According to the Vietnam Supermarket and Hypermarket Industry report (Insight Asia, 9/2025), Vietnam’s Fast-Moving Consumer Goods (FMCG) market is showing a clear recovery after the slowdown in 2023–2024. The total retail scale in 2025 reached $309.7 billion, with modern retail channels accounting for 27% of total revenue, a significant increase from 15% in 2005. Notably, 62% of Vietnamese consumers shop at supermarkets and modern stores weekly, reflecting a return to stable purchasing power and a shift towards modern consumption trends.
In response to this trend, Masan Consumer (UPCoM: MCH), a subsidiary of Masan Group (HOSE: MSN), has proactively adopted a new strategy: implementing the “Direct Distribution” model nationwide. This approach aims to better control the supply chain, data, and efficiency across all sales points.
Q3/2025 Business Results: Clear Signs of Recovery
In Q3/2025, Masan Consumer (UPCoM: MCH) reported revenue of VND 7,517 billion, a 5.9% decrease compared to the same period last year. This reflects the initial phase of implementing the “Direct Distribution” model in traditional trade (GT) channels, a strategic transition that typically requires 3–6 months to stabilize and demonstrate effectiveness.
However, positive signs emerged as the revenue decline significantly narrowed compared to Q2/2025 (-15.1%), indicating a forming recovery trend. Modern trade (MT) channels grew by 12.5%, and exports increased by 14.8% year-on-year, showcasing the company’s operational flexibility amidst the restructuring FMCG market.
During a recent investor meeting, Masan Consumer’s leadership shared that after the nationwide rollout of the “Direct Distribution” project, operational metrics have significantly improved, and the company expects to return to positive growth from Q4/2025.
As of the end of Q3/2025, the average number of active sales points reached approximately 345,000, a 40% increase year-on-year; sales team productivity rose by 50%; and distributor inventory decreased to 15 days (down 8 days year-on-year). These improvements confirm the initial effectiveness of the new model, paving the way for sustainable growth in the next phase.
“Direct Distribution” – Masan Consumer’s New Growth Engine
“Direct Distribution” is an advanced sales model that Masan Consumer began implementing nationwide in 2024. It aims to directly connect with hundreds of thousands of sales points, eliminate intermediary layers, and proactively manage real-time market data.
Unlike traditional models, this approach allows the company to capture real-time consumer demand fluctuations, optimize production, inventory, and promotion plans, and enhance the efficiency of each sales point. It also serves as a foundation for MCH to build a two-way relationship with retailers, who are the direct link to end consumers.
Detailing the new distribution model, Mr. Danny Lê, CEO of Masan Group, stated that the project transforms three key elements: People, Technology, and Connectivity. Specifically, it restructures the workforce into “business representatives” managed by region; introduces new technology and software with order suggestion features; and enables direct connectivity between business representatives and retail points.
According to the company’s latest report, the model is yielding positive results: the average number of products per order reached 3.4 SKUs, a 50% increase year-on-year; sales efficiency in early implementation phases achieved high single-digit growth. Key brands such as CHIN-SU, Omachi, Wake-up 247, and Chanté recorded volume and sales growth surpassing the market, demonstrating the model’s rapid adaptability and effective reach.
From Q4/2025, Masan Consumer plans to complete the nationwide expansion of the Direct Distribution model, expecting revenue to return to positive growth and margin improvement due to a more optimized channel structure. Simultaneously, the company will continue to innovate its product portfolio, particularly in seasoning, convenience foods, and beverages, targeting premium segments and international standards.
In parallel, MCH will continue to premiumize its FMCG portfolio, especially in seasoning, convenience foods, and beverages, leveraging its digitized distribution network to reach consumers faster and more effectively.
The company is also accelerating its IPO listing on HOSE, reinforcing its commitment to transparency and expanding access to global investors. According to Chairman Nguyễn Đăng Quang, integrating the WiN membership program with the WinCommerce retail system and Masan Consumer’s direct distribution model will create a unified consumer-retail ecosystem, serving over 100 million Vietnamese people. This foundation will drive sustainable growth and create long-term value for shareholders.
About Masan Consumer
Masan Consumer (UpCom: MCH) is a subsidiary of Masan Group (HOSE: MSN), Vietnam’s leading consumer-retail enterprise. With a mission to serve consumers, Masan Consumer has continuously innovated to deliver high-quality products that meet the essential needs of millions of families. The company owns a diverse FMCG portfolio across seasoning, convenience foods, beverages, personal care, and household products, featuring well-known brands such as CHIN-SU, Nam Ngư, Omachi, Kokomi, and Wake-up 247. Masan Consumer’s products are present in over 98% of Vietnamese households and are exported to more than 26 countries worldwide, solidifying its position as one of the region’s most profitable FMCG companies.
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