The company will file an initial public offering (IPO) for its retail arm, Win Commerce, eyeing a market capitalisation of at least US$10bn.
The group intends to list the business on the stock exchange in 2028-29, management said during the group’s annual shareholders meeting last week. Masan acquired WinCommerce from Vingroup in 2019. The retail arm operates the WinMart and WinMart+ chains in Vietnam.
According to Masan, the turnaround for WinCommerce is complete, with the business having shifted from a loss of circa $140M in 2019 to a targeted profit of $38M this year.
WinCommerce is aiming to reach approximately 6,100 stores by the end of this year, with 70 per cent of new openings planned for rural areas. The company currently operates about 4,900 locations. Masan also plans to open at least 1,500 new stores each year to reach a network of 13,000 stores by 2030, boosting modern trade penetration in Vietnam from the current 14 per cent to over 20 per cent.
WinCommerce CEO Nguyen Thi Phuong said the company has reduced per-store investment and operating costs by roughly 30 per cent. She added that the business has achieved stable growth, with a four per cent increase in revenue in this year’s first quarter.
Phuong said the company has identified a scalable model by tailoring its mini-mart and supermarket formats to different customer segments, focusing on fresh produce in urban areas while pushing long-term promotions in rural markets.
Overall, Masan expects to deliver a 20 per cent revenue growth this year, including a 21 per cent increase from WinCommerce.
Aside from WinCommerce, Masan also owns a food and beverage arm (Masan Consumer), a chilled meat business (Masan MeatLife) and the Phuc Long tea and coffee chain.
