Four consecutive quarters of profit
According to Masan Group’s Q2/2025 financial report, Masan MEATLife (MML) recorded revenue of VND 2,340 billion, up nearly 31% thanks to strong growth in farming (+66%) and meat (+20%). Net profit after tax reached VND 249 billion. For the first six months of 2025, the company posted revenue of VND 4,146 billion (+25.6%) and net profit after tax of VND 364 billion.
Masan attributed the surge in meat revenue to higher live hog prices, an expanded retail network, rapid growth in processed meat, and emerging channels in the poultry segment. Notably, processed meat revenue grew 23% in Q2, underscoring MML’s focus on value-added products. Its key brands, Heo Cao Bồi and Ponnie, delivered an average of VND 211 billion in monthly revenue, up 18.5% year-over-year.
Consumer trends driven by GDP at USD 5,000 per Capita
Vietnam is approaching the milestone of USD 5,000 GDP per capita-a tipping point where, in comparable markets such as China and Thailand, consumption of chilled and processed meat saw significant growth. As income improves, consumers tend to prioritize quality, safety, and convenience over low prices.
This trend, coupled with modern lifestyles and rapid urbanization, creates favorable conditions for MML’s chilled and processed meat products to gain market share. With a robust portfolio that includes Heo Cao Bồi, Ponnie, and continuous innovation, MML is well positioned to capture this wave of rising consumer demand, reinforcing its growth trajectory and affirming its strategy to become Vietnam’s leading meat processor.
MML’s farming business also recorded strong growth, led by a 94% increase in hog farming revenue, driven by higher hog prices. The poultry segment rose 23%, supported by higher sales of day-old chicks.
Innovation as a Key Growth Driver
Innovation remains a core growth engine, with new products contributing 29% of total processed meat revenue, up from 14% in Q2/2024-a 2.5x increase year-over-year. This underscores the strategic importance of product innovation in expanding consumer opportunities and diversifying MML’s portfolio.
Alongside revenue growth, optimized production cost management helped boost MML’s gross profit by 49% to over VND 638 billion. Additionally, Q2 profit was supported by a one-time, non-cash income of VND 196 billion, resulting from the renegotiation of a long-term supplier agreement.
Strengthening integration with WinCommerce
MML has deepened its integration with WinCommerce (WCM), with average sales per store increasing by ~11%. By the end of Q2, MML maintained a 62% share of the animal protein category at WCM, leading in both fresh meat (91%) and processed meat (29%).
The value of hogs increased 12% year-over-year, supported by higher productivity in the retail (B2C) channel, strategic pricing adjustments to offset rising input costs, and better utilization of hogs in processed meat production. Value creation was also driven by fresh meat optimization initiatives, including new product innovations in specialty cuts such as offal and blood.
MML will also introduce “Meat Corner” within WCM stores, targeting an increase in processed meat sales contribution at WCM from 16.6% to 20% in 2025, with a long-term goal of 40%.
Outlook for 2025
For 2025, MML projects revenue of VND 8,250-8,749 billion, representing growth of 8-14% versus last year, driven by its transformation into a fully integrated meat processing company and deeper collaboration with WCM.
Through its strategic partnership with WinCommerce and the WIN Membership Program-offering up to 20% discounts on fresh produce and meat-consumers can conveniently purchase chilled meat across major retail channels, including WinMart and WinMart+. Furthermore, QR codes on meat packaging provide detailed product traceability, ensuring quality and food safety for Vietnamese families.