Masan breaks through thanks to domestic demand

In 2025, domestic consumption will continue to be the main driving force of Vietnam's economy . According to the General Statistics Office, total retail sales of goods and consumer services in August reached VND588.2 trillion, up 10.6% over the same period in 2024.

This strong recovery was driven by improved incomes, stimulus policies and increased demand during major holidays.

WinCommerce: Growth beyond plan, expansion to rural areas

According to the report, WCM achieved revenue of VND3,573 billion in August, up 24.2% compared to the same period in 2024. Accumulated revenue in the first 8 months of the year reached VND25,000 billion, up 16.1% - far exceeding the initial target of 8-12%. Sales at existing stores (LFL) grew 8.2%, with August alone reaching 11.9% - a level much higher than the historical average.

The strategy of expanding into rural areas has brought clear results. In 8 months, WCM opened 415 new stores, basically completing the annual target (400-700 stores). Notably, about 75% of the new stores are WinMart+ in rural areas, of which the Central region accounts for nearly half. The fact that the stores quickly reach the break-even point and generate profits reflects the suitability of the modern retail model with the consumer trend towards safe, convenient and traceable products.

Masan bứt phá nhờ sức cầu nội địa- Ảnh 1. — Meat Deli chilled meat products are very popular with consumers.

Masan MEATLife: Promoting contributions to the ecosystem

In parallel with WCM, Masan MEATLife continues to take advantage of the "eat well - live well" trend. As of July 2025, each WCM store consumes an average of VND 2.3 million of MML products per day. With nearly 4,200 stores in the system, potential revenue from MML can reach VND 9.5 billion/day - proving the great growth potential of processed meat in modern retail channels.

MML's meat sales proportion in the WCM system also increased rapidly: from 49% in 2023 to 55% in 2024, reaching 62% in the second quarter of 2025 and up to 69% in July 2025. To meet increasingly stringent demands, MML continues to develop a closed 3F (Feed - Farm - Food) value chain, ensuring quality control from animal feed, farm to processing and distribution. This model helps MML affirm its position as a supplier of safe, traceable and consistent quality meat.

Driven by domestic demand

The success of WCM and MML reflects the overall market trend. Factors such as VAT reduction, rising basic wages, and the shift from traditional markets to modern retail channels are driving consumption. In addition, the extended National Day holiday, vibrant tourism and services in August also added to the demand.

Vietnam is approaching the threshold of GDP per capita of 5,000 USD – a milestone often associated with higher consumer demand, especially in value-added products. This is a favorable opportunity for Masan to continue expanding in both urban and rural areas.

However, the retail market remains competitive. The entry of international corporations and the expansion of domestic chains have increased operating costs, from rental space, logistics to personnel. Therefore, Masan needs to maintain a balance between expansion speed and cost management to ensure long-term profits.

Positive outlook

The consumption picture in the first 8 months of 2025 shows a clear recovery, with total retail sales of goods and services increasing by 9.4% over the same period. Masan's advantage lies in the synergy between its business segments: WCM expands its retail network, MML provides quality meat products, together with Masan Consumer and other units to create a closed ecosystem, fully meeting needs from essential to high-end.

In the stock market, MSN shares are also positively evaluated by analysts. KBSV sets a target price of VND100,000/share based on the stable growth of Masan Consumer, WCM and MML. VCBS recommends BUY with a target price of VND93,208/share. Meanwhile, VCI believes MSN is a typical stock in the consumer - retail industry, supported by network expansion and product portfolio optimization, with a target price of VND101,000/share.

Overall, with its inherent strength and favorable economic context, Masan is well positioned to maintain its growth momentum in the coming time, while continuing to lead the trend of modern retail and processed meat in Vietnam.

International perspective and consumer companionship

Not only recognized by the domestic market, the success of WinCommerce (WCM) and Masan MEATLife (MML) has also attracted attention from international observers. In many recent analysis reports, international financial institutions and market research companies have assessed Vietnam as one of the most dynamic retail markets in Southeast Asia, with high growth rates and increasing demand for safety and transparency.

Experts say WCM's aggressive expansion strategy, especially in rural areas, is what differentiates it. This is a segment that many foreign corporations find difficult to penetrate due to cultural barriers and distribution networks. WCM's ability to quickly bring the modern retail model closer to consumers in remote areas helps Masan create a sustainable "competitive buffer zone" while affirming its deep understanding of local consumer behavior.

With MML, the 3F value chain model is considered by international experts as a typical "case study" for the food industry in emerging markets. Comprehensive control from input materials to retail not only ensures quality, but also creates a clear difference compared to most businesses in the region that only focus on processing or distribution. Thanks to this, MML's processed meat products are increasingly trusted by customers, considered a safe choice and long-term companion.

From the consumer perspective, the love for WCM and MML products is reflected in the high level of loyalty. Ms. Dang Thi Thuy (residing in Do Luong commune, Nghe An province) said: "I am very satisfied and appreciate the convenience of being able to find fresh, safe and traceable products right at the store near my home. Especially in rural areas, having a modern point of sale like WinMart+ helps me save time, feel more secure about the quality of goods, and at the same time access products at reasonable prices."

Meanwhile, urban customers prefer MML's processed meat products because of their convenience and suitability to a busy lifestyle. Ms. Nguyen Phuong Du (residing in Phuong Liet ward, Hanoi city) believes that the combination of safety, deliciousness and balanced nutritional value helps MML build the image of a "companion in the modern kitchen" of her family.

Overall, from positive feedback on social media to point-of-sale surveys, the majority of customers confirmed that they will continue to choose WCM and MML in their daily consumption habits.

On September 20, at the Vietnam Exhibition Center, more than 20,000 audiences joined in the V Fest - Vietnam Today music festival organized by Vietnam Television, with the support of Masan Group (Masan Group - MSN).

At the V Fest – Vietnam Today event, Prime Minister Pham Minh Chinh emphasized the role of culture as the spiritual foundation and endogenous strength of the nation. At the same time, he highly appreciated the program for connecting tradition and modernity, many generations of artists, demonstrating Vietnamese intelligence, identity and pride, affirming the development orientation of the cultural and entertainment industry.

Accompanying this year’s event is Masan Group (MSN). The company representative said that participating in large-scale cultural activities is part of its commitment to community development, in addition to its core business strategy, aiming to spread Vietnamese cultural values and aspirations.

Vinh Hoang

Source: https://baochinhphu.vn/masan-but-pha-nho-suc-cau-noi-dia-102250922205146267.htm