WinMart+ Model by Masan Sees 47% Growth in October

Modernizing Retail – Leveraging Market Trends for Advantage

Over the years, Vietnam’s retail market has witnessed the coexistence of two primary distribution channels: traditional trade (General Trade – GT) and modern retail (Modern Trade – MT). While GT remains the backbone, contributing significantly to total retail sales, MT is emerging as a new growth driver, reflecting trends of urbanization, digitalization, and modern lifestyles.

According to reports from Insight Asia and Kantar, MT’s market share in Vietnam reached approximately 27% in 2025 and is projected to rise to 35% by 2030, marking the fastest growth rate in ASEAN. This acceleration is driven by multiple factors: an expanding middle class, rapid urbanization, and a growing demand for convenient and transparent shopping experiences. Insight Asia’s data reveals that 62% of consumers shop at MT channels weekly, while 67% check promotions via apps or digital platforms before making purchases, indicating that MT has become an integral part of new consumer habits.

Government policies are also strongly supporting this trend. The National Domestic Trade Development Strategy by 2030, with a vision to 2045, aims to increase the share of domestic retail goods to approximately 85%, encouraging local retail chains to expand and regulate the market. This macroeconomic framework provides a conducive environment for Vietnamese enterprises to capitalize on the accelerating MT wave.

Beyond major cities, MT is expanding into tier-2, tier-3 urban areas, and rural regions, where significant growth potential remains. With a large population, stable income, and rising consumer demand, these areas are becoming strategic targets for many domestic retail chains.

Accelerated Opportunities for Large-Scale Retail Chains

In this context, WinCommerce (WCM), a member of the Masan Group, stands as one of Vietnam’s leading domestic retail systems, operating nearly 4,500 WinMart/WinMart+ stores nationwide as of October 2025. WCM boasts a well-distributed network across all three regions, with the Central region leading in expansion, adding 261 new stores, nearly 50% of the total new stores opened this year. Notably, 75% of these new stores are WinMart+ Rural outlets, highlighting a strategy to penetrate high-growth consumer areas deeply.

As per the October 2025 update, WCM recorded net revenue of VND 3,458 billion, a 24.7% increase year-on-year, surpassing expectations and marking the highest growth since the year’s start. Cumulatively, in the first 10 months of 2025, WCM’s revenue reached VND 31,900 billion, up 17.4% year-on-year, with like-for-like (LFL) growth at 8.6%, reflecting improved revenue per store.

Remarkably, WCM’s October 2025 LFL growth stood at 12.1% year-on-year, showcasing robust consumer demand recovery across the network. WinMart+ Rural outlets recorded an impressive 47% growth, underscoring the potential of modern retail in non-urban areas, where demand for convenient and transparent pricing is rising. Urban WinMart+ stores maintained steady 15.4% growth, while large-format WinMart supermarkets grew by 10.7%, affirming the brand’s adaptability and appeal across all market segments.

By October, WCM had opened 529 new stores, meeting the annual target of 400–700 stores, with all new outlets reporting positive profits.

WCM’s advantage stems not only from its scale but also from the synergies within Masan’s consumer-retail-technology ecosystem. Direct integration with subsidiaries like Masan Consumer, Masan MEATLife, and Phúc Long Heritage optimizes product portfolios, supply chain management, and real-time consumer data-driven decision-making. This model not only accelerates network expansion but also enhances profit margins through inventory optimization, operational efficiency, and customer loyalty.

The retail modernization wave in Vietnam is gaining momentum, with MT growing faster than any other ASEAN market. Shifts in consumer behavior, government support, and the strength of local ecosystems are creating a foundation for companies like WinCommerce to surge ahead and lead the market. However, challenges persist, including operational cost pressures, shrinking profit margins, and intense competition among modern retail models, requiring continuous optimization and innovation.

In this landscape, WinCommerce is not only expanding its market share but also contributing to Vietnam’s retail modernization, aiming to build a sustainable, modern domestic distribution system that better serves Vietnamese consumers.