Why Masan Consumer Will Return to Growth Trajectory in Q4/2025

Masan Consumer (UPCOM: MCH) is expected to return to growth trajectory from the fourth quarter of 2025, after a period of comprehensive restructuring of the distribution system.

According to the Vietnam Supermarket and Hypermarket Industry report (Insight Asia, September 2025), Vietnam's fast-moving consumer goods (FMCG) market is on the path to a clear recovery after a slowdown in 2023-2024. Total retail sales in 2025 will reach 309.7 billion USD, of which modern retail channels account for 27% of total revenue, a sharp increase compared to 15% in 2005. Notably, 62% of Vietnamese consumers shop at supermarkets and modern stores every week, reflecting a return of stable purchasing power and modernized consumption trends.

Faced with that trend, Masan Consumer (UPCOM: MCH), a member company of Masan Group (HOSE: MSN), has proactively chosen a new direction: implementing the "Direct Distribution" model nationwide, to better control the supply chain, data and efficiency of each point of sale.

Q3/2025 Business Results: Clear Signs of Recovery

In the third quarter of 2025, Masan Consumer (UPCOM: MCH) recorded revenue of VND 7,517 billion, down 5.9% year-on-year, reflecting the initial phase of implementing the “Direct Distribution” model in the traditional sales channel (GT). This is a strategic transition period, usually taking 3-6 months for the new system to operate stably and effectively.

However, positive signs have emerged as the revenue decline narrowed significantly compared to Q2/2025 (-15.1%), indicating that a recovery is taking shape. Modern retail channels (MT) increased by 12.5%, exports increased by 14.8% over the same period, demonstrating the flexible operational capacity of enterprises in the context of the deep restructuring of the fast-moving consumer goods (FMCG) market.

According to the Board of Directors of Masan Consumer at a recent investor meeting, after the "Direct Distribution" project was deployed nationwide, operating indicators have improved significantly and the business expects to return to positive growth from the fourth quarter of 2025.

By the end of the third quarter of 2025, the average number of operating points of sale reached about 345,000, an increase of 40% over the same period; sales team productivity increased by 50%; inventory at distributors reduced to 15 days (down 8 days over the same period). These improvements confirm the initial effectiveness of the new model, aiming for sustainable growth in the next phase.

“Direct distribution” - new growth driver of Masan Consumer

“Direct distribution” is an advanced sales model that Masan Consumer will start implementing nationwide from 2024, aiming to directly connect with hundreds of thousands of points of sale, eliminate intermediary levels and proactively control market data in real time.

Unlike the traditional model, this method allows businesses to grasp fluctuations in consumer demand in real time, optimize production - inventory - promotion plans and improve the efficiency of each point of sale. This is also the foundation for MCH to build two-way relationships with retailers, partners who directly approach end consumers.

Detailing the new distribution model, Mr. Danny Le, General Director of Masan Group, said that this project changes 3 things: People, technology and connection. Specifically, the project restructures the team into "sales representatives", managed by region; applies new technology, software, and order suggestion features; and allows sales representatives to connect directly with retail outlets.

According to the latest report of the enterprise, this model is showing positive results: the average number of products per order reached 3.4 SKUs, up 50% over the same period; sales efficiency in the early implementation stages achieved high single-digit growth. Some key brands such as CHIN-SU, Omachi, Wake-up 247 and Chanté recorded output and sales growth exceeding the market, proving the ability to adapt quickly and effectively cover the new model.

From the fourth quarter of 2025, Masan Consumer plans to complete the expansion of the Direct Distribution model nationwide, expecting revenue to return to positive growth and improved profit margins thanks to a more optimal channel structure. At the same time, the company continues to promote innovation in its product portfolio, especially in the spices, convenience foods and beverages industry, aiming at the high-end segment and international standards.

At the same time, MCH continues to premiumize its FMCG product portfolio, especially in the spices, convenience foods and beverages sectors, leveraging its digital distribution network to reach consumers faster and more efficiently.

The company also accelerated its IPO listing on HOSE, reinforcing its commitment to transparency and expanding access to global investors. According to Chairman Nguyen Dang Quang, connecting the WiN membership program with the WinCommerce retail system and Masan Consumer's direct distribution model will create a unified consumer-retail ecosystem, comprehensively serving more than 100 million Vietnamese people, the foundation for sustainable growth and creating long-term value for shareholders.

Source: https://www.masangroup.com/vi/news/masan-news/Why-Masan-Consumer-Is-Poised-to-Return-to-Growth-in-Q4-2025.html