Masan posts steady gains as Vietnam targets stronger retail growth

December 10, 2025 | 18:58

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Vietnam’s push for stronger retail growth by 2030 is being matched by improving performance in the country’s major consumer groups.

Photo: Masan Group

On November 25, Masan Group reported third-quarter 2025 revenue of more than $833.6 million, up nearly 10 per cent on-year, with net profit rising 1.4-fold. For the first nine months, consolidated revenue reached $2.3 billion, an 8 per cent increase driven by solid contributions from WinCommerce, Masan Meat Life, and Phuc Long, according to the company.

WinCommerce recorded third-quarter revenue of nearly $416 million, up 22.6 per cent on-year, and nine-month revenue of $1.12 billion, driven by its network expansion in the central region through the rollout of WinMart+ stores.

Since the beginning of the year, WinCommerce has opened hundreds of stores, surpassing its base target and moving towards achieving the high-growth scenario by year-end. More than 80 per cent of the newly opened stores have reached the break-even point, reinforcing its position as Vietnam's most profitable modern retailer by store scale, with around 4,500 outlets expected nationally by the end of the year.

Masan Meat Life posted third-quarter revenue of $93.9 million and nine-month revenue of $267.5 million, up 24.7 per cent, driven by higher sales volumes across its livestock, fresh meat, and processed meat segments, strengthened collaboration with WinCommerce, and optimised pork value.

Meanwhile, Phuc Long reported third-quarter revenue of $20.3 million, up 21.2 per cent on-year, and nine-month revenue of $54.1 million, an increase of 14.1 per cent, with growth driven by its food segment, including pastries, ice cream, and yogurt.

“The third quarter results mark an important milestone in Masan's journey to comprehensively modernize Vietnam's consumer and retail sectors in a sustainable and profitable manner,” said Nguyen Dang Quang, chairman of Masan Group.

“We expect to create strong synergies by developing a unified membership that connects WinCommerce's modern retail network with Masan Consumer's direct distribution model. Our goal is to link brands, retailers, and consumers, both online and offline,” he added.

Many other major retailers in the market, including Mobile World, FPT Retail, and Phu Nhuan Jewellery (PNJ), also reported strong business performance in the third quarter and the first nine months of this year.

Mobile World Investment Corporation (MWG) achieved its highest-ever quarterly performance, with revenue reaching $1.57 billion and profit after tax totalling $70 million, up 24 per cent and 2.2 times on-year, respectively. For the first nine months of 2025, MWG recorded total revenue of $4.47 billion, representing a 14 per cent increase compared to the same period last year.

FPT Retail, which operates the FPT Shop and Long Chau chains, has also maintained strong growth momentum. The company reported $1.42 billion in revenue over the first nine months, up 26 per cent on-year, including $515 million in the third quarter alone, a 26.3 per cent increase from last year's figure.

Meanwhile, jewellery retailer PNJ, one of the few major players outside the essential goods segment, delivered an impressive performance with third quarter revenue of $320 million, up 14.1 per cent, and after-tax profit of $19.5 million, marking a remarkable 130 per cent on-year surge.

In line with this strong corporate performance, the government's approval of the retail market development strategy to 2030 lays the foundation for a more resilient, modern, and sustainable retail ecosystem in Vietnam.

The strategy aims to develop a modern and sustainable retail market that effectively connects production with consumption, boosts domestic purchasing power, stimulates demand for Vietnamese products in international markets, and creates a foundation for Vietnamese retailers to integrate more deeply into the global retail landscape.

In addition, policies for retail market development will be gradually refined, encouraging Vietnamese enterprises to innovate and evolve in line with modern global retail models. In this context, many international retail corporations are expanding their presence in Vietnam, viewing it as a strategic market within Southeast Asia.

South Korea's Lotte Group has identified Vietnam as its third most important market, after South Korea and Japan. The group plans to open an additional 2-3 large-scale shopping malls in major Vietnamese cities by 2030. This move is part of its broader strategy to achieve approximately $2.2 billion in overseas revenue by 2030.

Similarly, Central Retail from Thailand has reaffirmed its strong commitment to the Vietnamese market. In June, the company announced an investment plan of approximately $1.38 billion through 2027 to accelerate growth. The strategy includes expanding its food retail and shopping mall business models in Vietnam.

Suthisarn Chirathivat, CEO of Central Retail, remarked that Vietnam is a highly dynamic country with a large population, a market that the company needs to closely monitor.

“Central Retail aims to become the top omnichannel retail platform in the food and commercial real estate sectors in Vietnam, targeting revenue of approximately $2.8 billion over the next five years, while doubling the share of omnichannel sales to 15 per cent,” he said.

According to international market research and consulting firm Mordor Intelligence, Vietnam's retail market is experiencing robust growth, with its size projected to reach $309 billion by the end of 2025 and approximately $546 billion by 2030. Modern retail accounts for 12-15 per cent of the market share, leaving considerable room for businesses to expand and transform their business models.