The company maintained double-digit growth and accelerated its expansion over the first seven months of 2025.

A “Golden Era” for modern retail in Vietnam

Vietnam is entering a new phase of retail development - an era of modernization, digitalization, and smart consumption. According to JP Morgan, Vietnam’s per capita GDP grew at an average of 7.1% annually from 2017-2022, reaching over $4,000 per person, and is projected to hit $7,500 by 2030. Urbanization is on the rise, along with increasing demands for a better quality of life from the growing middle class.

With a youthful population, Vietnam is in its “golden demographic period,” a powerful driver of consumption similar to China and Thailand before 2010. Yet, modern trade (MT) penetration is still just 12%, far below the 20-45% levels seen in other ASEAN countries. That figure mirrors Indonesia’s in 2010, just before its MT sector exploded due to a retail network expansion led by domestic players like Indomaret and Alfamart.

The sector is also receiving a major policy boost from the Politburo’s Resolution 68-NQ/TW, which aims to stimulate domestic consumption, diversify distribution channels, boost e-commerce, and encourage the development of private retail giants.

With these tailwinds, Vietnam is standing at the threshold of a golden era for modern retail and WinCommerce, a subsidiary of Masan Group (HoSE: MSN), is positioned to lead the transformation.

WinMart+ rural stores see 46.2% revenue surge

According to the latest data, WinCommerce’s net revenue in the first seven months of 2025 reached VND21.4 trillion ($813 million), up 14.8% year-on-year. In July alone, the figure was VND3.486 trillion, a 23% increase compared to July 2024.

Particularly notable was the performance of WinMart+ rural stores, which posted an impressive 46.2% revenue growth to over VND1.02 trillion ($38.75 million). In comparison, urban WinMart+ stores grew by 16.4%, while WiN stores rose by 13.3%.

This clearly demonstrates the effectiveness of WCM’s rural-focused strategy, targeting an underserved market that makes up 63% of the population and still relies heavily on traditional retail.

Beyond just revenue growth, WinCommerce is actively reshaping consumer behavior in rural areas. WinMart+ stores offer a clean, modern shopping environment with well-organized displays and transparent pricing. Local customers now have easier access to fresh food, essential goods, and financial services, right in their neighborhood, without having to travel far or rely solely on traditional markets.

Bringing supermarkets to the “alleyways” of rural villages is helping improve quality of life and narrow the consumption gap between urban and rural areas, while delivering a more civilized and convenient shopping experience.

Rapid expansion

As of the end of July, WinCommerce had opened 354 new stores, of which 261 (nearly 75%) were WinMart+ locations in rural areas. Vietnam’s central region saw particularly strong growth, contributing 175 new stores or about 50% of the total openings.

Remarkably, all stores opened this year have reported positive profits, indicating solid performance and a return on investment from the very start of operations.

With an average of nearly two new stores opened every day, WinCommerce is aggressively expanding its network and bringing modern retail deeper into communities, especially those outside major urban centers.

The rising middle class, continued urbanization, digitalization, and changing consumer behaviors are creating significant opportunities for modern retail in Vietnam. In this market-shaping race, WinCommerce stands out not only for its rapid expansion but also for its operational efficiency and customer-centric approach: bringing meaningful, accessible, and modern retail experiences to households across Vietnam.