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Masan Group | One of Vietnam's largest conglomerates, spanning retail and food

2026.03.26

Article summary

Founded in 2004 and based in Ho Chi Minh City, Masan Group is a conglomerate covering consumer goods, retail, financial services, and mining. It is listed under the ticker MSN. Its holdings include WinCommerce (about 4,500 WinMart and WinMart+ stores), Masan Consumer, and Techcombank. WinCommerce posted net revenue of VND 17.9 trillion (approximately USD 688 million, up 13.4% year on year) in the first half of 2025.

This article is based on what we could verify As of August 1, 2026 This article is based on public materials and news reports from Vietnam. Vietnam's tax system, regulations, and administrative divisions change frequently, so information here may have been updated since publication. For actual business decisions, please confirm the latest details with the relevant government authorities or local experts as primary sources.

Masan Group is one of Vietnam's largest conglomerates, with diversified businesses spanning consumer goods, retail, financial services, and mining. Its holdings include WinCommerce, Vietnam's largest retail chain, the FMCG major Masan Consumer, and the technology-driven bank Techcombank, giving it a commanding presence in the Vietnamese economy.

Company profile

Item	Details
Legal name	Masan Group Corporation
Year founded	2004 (predecessor founded in 1996)
Headquarters	Ho Chi Minh City
Format	Conglomerate (consumer goods, retail, finance, mining)
Listing	Ho Chi Minh Stock Exchange (MSN)
Official website	https://www.masangroup.com/

Main business segments

WinCommerce (retail): Vietnam's largest modern retail chain, operating 4,592 WinMart and WinMart+ stores nationwide. Net revenue in the first half of 2025 was VND 17.9 trillion (approximately USD 688 million), up 13.4% year on year, and the second quarter marked a fourth consecutive profitable quarter. Store openings in rural areas are accelerating, with 318 new stores opened in the first half of 2025 alone.

Masan Consumer: Holds a wide range of brands that are fixtures in Vietnamese households, including Chin-Su seasonings, Omachi and Kokomi instant noodles, Wake-Up 247 beverages, and MEATDeli processed meat. A return to growth is expected in the fourth quarter of 2025.

Techcombank: One of Vietnam's leading private banks and a fast-growing pioneer in digital banking.

2025 performance highlights

Masan Group was ranked among Vietnam's Top 50 companies in 2025. WinCommerce revenue reached VND 28.459 trillion (28,459 ty VND) from January to September 2025, up 16.6% year on year, with after-tax profit of VND 243 billion (243 ty VND). Its first full-year profit since the Vingroup acquisition in 2019 is now in sight. Growth is accelerating: July revenue for the month reached VND 3.486 trillion (3,486 ty VND), up 23.0% year on year.

What it means for Japanese companies

Masan Group is an important potential partner for Japanese companies. The nationwide WinMart and WinMart+ distribution network can be used as a sales channel for Japanese products, and joint product development with Masan Consumer makes it possible to offer Japanese-quality food tailored to Vietnamese consumers. Vietnam Food E-Commerce is growing rapidly, and a partnership that leverages Vietnam expansion for Japanese brands is a strong option.