WinCommerce, Vietnam’s leading retail chain, is targeting revenue growth of up to 14% in 2025 and plans to open 1,000 new stores within the year. This expansion equates to an average of three new stores launched daily, reinforcing WinCommerce’s strategy to enhance its presence nationwide.
Sustaining Growth with a Profitable Business Model
Vietnam’s domestic consumption is expected to maintain its growth momentum as consumer sentiment gradually recovers alongside the country’s strong economic expansion. The government has expressed a firm commitment to driving growth beyond 8% this year, which will help improve household income and spending, thereby fueling the booming retail market. Thanks to this favorable environment, the retail sector is experiencing renewed vibrancy, with WinCommerce—a subsidiary of Masan Group—standing out as a major beneficiary. Masan has identified its retail business as a core driver of profit expansion in the coming year.
WinCommerce operates three retail formats: WinMart, WinMart+, and WiN. Since its acquisition by Masan over four years ago, the retailer has achieved significant financial milestones. In 2024, WinCommerce recorded nearly 10% year-over-year revenue growth, reaching VND 32,961 billion. The company also posted a net profit of VND 209 billion in Q4, marking the second consecutive profitable quarter.
This positive trajectory stems from the successful rollout of its new store formats: WiN (urban-focused) and WinMart+ Rural (designed for rural shoppers). These formats have demonstrated impressive same-store sales growth (LFL) of 10.4% and 12.5%, respectively, compared to the previous year.
WinMart supermarket attracted a great flow of customer coming to shop and experience
The WiN store model, tailored for urban consumers, features a modern store layout, emphasizing quick and convenient shopping experiences. With streamlined product placement, integrated digital payment options, and a highly professional service approach, WiN stores cater to the fast-paced lifestyle of city dwellers.
Meanwhile, WinMart+ Rural is specifically designed to serve Vietnam’s rural communities. This model focuses on affordability, product variety, and localization, offering competitive pricing while blending modern retail standards with traditional shopping habits. By optimizing its distribution network, WinCommerce ensures product accessibility even in remote and underserved areas. The company also incorporates promotional campaigns and community support initiatives, reinforcing its role as a trusted retail partner for rural consumers.
As of December 2024, WinCommerce operates 3,828 stores, having opened 95 new locations since Q3. Masan has strategically transitioned its minimart model into WiN stores in urban areas and WinMart+ outlets in rural regions, both of which have consistently achieved over 10% revenue growth. This strong performance lays a solid foundation for WinCommerce’s ambitious expansion plans in 2025.
Expanding at a Pace of Three Stores Per Day
During an early 2025 investor briefing, Masan executives outlined their growth expectations for WinCommerce, projecting revenue growth between 8% and 14%. The company’s highest growth scenario includes the opening of 1,000 new stores, translating to three new locations launched daily.
In 2024, WinCommerce adopted a cautious approach to expansion, enabling it to analyze market responses and optimize store openings for maximum efficiency in 2025. Store-level revenue has steadily improved, and the retailer has fine-tuned store formats to maximize space utilization and cost efficiency—factors that will serve as critical levers for expansion.
This year, WinCommerce will focus on enhancing in-store customer experiences and leveraging the expected market rebound. The company is also optimizing inventory turnover rates through improved supply chain management. As part of its strategic roadmap, WinCommerce plans to pilot an enhanced version of its WIN Membership program in the first half of 2025, introducing new promotions and exclusive consumer benefits. The full rollout of the revamped WIN Membership program is slated for nationwide implementation in the second half of 2025.
VAT Reduction Expected to Continue, Boosting the Retail Sector
The government has recently directed the Ministry of Finance to explore further tax relief measures, including extending VAT reductions through the second half of 2025 and into 2026. A formal proposal will be submitted for government review by March 15, 2025.
Previously, the government enacted Decree No. 180/2024/ND-CP, implementing VAT reductions in accordance with Resolution No. 174/2024/QH15, effective from January 1 to June 30, 2025. Under this policy, the VAT rate for certain goods and services was reduced by 2%, excluding sectors such as telecommunications, IT, finance, insurance, real estate, mining, refined petroleum, chemicals, and products subject to special consumption taxes.
Throughout 2024, the government rolled out two VAT reduction phases, from January 1 to June 30 and July 1 to December 31, effectively lowering consumer costs and supporting both businesses and households. The VAT relief program provided direct financial benefits to retail businesses, facilitating lower product prices and increased consumer spending.
As Vietnam’s leading retailer, WinCommerce stands to benefit significantly from further VAT reductions. If the policy is extended in the second half of 2025 and into 2026, the retail giant is well-positioned to leverage lower tax rates to boost consumer engagement, enhance affordability, and strengthen its competitive edge in the domestic market.