Vietnam’s retail giant Masan Group (HOSE: MSN) said at its annual general meeting in HCMC under a shared theme of “What We Make. Makes Us. Made for You” that it delivered on its promise to restore profit growth in 2024. The conglomerate, together with its key subsidiaries, pledged to accelerate digitalization, expand its nationwide retail footprint, and drive further innovation in branded consumer goods.
Profit surges on improved core operations
Masan Group reported a positive business performance in 2024, with net profit after tax post-minority interest (NPAT – Post MI) rising sharply to VND1,999 billion, a fourfold increase against the previous year. The firm’s return on equity – ROE (excluding non-core and one-off incomes), a profitability ratio that measures how efficiently a company uses shareholder investments to generate net income, returned to double-digit. This result came as the conglomerate’s key business segments—consumer goods, retail, and branded meat—delivered improved profitability and robust sales growth.
The company’s flagship subsidiary, Masan Consumer, maintained its position as one of Southeast Asia’s fastest-growing fast-moving consumer goods companies, posting near double-digit growth in both revenue and profit. In 2024, Masan Consumer served over 72 billion meals and shipped more than 2.4 billion convenience food products, expanding its reach to 98% of Vietnamese households and 26 overseas markets. The company recorded a 20% CAGR in net profit and maintained industry-leading margins with a 46% gross margin and 27% EBITDA margin. This performance is the result of a proven flywheel that combines product superiority, power brands, retail excellence, “fewer-bigger-faster” philosophy, and financial discipline.
WinCommerce, the group’s retail arm, posted a positive net profit after tax, while Masan MEATLife also returned to profitability, buoyed by growing consumer demand for branded and packaged meat products. By Q1 2025, branded meat already accounted for 56% of all meat sales in WinCommerce stores.
Group CEO Danny Le said these results validated Masan’s strategy of pursuing operational excellence while balancing growth and profitability. “At last year’s AGM, we committed to our shareholders that Masan would return to growth with profitability, and we have delivered on that promise in 2024,” Le told shareholders at the annual meeting. The group’s strong performance this year demonstrates the resilience of their business model and the potential for further growth.
Transformation journey and key milestones
Since 2020, Masan Group has undergone a major transformation from a traditional fast-moving consumer goods (FMCG) company into an integrated consumer, retail, and technology platform. The completion of Phase 1 in 2024 marked a turning point for the company, with the foundation firmly set on three pillars: network expansion, wallet share growth, and a robust membership base. This new structure enabled Masan to unlock greater synergies across its brands, retail outlets, and digital touchpoints.
The development of Masan’s retail network was a central achievement. WinCommerce, the group’s retail arm, expanded its store formats to reach consumers nationwide, focusing on both urban and rural markets. During 2019-2024, Masan Consumer saw an 84% compound annual growth rate in sales within WinCommerce, while Masan MEATLife doubled its sales per WinCommerce point of sale. WinCommerce also pioneered the “Point-of-Life” model, transforming each outlet into a multifunctional hub, including financial service access as banking agents.
Membership growth emerged as another key milestone. By 2024, WinCommerce’s WiN membership program accounted for 55% of its total sales and had grown to 11 million members. This coalition loyalty initiative is evolving beyond promotions, now serving as a platform for consumer engagement, direct brand communication, and the launch of new products and services. The digitalization and integration of loyalty, retail, and financial services are strengthening Masan’s ability to connect with and understand its customers.
At the same time, Masan’s core business segments reached important profitability milestones. Both WinCommerce and Masan MEATLife achieved positive net profit after tax in 2024, while Masan Consumer maintained its momentum as one of Southeast Asia’s fastest-growing FMCG companies. The company’s success in integrating its consumer brands, retail network, and digital capabilities has set the stage for its next phase of profitable growth.
New phase of growth strategy
In 2025, Masan is set to enter Phase 2—hyper-scaling its “network–wallet share–member” model by digitizing and automating end-to-end operations.
The company aims to expand its WinCommerce retail network to 4,500 stores nationwide by the end of the year, with an ambitious plan to open an average of two new outlets daily—nearly 1,900 of which will be located in rural areas. This expansion is underpinned by store formats designed to be adaptable and scalable, catering to a wide range of consumer needs and helping consolidate untapped market potential across Vietnam. WinCommerce has achieved an average store EBITDA margin of around 7% and operates with the lowest revenue breakeven point in Southeast Asia. The chain expects to reach a 1% net profit after tax (NPAT) margin in 2025.
Digitalization stands at the heart of Masan’s growth strategy. The “Go Digital” initiative is creating a digital twin of the company’s physical operations, applying artificial intelligence and machine learning across the supply chain, manufacturing, retail, and customer engagement. By automating and streamlining processes, Masan aims to improve productivity, gain real-time business insights, and enhance the consumer experience across both online and offline channels. The development of new digital marketing platforms and omnichannel capabilities is expected to unlock further synergies and support scalable growth.
At the same time, Masan is driving growth by increasing wallet share through the premiumization of its power brands and entering adjacent market segments. Flagship products such as CHIN-SU and Nam Ngu are being elevated to target more premium market segments and out-of-home dining, while Masan MEATLife is set to expand its branded meat offerings in partnership with WinCommerce’s WiN+ model. The group’s focus on growing its loyalty program, which now counts 11 million members, is transforming WiN Membership into a comprehensive coalition loyalty and consumer engagement platform that not only rewards shoppers but also provides a direct channel for brands to communicate and innovate with customers. Additionally, branded meat’s share of WCM sales soared from 0% pre-2020 to 56% in Q1 2025, and Masan MEATLife is set to capture a US$2 billion opportunity by partnering with WinCommerce to expand distribution.
Through this integrated approach—scaling its retail network, advancing digital transformation, and leveraging consumer loyalty—Masan Group is positioning itself to capture new opportunities and sustain long-term, profitable growth as Vietnam’s retail and consumer landscape continues to modernize.
Advancing innovation and cross-border ambitions
Innovation remains a central pillar of Masan Group’s growth strategy as it seeks to differentiate its brands and accelerate entry into new market segments.
In 2024, Masan Consumer continued the premiumization of its flagship brands, such as CHIN-SU and Nam Ngu, consolidating its leadership in the seasonings market while preparing for global expansion. New product lines were introduced to strengthen shelf presence, including expanded offerings of dipping sauces, marinating sauces, cooking oils, and essential condiments. These innovations, rooted in local flavors and consumer insights, enabled Masan Consumer to serve over 72 billion meals and ship more than 2.4 billion convenience foods products during the year, as reported by Masan Consumer CEO Truong Cong Thang at the event.
The company also advanced its home-meal-replacement and restaurant-meal-replacement strategy with the launch of Omachi’s “Asian Street Food” collection. Senior Marketing Director Nguyen Truong Kim Phuong said that this new range of freeze-dried products, covering a variety of Asian cuisines at an accessible price point, leverages breakthrough technologies to deliver high-quality, convenient meals that retain their original taste and nutrients without the need for refrigeration or preservatives. Such innovations reflect Masan’s commitment to meeting evolving consumer demands for convenience, quality, and value.
Internationally, according to CEO Thang’s presentation, Masan Consumer further substantiated its “Local Champion, Global Bound” vision. In 2024, the company generated VND1.3 trillion in revenue from 26 overseas markets, marking a 22% year-on-year increase and achieving an operating margin of 30% in its international business. With products now present in 98% of Vietnamese households and a growing global footprint, Masan is positioning its leading brands to represent Vietnamese cuisine on the world stage.
Looking ahead, Masan Group has set ambitious financial targets for the coming years, including 20% earnings growth, 20% return on equity, and a net debt-to-EBITDA ratio of two times. Management reaffirmed its commitment to sustainable, profitable growth and ongoing innovation, aiming to solidify Masan’s position as a leader in Vietnam’s rapidly evolving consumer and retail landscape while pursuing new opportunities in international markets.
