market upgrades.
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