In Q2 2025, WinCommerce (operator of the WinMart/WinMart+ retail chain) recorded revenue of VND 9,130 billion, up 16.4% year-over-year. Net profit reached VND 10 billion, marking the fourth consecutive profitable quarter. For the first six months, revenue totaled VND 17,915 billion and net profit reached VND 68 billion.
These results reflect the effectiveness of a strategy focused on network expansion, operational model optimization, and capturing the shift in consumer preferences toward modern trade.
Rural areas-A new strategic growth engine
In H1 2025, WinCommerce opened an average of two new stores per day, bringing the total number of WinMart supermarkets and WinMart+ stores nationwide to over 4,000. Notably, nearly 75% of new openings were WinMart+ stores in rural areas-home to more than 60% of Vietnam’s population. This underscores the company’s “first-mover” approach to delivering modern retail experiences across the country.
The impact of this strategy is already visible: the average daily sales of WinMart+ rural stores reached nearly 90% of those in urban areas, up from around 80% in Q2 2024. Rural mini stores posted a 12.4% year-over-year increase in revenue, indicating strong consumer adoption.
The Central region emerged as a key growth driver, thanks to a product portfolio tailored to local needs and first-mover advantage in high-traffic locations. Over 50% of new stores in H1 2025 were opened in the Central region, reinforcing WinCommerce’s regional leadership. Additionally, all newly opened stores in the first half generated positive profit.
By the end of Q2 2025, WinCommerce had opened 318 net new stores, achieving 80% of its annual new store target and is on track to exceed the high-end scenario by year-end. This solidifies its position as the largest modern retailer in Vietnam by store count, with 4,146 locations nationwide.
WinCommerce is pursuing a long-term vision where each district will have at least one WinMart supermarket, each ward a mini supermarket, and each village or neighborhood a WiN+ point of sale. This strategy aims to comprehensively meet daily consumer needs from stock-up trips to convenient neighborhood purchases.
Vietnam retail market shifts toward modern trade
Vietnam’s retail landscape is undergoing a transformation from traditional trade (GT) to modern trade (MT), driven by rising urbanization and growing per capita income. This transition is accelerated by tightening regulations targeting counterfeit and unclear-origin goods areas where modern retail has a clear advantage.
In addition, new tax regulations for household businesses are formalizing the retail sector and creating a more level playing field for modern players like WinCommerce.
According to Masan estimates, approximately 30,000 household businesses have been impacted, leading to widespread inventory reductions and a slowdown in FMCG sales. In the first five months of 2025, FMCG volume through traditional channels declined nearly 3% year-over-year.
With a more advanced technology platform, especially the synergies created by the WiN Membership program and the country’s largest modern retail footprint, WinCommerce is entering a phase of sustainable growth.
WinCommerce expects net revenue in 2025 to range from VND 35,600 billion to VND 36,900 billion, representing growth of 8% to 12% YoY, with full-year net profit turning positive. This will be driven by network expansion and accelerated revenue growth. In the second half of 2025, the company will focus on maintaining the current store rollout pace to achieve its year-end scale target, while continuing strict cost control measures to ensure full-year profitability.