Mr. Nguyễn Đăng Quang, Chairman of Masan Group, shared: “The third-quarter results mark a significant milestone for Masan in our journey to modernize Vietnam’s consumer and retail sector sustainably and profitably. We aim to create strong synergies by developing a unified membership program, connecting WinCommerce’s modern retail network with Masan Consumer’s direct distribution model. This will enhance our reach and efficiency in serving traditional retail points nationwide. Our goal is to connect brands, retailers, and consumers, both online and offline, to fully meet the needs of over 100 million Vietnamese people. This will be a solid foundation for sustainable growth and long-term value creation for shareholders.”
In the consolidated report, MSN’s third-quarter revenue reached VND 21,164 billion, up nearly 10% year-on-year on a comparable basis (excluding H.C. Stark (HCS) in 2024 for equivalent comparison with 2025 data). After-tax profit was VND 1,866 billion, up 43%.
For the first nine months, MSN’s revenue totaled VND 58,376 billion, up 8% year-on-year on a comparable basis. After-tax profit reached VND 4,468 billion, up 64%, achieving over 90% of the full-year target. Growth was driven by strong profit performance at WCM, MML, PLH, improved contributions from TCB, and the deconsolidation of H.C. Starck (HCS), despite MCH being in the early stages of refining its new distribution model and a slight increase in net financial costs.
At WinCommerce (WCM), third-quarter revenue was VND 10,544 billion, up 23% year-on-year. Net profit reached VND 175 billion, up 8.7 times, with a 1.7% profit margin. This was driven by an 11% and 10% like-for-like (LFL) revenue growth for mini-supermarkets and supermarkets, respectively.
Nine-month revenue was VND 28,459 billion, up 17%. Net profit was VND 243 billion, fueled by LFL revenue growth and network expansion in Central Vietnam with WinMart+ stores.
Since the beginning of the year, WCM has opened a net of 464 stores, exceeding the base target and on track to meet the high-end scenario by year-end. Notably, over 80% of new stores have reached EBITDA breakeven, solidifying WCM’s position as Vietnam’s most profitable modern retailer by store count, with approximately 4,500 stores expected nationwide by year-end.
Masan Consumer (UPCoM: MCH) reported third-quarter revenue of VND 7,517 billion, down 6% year-on-year, with a 24.2% EBIT margin. Nine-month revenue was VND 21,281 billion, down 3%. EBIT was VND 4,965 billion, down 4%. Net profit was VND 4,660 billion, down 16%, impacted by the nationwide rollout of the “Direct Distribution” model in traditional trade (GT). However, results improved month-on-month and quarter-on-quarter, setting the stage for future growth.
As of Q3/2025, the average number of active retail points reached nearly 345,000, up 40% year-on-year, while sales team productivity improved to 102 retail points per salesperson per quarter, up 50%.
Looking ahead, the comprehensive expansion initiated in Q3/2025 is expected to return MCH to positive revenue growth. Coupled with product innovation initiatives in upcoming quarters, MCH has outlined a clear roadmap for margin improvement and sustainable growth from 2026 onward.
Masan MEATLife (MML) reported third-quarter revenue of VND 2,384 billion, up 23% year-on-year. EBIT was VND 144 billion. Net profit was VND 101 billion, up 5.7 times. Nine-month revenue was VND 6,794 billion, up 25%. EBIT was VND 310 billion, up 5.7 times. Net profit was VND 466 billion, driven by efficient operations across livestock, fresh meat, and processed meat segments, strengthened collaboration with WCM, and optimized pork value.
Phuc Long Heritage (PLH) reported third-quarter revenue of VND 516 billion, up 21% year-on-year, with a 10.8% net profit margin, up 2.1 times. Nine-month revenue was VND 1,373 billion, up 14%. Net profit was VND 141 billion, up 80%. Growth was driven by the food segment, including cakes, ice cream, and yogurt, up 45%, cementing its role as a new revenue driver.
Delivery channel revenue grew 21% year-on-year in Q3/2025, accounting for 33% of retail revenue, up 540 basis points year-on-year, expanding consumption occasions beyond stores. PLH launched a brand repositioning campaign in Q3/2025, during which it opened 6 new stores and closed 1, bringing the total to 189 stores nationwide. Overall, the campaign marked a key milestone in PLH’s restructuring, with average daily LFL revenue reaching VND 23.5 million, up 9%.
Masan High-Tech Materials (MHT) reported third-quarter revenue of VND 2,041 billion, up 33% year-on-year on a comparable basis. Net profit was VND 5 billion. Nine-month revenue was VND 5,048 billion, up 25% on an LFL basis. Net profit was -VND 211 billion, driven by improved operational efficiency, higher commodity prices, lower unit production costs, and the deconsolidation of H.C. Starck (HCS).
Techcombank (TCB) contributed VND 1,242 billion to Masan’s profit in Q3/2025, up 9% year-on-year.
Second-Half 2025 Plan
MSN’s strategic focus remains on revenue and profit growth, centered on its core consumer and retail business. MCH aims to return to double-digit revenue growth while maintaining high profitability. WCM will focus on profitable growth by accelerating store openings while sustaining strong LFL growth.
Masan is prioritizing digital transformation as a core strategic pillar in building an integrated consumer and retail platform. At WinCommerce, the company is developing a unified system to digitize the entire operational cycle, from supply chain and commercial operations to store management, covering goods, data, cash flow, and workflows. By centralizing functions like demand forecasting, inventory replenishment, promotions, and task management on a unified data platform, WCM aims to enhance operational efficiency, optimize costs, and ensure consistency across its 4,500-store network. Even saving 1 minute per process at this scale yields significant cost benefits and allows front-line staff to focus more on serving consumers.
MCH aims to regain growth momentum through strategic initiatives and a fully digitized supply chain. In the second half of 2025, MCH will focus on four key areas: (1) revitalizing the seasoning portfolio with upgraded products and a strengthened distribution network; (2) boosting brand strength and recovery in the convenience food segment, particularly Omachi and Kokomi; (3) expanding the beverage portfolio with new flavors and relaunching BupNon Tea365 to drive category growth; and (4) scaling the modernized Direct Distribution model post-nationwide rollout to increase retail point penetration, enhance sales efficiency, and accelerate revenue recovery across all categories.
WCM will maintain its current network expansion pace to meet year-end store count targets while rigorously controlling costs to ensure full-year profit efficiency. It will accelerate new store openings with 400-700 mini-supermarkets in 2025, focusing on regional concentration.
MML will drive innovation in processed meat, focusing on enhancing pork value through increased usage in processed products and optimizing by-product value. It aims to raise the value of each slaughtered pig to VND 10 million, up nearly 10% year-on-year, by maximizing utilization. Continued investment in processed meat targets a 36-37% contribution to MML’s sales. The launch of “Meat Corner” within WCM aims to increase processed meat sales share from 16.7% to 20% in 2025, with a long-term target of 40%.
PLH will continue boosting food product contributions to total revenue as a key growth driver while expanding its network and increasing average daily revenue to strengthen its position in Hanoi.
MHT expects to benefit from favorable pricing trends for tungsten, fluorspar, and copper while maintaining cost discipline. It remains actively engaged in deconsolidation discussions.
– 11:20 27/10/2025
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