Masan Group's strategy to accompany consumers

ANTD.VN - Amidst unpredictable global economic and political fluctuations, and complex natural disasters and floods, Vietnam's socio-economic situation in the first three quarters of 2024 continued to achieve many positive results.

Statistical indicators show that Vietnam's macroeconomic situation is stable, and inflation is controlled in line with the actual situation. In the third quarter of 2024, the consumer price index increased by 7.02% compared to the same period last year, contributing 59.78% to the overall economic growth rate; asset accumulation increased by 7.08%, contributing 39.03%; exports of goods and services increased by 15.68%; and imports of goods and services increased by 15.84%.

Accordingly, the gross domestic product (GDP) in the third quarter of 2024 increased by 7.40% compared to the same period last year. However, the Ministry of Planning and Investment noted that the economy still faces many difficulties; domestic demand is low; many projects are stalled or hampered, causing the economy's resources to be tied up.

Amidst the economic challenges of 2024, leading consumer and retail businesses such as Masan Group have implemented a series of practical strategies to share the burden and bring tangible benefits to consumers.

As the largest modern retail system in Vietnam in terms of scale, with nearly 4,000 outlets in 62 provinces/cities nationwide, the WinMart supermarket chain and WinMart+/WiN stores, belonging to Masan Group, have developed diverse retail models to serve consumers from urban to rural areas, while providing a wide range of goods at stable prices.

Specifically, this retailer offers over 20,000 items, ranging from fresh and dry goods to personal and household care products, meeting the diverse daily needs of consumers. In line with Vietnam's manufacturing industry, the percentage of domestically produced goods in this retail system exceeds 90%. With effective initiatives and strategies for the benefit of consumers, WinMart has contributed to maintaining the market share of domestic businesses in the highly competitive retail market.

Customers shop for great deals at WinMart supermarket.

Regularly shopping at WinMart supermarket, Ms. Minh Ngoc (Cau Giay, Hanoi) said: “Prices are clearly displayed, quality is guaranteed, the shopping space is clean and airy, the staff are enthusiastic, and the wide variety of goods makes it convenient to choose… These are the reasons I choose to shop at the supermarket, instead of grocery stores or going to the market as I used to.”

In 2024, WinMart not only enhanced the shopping experience but also strengthened its competitive pricing strategy to support consumers. Specifically, the retailer increased cooperation with suppliers to bring high-quality, fresh products at consistently good prices to millions of customers, regularly organized periodic promotions, and implemented the WiN Membership program, offering a 20% discount on WinEco organic vegetables and MEATDeli organic meat. To date, the WiN Membership program has attracted over 10 million customers and is expected to continue growing. Furthermore, Masan's self-developed Supra supply chain has helped WinMart/WinMart+/WiN increase supply efficiency, shorten transportation times, and reduce logistics costs by 11% - 13%.

Consumers choose to buy chilled meat at the supermarket.

In the consumer goods sector, with over 28 years of operation, Masan Consumer – a member company of Masan Group – has penetrated almost every corner of the Vietnamese market, serving 98% of Vietnamese households. Masan Consumer has close relationships with over 340,000 traditional retailers, 6,000 modern commercial outlets, and owns 5 strong brands with annual revenues exceeding US$100 million. At the end of Q3 and the first nine months of 2024, Masan Consumer recorded double-digit growth in both revenue and profit. Specifically, after-tax profit for Q3 and the first nine months of 2024 increased by 14.5%, reaching VND 2,072 billion, and by 13.8%, reaching VND 5,474 billion, respectively.

To meet ever-changing consumer demands, Masan Consumer has continuously enhanced its Research and Development (R&D) capabilities to introduce the highest quality products to consumers. The speed of launching innovative products is also a significant advantage of Masan Consumer compared to other companies. For multinational corporations, the average time to launch a new product is about 24 months. For Masan Consumer, some products take only 2 months from planning to reaching consumers. “Our products stem from passion and intelligence, aiming to introduce the best quality products to the market as quickly as possible,” a representative from Masan Consumer shared.

Vietnamese products account for over 90% at WinMart.

In keeping with social development, in November 2024, as part of the community project series "One Million Meals with Meat," CHIN-SU – a "Love Brand" of Masan Consumer – collaborated with the Fund for Poor Children in Highland Areas and professional chefs to bring a "giant pan of rice with meat" to Tan Tien Primary School, Ban Pe, Lang Son.

CHIN-SU's "One Million Meals with Meat" project aims to provide nutritional support for children in disadvantaged areas, not only by offering warm and loving meals to encourage them to attend school more regularly, but also by promoting their holistic development in terms of physical health, stature, and intelligence on their journey to acquire knowledge for the future.

In October 2024, Masan Group was honored as one of the Top 10 Strong Brands – Outstanding Business Groups of 2024. Accordingly, Masan was recognized as a company achieving breakthrough and sustainable growth, contributing to the overall development of the national economy. In the third quarter of 2024, Masan Group's net revenue reached VND 21,487 billion, an increase of 6.6% compared to VND 20,155 billion in the third quarter of 2023. Notably, net profit attributable to minority shareholders reached VND 701 billion, an increase of 1,349.2% compared to the same period last year.

Source: https://www.anninhthudo.vn/chien-luoc-dong-hanh-cung-nguoi-tieu-dung-cua-masan-group-post597272.antd