Masan's WinCommerce Turns Profitable, Targets VND 1,000B in 2026

Overview

Masan Group’s (MSN) retail subsidiary WinCommerce has turned profitable, reporting nearly VND 500 billion in net profit for 2025 and targeting VND 1,000 billion in 2026. The chain, which operates WinMart and WinMart+ stores, saw Q1/2026 revenue increase 29% year-on-year and same-store sales grow 14%, with total store count exceeding 5,000. This marks a significant turnaround from pre-2020 losses of nearly VND 4,000 billion.

Key Facts

• WinCommerce reported net profit of nearly VND 500 billion in 2025, after breaking even in 2024.
• The chain targets net profit of approximately VND 1,000 billion in 2026.
• Q1/2026 revenue grew 29% year-on-year; same-store sales (LFL) rose about 14%.
• Store count exceeded 5,000 nationwide, nearly double the level at end-2019.
• WinCommerce had accumulated losses of nearly VND 4,000 billion before 2020.
• UBS estimates WinCommerce’s EBITDA share of Masan’s consolidated EBITDA (ex-Techcombank) will rise from ~15% in 2025 to ~25% by 2028.
• Working capital cycle improved to negative 7 days as of end-Q1/2026, meaning cash is collected before supplier payments.
• WinMart+ rural stores require only about USD 30,000 per outlet with a payback period under two years.

What Happened

Masan Group disclosed that WinCommerce achieved profitability in 2025, with net profit of nearly VND 500 billion, following a break-even in 2024. The company has set a target of approximately VND 1,000 billion in net profit for 2026. The announcement came from Masan’s management, highlighting the successful restructuring of the retail chain since its acquisition in late 2019.

In Q1/2026, WinCommerce’s revenue grew 29% year-on-year, while revenue per existing store increased by about 14%. The chain now operates over 5,000 stores across Vietnam, nearly double the number at the end of 2019. Masan emphasized that growth has not come at the expense of efficiency, citing improved working capital and store-level economics.

Market Context

MSN shares closed at VND 67,900 on July 13, 2026, on HOSE. The retail sector in Vietnam has seen mixed performance, with consumer spending recovering gradually. WinCommerce’s turnaround is notable given the chain’s historical losses and the competitive retail landscape dominated by players like Saigon Co.op and foreign entrants. The improved profitability and cash flow generation could support Masan’s broader consumer ecosystem strategy.

Strategic Significance

WinCommerce is central to Masan’s Consumer Operating System, serving as a distribution platform for Masan Consumer products and other brands. The chain’s improved efficiency reduces the time-to-market for new products and enhances the overall ecosystem’s economics. The negative working capital cycle and low capital intensity of rural stores (USD 30,000 per outlet) provide a self-funding expansion model, reducing reliance on parent company support or external debt. UBS’s projection that WinCommerce will contribute 25% of Masan’s EBITDA by 2028 underscores its growing importance as a profit driver.

What to Watch

• Q2/2026 earnings release for WinCommerce to confirm sustained revenue and profit momentum.
• Store expansion pace, particularly in rural areas via the WinMart+ model.
• Any updates on Masan’s overall debt levels and capital allocation plans.
• Competitor responses, especially from Saigon Co.op and international retailers.
• Changes in consumer spending trends in Vietnam that could impact same-store sales.