Recently, Masan (MSN) announced the December 2025 business results for WinCommerce (WCM).
Accordingly, WCM’s 2025 net revenue reached VND 39 trillion, marking an 18.3% increase compared to 2024.
Additionally, the like-for-like (LFL) growth of stores in 2025 rose by 9% compared to the previous year.
In December 2025 alone, WCM’s total revenue hit VND 3,557 billion, a 19% increase year-over-year. The LFL growth for stores in December increased by 8.6% compared to December 2024. Notably, the WinMart+ Rural model saw the highest net revenue growth at 48.8%. However, the WinMart+ Urban model remained the largest contributor to WCM’s net revenue.
In 2025, WCM opened a total of 764 new stores, surpassing the high-end target for the year. This marks the highest number of new store openings in a single year since Masan began operating the WCM chain in 2019. December also recorded the highest number of new store openings in a single month to date.
Of these, 602 new stores were the WinMart+ Rural model, accounting for nearly 80% of the new openings.
The Central region saw 341 new store openings, contributing 45% of the total. Combined with the Northern region, these two areas accounted for 98% of all new store openings, further solidifying WCM’s regional leadership and enhancing its home-field advantage through greater scale and network density.
Overall, the new stores opened in 2025 positively impacted profitability, with 90.3% of new stores surpassing the EBITDA breakeven point at the store level.
WCM exceeded its ambitious target of 700 net new stores in 2025 and is now aiming to open 1,000–1,500 new stores in 2026.
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