Modern Meat Processing and Retail Industry Stands Out in the Consumption Landscape

In 2025, domestic consumption will continue to be an important driving force of the Vietnamese economy . According to the General Statistics Office, total retail sales of goods and consumer services revenue in August reached VND588.2 trillion, up 10.6% over the same period last year. This strong recovery was supported by improved incomes, stimulus policies and increased consumer demand during major holidays.

In the context of a growing general market, Masan Group (HoSE: MSN), a leading consumer-retail enterprise, recorded positive results in its core segments. Accordingly, the retail segment - WinCommerce (WCM) and the meat segment - Masan MEATLife (MML) both grew positively in July and August 2025, exceeding the set plan. These results reflect the resilience of the domestic market and the effectiveness of the expansion strategy, while also demonstrating the increasingly important role of the Masan ecosystem in meeting consumer needs.

WinCommerce: Expansion Plan Completed, New Stores Are Profitable

According to the latest business report, in August 2025, WCM recorded revenue of VND 3,573 billion, an increase of 24.2% over the same period last year. Cumulatively, in the first 8 months of the year, revenue reached VND 25,000 billion, an increase of 16.1% over the same period in 2024, far exceeding the planned growth target of 8-12%. Notably, same-store sales (LFL) in the 8 months increased by 8.2%, and in August alone, it reached 11.9%, much higher than the average of the previous period, reflecting the actual demand from the existing system.

The strategy of focusing on expanding the network in rural areas continues to bring clear results. In the first 8 months of the year, WCM opened 415 new stores, completing the annual base target (400-700 stores). Of which, 300 stores belong to the rural WinMart+ model, accounting for about 75% of the new openings. The Central region alone accounts for nearly 50% of the new stores, affirming the key role in the business's expansion strategy.

The fact that WinMart+ stores in rural areas quickly break even and become profitable shows that the modern retail model is suitable for changes in consumer habits, where people increasingly prioritize safe, convenient products with clear origins.

Masan MEATLife: increasing contribution to the ecosystem

While WCM expands its coverage, Masan MEATLife (MML) records positive results thanks to the "eat well - live well" consumption trend. In July 2025, the average revenue at each WCM store from MML products reached about 2.3 million VND/day. If expanded to all nearly 4,200 stores, the daily revenue scale could reach nearly 9.5 billion VND, showing significant growth potential from the modern retail channel.

Notably, MML's contribution to total meat revenue at WCM continues to increase, from 49% in 2023 to 55% in 2024, 62% in the second quarter of 2025, to 69% in July 2025. This trend affirms MML's growing role in Masan's distribution system.

To meet consumer expectations, MML continues to deploy an integrated 3F (Feed - Farm - Food) value chain, including livestock farms, processing plants and a modern distribution system. This closed chain allows for quality control from input to finished products, in line with the increasing demand for safe food with clear origins.

Resilience from the domestic market

The positive growth results of WCM and MML are in line with the general market trend. The policy of reducing VAT, increasing basic salary and the shift from traditional markets to modern retail channels are driving factors. At the same time, the National Day celebration on September 2 and the vibrant tourism and service activities in August have created additional impetus for shopping demand.

Vietnam is approaching the $5,000 GDP per capita mark, a threshold often associated with a boom in high-value product consumption. This is a favorable context for Masan to continue exploiting growth opportunities in both urban and rural areas.

Despite recent positive business results, Masan still faces many challenges. The Vietnamese retail market is becoming more competitive, with more international brands entering the market while domestic chains are expanding rapidly. The rapid expansion of the store network means great pressure on operating costs, from rental space to logistics and human resources. In this context, balancing the goal of expanding scale and the ability to control costs becomes a key factor to maintain sustainable profit growth.

However, the business outlook is still supported by internal factors and the macro environment. The consumption picture in the first 8 months of the year shows a clear recovery trend, with total retail sales of goods and services increasing by 9.4% over the same period. Taking advantage of this context, the cooperation between WinCommerce and Masan MEATLife creates a dual advantage: WCM expands retail coverage to reach consumers, while MML provides quality products, meeting the trend of safe consumption with traceability. Combined with Masan Consumer and other units in the ecosystem, Masan has the foundation to maintain growth momentum in the coming quarters.

In the market, MSN shares are also positively valued by major securities companies. For example, KBSV applies the SoTP method and values it at VND100,000/share, based on the growth base scenario at Masan Consumer, WinCommerce and Masan MEATLife. VCBS recommends BUY with a target price of VND93,208/share. Meanwhile, VCI rates MSN as a leading consumer-retail stock, supported by a strategy of network expansion and portfolio optimization, with a target price of VND101,000/share.

Source: https://www.masangroup.com/vi/news/masan-news/Processed-Meat-and-Modern-Retail-Stand-Out-in-Vietnams-Consumer-Landscape.html