Vietnam’s Masan Group is exploring an initial public offering for its retail arm, WinCommerce, at a valuation of at least $10 billion, as the business targets profitability following years of restructuring.
The listing is tentatively planned for 2028-29 in Vietnam, according to company executives at the group’s Annual General Meeting on Friday.
Masan acquired WinCommerce from Vingroup in 2019, inheriting a loss-making business that has since undergone a multi-year turnaround.
The retailer, which operates the WinMart and WinMart+ chains, reported losses of roughly 3.7 trillion dong at the time of acquisition, but is targeting a net profit of around 1 trillion dong by 2026.
WinCommerce CEO Nguyen Thi Phuong said the company has identified a scalable operating model by segmenting its formats across urban and rural markets—focusing on fresh food in cities while competing on price and promotions in the countryside.
The strategy is supporting both expansion and margin improvement. WinCommerce plans to grow its network from about 2,300 stores in 2020 to more than 6,100 outlets by 2026 while reducing per-store investment and operating costs by roughly 30% over the same period.
WinCommerce has identified a scalable model by tailoring its mini-mart and supermarket formats to distinct customer segments, the CEO said, focusing on fresh produce in urban areas while competing on price and promotions in rural markets. Notably, about 70% of its new store openings this year are concentrated in rural areas.
Last year, Masan Group migrated the listing of food & beverage arm Masan Consumer Corporation from Vietnam’s Unlisted Public Company Market (UPCoM) to the Ho Chi Minh City Stock Exchange (HoSE) in December.
The move comes as Vietnam’s fast-moving consumer goods (FMCG) sector enters a new expansion cycle, supported by rising spending power and a shift toward premium products, the company said.
