On April 25, Masan Group Corporation and its two subsidiaries, Masan Consumer and Masan MEATLife, jointly held the 2025 Annual General Meeting of Shareholders in Ho Chi Minh City under the theme "What We Make. Makes Us. Made for You."
The year 2024 marked the completion of Phase 1 in Masan's transformation journey from a fast-moving consumer goods (FMCG) company into an integrated Consumer – Retail – Technology platform since 2020. The first three strategic pillars — Network, Wallet Share, and Membership — have been firmly established.
The synergy between Brands – Retail – Consumers is starting to take shape: Masan Consumer Holdings (MCH) recorded a CAGR of 84% in WinCommerce’s network from 2019–2024, Masan MEATLife (MML) doubled its sales at WinCommerce stores during the same period, and currently 55% of WinCommerce's revenue comes from WIN Members. The "Point of Life" vision is being realized, as each WinCommerce store has become a banking agent, with lifestyle services set to follow.
Key consumer businesses have achieved significant profitability milestones: WinCommerce (WCM) and Masan MEATLife (MML) recorded positive net profit after tax (NPAT) for the first time in 2024, while Masan Consumer (MCH) continued its strong growth trajectory, maintaining its position as the fastest-growing FMCG company in Southeast Asia. As a result, Masan Group’s NPAT post-minority interest quadrupled year-over-year to VND 1,999 billion, while Return on Equity (ROE) returned to double digits (excluding non-core factors and one-off income).
At the meeting, Mr. Danny Le, CEO of Masan Group, emphasized Masan’s strong commitment to growth alongside sustainable development, highlighting that Masan has delivered on its 2024 business promises. At the 2024 AGM, Masan had pledged operational excellence and a relentless focus on profit growth.
Mr. Danny Le further shared:
"At last year’s AGM, we promised our shareholders that Masan would return to a profitable growth trajectory, and we are proud to have delivered on that commitment in 2024. Masan Consumer recorded nearly double-digit growth in both revenue and profit, while WinCommerce and Masan MEATLife also achieved profitability.
This proves that growth and profitability can go hand-in-hand. Our 1Q2025 results further validate the strength of our transformation. Looking ahead, we will continue to aggressively scale our growth pillars with sustainable profitability, with our 'Go Digital' strategy as the key driver to unlock the full potential of our Consumer – Retail – Technology platform."
At the event, Ms. Nguyen Thi Phuong, CEO of WinCommerce, shared outstanding results following WCM’s restructuring, marking a major milestone as WCM achieved positive net profit after tax for the first time in 2024. This achievement opens a new chapter toward sustainable profitable growth.
"WinCommerce has embarked on a transformation journey toward sustainable profitable growth. Leveraging technology and the strong brand ecosystem from Masan, WCM is gradually building the foundation of 'New Commerce' – a modern, efficient retail model that deeply connects with Vietnamese consumers through five strategic pillars," emphasized the CEO of WinCommerce.
Ms. Phuong also noted that human capital is another critical pillar in WCM’s transformation. Through the recently launched ESOP program, store managers now have the opportunity to become shareholders of WCM, thereby fostering responsibility, long-term commitment, and entrepreneurial spirit throughout the organization.
Also at the event, Mr. Truong Cong Thang, CEO of Masan Consumer (MCH), reaffirmed MCH’s position of "Leading in Vietnam – Expanding Globally," while sharing strategies aimed at creating superior value for shareholders.
"In 2024, MCH served over 72 billion meals through our fish sauce products and distributed more than 2.4 billion convenient food products. With an impressive 98% household penetration in Vietnam and presence in 26 international markets, MCH is ready to embark on the next chapter of 'Leading in Vietnam – Expanding Globally'," said Mr. Truong Cong Thang.
MCH’s strategic initiatives continue to prove highly effective, achieving a 20% net profit CAGR between 2022–2024. The company maintains industry-leading profitability, with a gross margin of 46% and an EBITDA margin of 27%. These results reflect the consistency of MCH’s strategy.
Building on this strategic cycle, MCH focuses on key drivers to sustain growth: strengthening leadership in the in-home consumption sector (driving premiumization in Seasonings and Convenience Foods, expanding market share in Home and Personal Care), expanding into out-of-home consumption categories (innovating in Convenience Foods and Beverages), and executing the "Go Global" strategy.
Notably, to affirm its "Leading in Vietnam – Expanding Globally" strategy, MCH recorded VND 1,300 billion in revenue from 26 international markets, representing 22% growth year-over-year, with a healthy profit margin of 30%.
Ms. Dinh Hong Van, Senior Marketing Director of the Seasonings category, shared insights into continuing the premiumization strategy for CHIN-SU, aiming to strengthen the branded segment within Vietnam’s seasoning market while laying the groundwork for "Go Global." Proudly promoting Vietnamese culinary culture, CHIN-SU is gearing up for international expansion, starting with its signature chili sauce.
At the event, Ms. Van introduced new CHIN-SU products to enhance shelf presence and offer a more comprehensive cooking solution portfolio for consumers. In addition to dipping sauces and marinades, CHIN-SU has expanded into cooking oils and other essential seasonings.
"MCH’s strategy to replace home meals and restaurant meals is also reflected in the launch of the new Omachi range 'Asian Street Food' under the 'Quan Xa Chau A' initiative. This targets the highly accessible $1 meal segment, applying advanced technologies used in products like self-heating hotpot and self-cooked rice to deliver convenient, high-quality, and affordable meals with tremendous growth potential," the Senior Marketing Director concluded.