Against this backdrop, WinCommerce (WCM) has delivered positive results in the first eight months of 2025 and is targeting third-quarter revenue to surpass VND 10,000 billion-the highest level ever-provided market conditions remain favorable.
Growth Drivers for Vietnam’s Retail Market
Vietnam’s retail sector is undergoing significant transformation in 2025. According to the General Statistics Office, total retail sales of goods and services in August reached VND 588.2 trillion, up 10.6% year-on-year. For the first eight months, this figure amounted to VND 4.579 quadrillion, up 9.4%. Domestic consumption, especially in food, beverages, and essential goods, is steadily recovering, providing momentum for modern retail chains as they enter the peak shopping season.
The shift from traditional to modern retail channels is becoming more pronounced. Consumers across both urban and rural areas are increasingly drawn to branded outlets that offer trusted quality and transparent sourcing. This trend is not confined to major cities but is also expanding to rural regions, where urbanization and rising living standards are driving demand for convenience. These tailwinds create opportunities for companies like WCM-a member of Masan Group (HOSE: MSN)-to broaden their reach and enhance customer experience.
However, price competition among domestic and international players is intensifying, while operating costs-including rent, labor, and logistics-continue to rise due to inflation and fuel price fluctuations. Fresh categories such as fruits, vegetables, meat, and seafood require accurate demand forecasting and efficient inventory management-both a challenge and an opportunity for large-scale retailers like WinCommerce to leverage scale, technology, and strategy to accelerate growth during the year-end season.
Technology and Expansion Strategy
In line with market trends, WCM has posted strong business results in the first eight months of 2025. August revenue reached VND 3.573 trillion, up 24.2% year-on-year. Cumulative revenue for the period was approximately VND 25 trillion, up 16.1%, far exceeding the annual growth target of 8–12%. Notably, revenue from existing stores (LFL) rose 8.2% over eight months, with August alone up 11.9%, reflecting genuine consumer demand and sustainable growth.
Network expansion remains a key growth lever. By the end of August, WCM had opened 415 new stores, in line with its full-year target of 400–700. Around 75% of these new stores are located in rural areas, where modern shopping demand is rising rapidly, while Central Vietnam accounted for nearly half, making it a focal region for expansion. Importantly, all new stores achieved profitability from the outset thanks to careful site selection, optimized design, and effective launch management. High-quality offerings such as WinEco vegetables (VietGAP/GlobalGAP certified) and MEATDeli pork (European standards) have enabled WCM to meet consumer needs nationwide.
WCM is also deploying technology to improve operational efficiency. Its WiNARE solution, powered by AI and real-time data, supports more accurate demand forecasting and inventory control. Early results show a significant reduction in spoilage and improved on-shelf availability, helping lower costs while enhancing the shopping experience. By the end of 2025, WCM plans to apply this technology to nearly 70% of its product portfolio, particularly fresh categories, ensuring quality and competitive pricing.
Revenue Target of VND 10,000 Billion: Within Reach?
With a solid performance in the first eight months, WCM’s goal of exceeding VND 10,000 billion in third-quarter revenue is within sight. From August’s VND 3.573 trillion base, the company aims to sustain new store openings and growth from existing outlets. Its rural focus, combined with technology-driven supply chain optimization, provides momentum toward this historic milestone.
That said, challenges remain. Rising operating costs and fierce price competition demand strict financial discipline and strong management efficiency. Supply chain disruptions or market volatility could also pose risks. Still, with domestic consumption rebounding and modern retail adoption on the rise, WCM is well-positioned to capture opportunities.
WinCommerce is not only pursuing record revenues but also shaping the future of modern retail in Vietnam-making shopping more convenient, high-quality, and accessible. With a thoughtful expansion strategy, effective technology adoption, and a deep understanding of consumer needs, WCM is preparing for its next breakthrough.