HCMC – Masan Group Corporation (HOSE: MSN) reported a strong third quarter, with profit up 43% year-on-year and earnings reaching over 90% of its full-year target, driven by solid performances in retail and meat, according to the company’s unaudited results released on October 27.
The Vietnamese consumer goods conglomerate posted consolidated revenue of VND21.16 trillion in the third quarter, a 9.7% year-on-year increase, and profit before minority interests of VND1.87 trillion, up 43.4%. For the first nine months of 2025, Masan’s revenue rose 8% to VND58.38 trillion, while profit surged 63.9% to VND4.47 trillion.
Chairman Nguyen Dang Quang said Masan is entering “the next phase” of modernizing Vietnam’s consumer and retail sectors, with a focus on profitability and digital integration. The group aims to connect its retail network and consumer goods businesses through a unified digital membership program, linking WinCommerce’s modern trade system with Masan Consumer’s direct-to-trade platform.
“Our endgame has always been to connect brands, retailers to each and every consumer whether off or online. This will deliver sustainable growth and shareholder value creation,” Quang said.
Retail arm breaks records
WinCommerce (WCM), Masan’s retail subsidiary and Vietnam’s largest modern trade operator, achieved record quarterly revenue of VND10.54 trillion in July-September, up 22.6% year-on-year, and profit before minority interests of VND175 billion, nearly nine times higher than the same period last year.
The growth was fueled by double-digit like-for-like sales increases—11% for its minimart chain and 9.7% for supermarkets. In the first nine months of 2025, WCM’s revenue rose 16.6% to VND28.46 trillion, while profit reached VND243 billion, up VND447 billion year-on-year.
WCM has expanded rapidly this year, adding 464 stores as of September, exceeding its base-case target and on track to surpass its high-case projection by year-end. More than 80% of new stores have already reached a breakeven at the store-EBITDA level, reinforcing WCM’s position as Vietnam’s largest profitable modern retailer, with around 4,500 stores expected nationwide by December.
Rural expansion remains a core driver of growth. Rural areas, home to more than 60% of Vietnam’s population, accounted for nearly three-quarters of WCM’s new stores. Sales at rural WinMart+ outlets reached 90% of urban levels, up from 85% last year, while rural stores recorded 17.4% like-for-like growth year-on-year.
The Central region also performed strongly, with 12.4% like-for-like sales growth in minimarts, supported by tailored product offerings and early-mover advantages in key locations. About half of WCM’s new stores in 2025 were concentrated in this region.
Consumer business shows early recovery
Masan Consumer (UpCOM: MCH) recorded revenue of VND7.52 trillion in the third quarter, down 5.9% year-on-year, as the company continued rolling out its new “Direct Coverage” sales model in Vietnam’s general trade (GT) sales channel. Earnings before interest and tax (EBIT) stood at VND4.97 trillion for the first nine months, down 4.2% from the same period last year.
The transition to direct coverage initially weighed on sales but has started to deliver early positive results. By the third quarter, MCH had increased the number of active selling outlets by 40% year-on-year to about 345,000, while salesforce productivity improved by 50%. Distributor inventories were reduced from 23 to 15 days, signaling healthier stock management.
Although overall sales declined, the pace of decline narrowed to 5.9% in the third quarter from 15.1% in the second quarter, indicating sequential improvement. Sales in the general trade channel fell 9.9% but are recovering, while modern trade grew 12.5% and exports rose 14.8%.
MCH expects a return to revenue growth in the fourth quarter as the new sales model stabilizes and new product innovations are rolled out. The company plans to refresh its seasoning products, boost its convenience food brands Omachi and Kokomi, and expand its beverage portfolio, including the relaunch of BupNon Tea365.
Meat business sustains strong momentum
Masan MEATLife (MML) posted third-quarter revenue of VND2.38 trillion, up 23.2% year-on-year, and profit of VND101 billion, five times higher than a year earlier. The company’s EBIT margin improved to 6%, up 3.7 percentage points, supported by efficiency gains and volume growth across its farming, fresh meat, and processed meat segments.
MML benefited from synergies with WCM, with average daily sales per store rising nearly 18% year-on-year. Processed meat revenue grew 14.2%, with new product innovations accounting for one-third of the category’s total revenue. MML now holds about 65% of WCM’s protein segment, maintaining its leading position in fresh and processed meat.
Other business units rebound
Phuc Long Heritage (PLH), the tea and coffee chain, reported third-quarter revenue of VND516 billion, up 21.2% year-on-year, and profit of VND55 billion, more than doubling from the same period last year. Growth was driven by higher delivery orders, strong sales of food items such as bakery and ice cream, and the success of a rebranding campaign.
Masan High-Tech Materials (MHT) saw revenue increase 33.4% year-on-year to VND2.04 trillion, supported by higher commodity prices and lower production costs following the deconsolidation of its H.C. Starck unit.
2025 Outlook: Profitable, scalable growth
For 2025, Masan forecasts consolidated revenue of VND80 trillion to VND85.5 trillion, equivalent to 7–14% growth, and profit before minority interests between VND4.9 trillion and VND6.5 trillion, up 14–52% year-on-year.
The group plans to focus on profitable expansion across its core consumer and retail businesses, further deleverage its balance sheet, and advance digital transformation through its WiN membership platform.
By digitizing supply chains and store operations across its 4,500-store network, Masan aims to improve efficiency, cut costs, and enhance customer experience, reinforcing its ambition to build an integrated consumer–retail ecosystem serving over 100 million Vietnamese consumers.
