WinCommerce H1 2026 Revenue Up 30%, Beats Masan Retail Plan

Overview

WinCommerce, the retail subsidiary of Masan Group (HOSE: MSN), reported H1 2026 net revenue of nearly VND 23 trillion, up nearly 30% year-on-year, significantly exceeding its full-year growth plan of 15-21%. The company also posted a net profit of about VND 500 billion in 2025 and targets VND 1,000 billion in 2026, signaling a strong turnaround and scaling phase.

Key Facts

• H1 2026 net revenue: nearly VND 23 trillion, up nearly 30% YoY.
• Full-year 2026 growth plan: 15-21% (revenue growth was higher in H1).
• Net profit 2025: about VND 500 billion; 2026 target: about VND 1,000 billion.
• Net store additions in H1 2026: 549, bringing total network to 5,141 points of sale.
• Same-store sales (LFL) growth: 13.8% in H1 2026, marking four consecutive quarters of double-digit LFL growth (Q3/2025 to Q2/2026).
• About 80% of goods ordered via machine learning; target 90% by September 2026.
• Working capital improvement: about VND 1,500 billion over the past two years.

What Happened

WinCommerce, which operates WinMart and WinMart+ retail chains, has undergone a comprehensive restructuring since Masan took over in late 2019. After reaching breakeven in 2024, the company recorded a net profit of nearly VND 500 billion in 2025 and aims for about VND 1,000 billion in 2026, while maintaining high growth during network expansion.

In the first half of 2026, WinCommerce’s net revenue reached nearly VND 23 trillion, up nearly 30% year-on-year, well above its full-year growth plan of 15-21%. The company opened a net 549 new stores in the period, bringing its total network to 5,141 points of sale. Notably, growth was not solely from store expansion: same-store sales (LFL) rose 13.8% in H1, marking four consecutive quarters of double-digit LFL growth from Q3/2025 to Q2/2026.

WinCommerce has been optimizing operations through automation and AI. About 80% of goods are ordered via machine learning, with a target of 90% by September 2026. According to Mr. Phan Nguyễn Trọng Huy, CFO of WinCommerce, by September 2026, 90% of goods will be ordered fully automatically by AI. This has reduced staff workload by 30% and saves about VND 300 billion annually. Inventory optimization has also freed up about VND 1,500 billion in working capital over the past two years, funding store expansion.

Market Context

Masan Group (MSN) closed at VND 68,100 on August 20, 2026. The retail sector in Vietnam has been recovering, with consumer spending gradually improving. WinCommerce’s strong H1 performance, particularly the LFL growth and margin expansion, is a positive signal for MSN, which has been focusing on its retail and consumer ecosystem. The company’s ability to beat its own growth plan suggests robust execution and market share gains.

Strategic Significance

WinCommerce’s performance underscores the success of its data-driven, multi-format retail strategy. By leveraging AI for demand forecasting and automated ordering, the company is not only cutting costs but also improving customer experience and inventory efficiency. The improvement in working capital by VND 1,500 billion provides internal funding for expansion, reducing reliance on external capital. For long-term investors, this indicates that WinCommerce is transitioning from a turnaround story to a scalable growth engine within Masan’s ecosystem, potentially enhancing MSN’s overall valuation.

What to Watch

• Q3 2026 earnings release: confirm continued LFL growth and margin trends.
• Achievement of 90% AI-driven ordering by September 2026.
• Store expansion pace: whether net adds continue at 500+ per half-year.
• Full-year 2026 net profit: whether it reaches the VND 1,000 billion target.
• Any updates on Masan’s broader retail integration or capital allocation plans.