{"id":715,"date":"2026-04-08T04:00:00","date_gmt":"2026-04-07T19:00:00","guid":{"rendered":"https:\/\/india-marketing.jp\/vietnam-news\/vietnam-q1-2026-retail-growth-masan\/"},"modified":"2026-08-02T16:32:10","modified_gmt":"2026-08-02T07:32:10","slug":"vietnam-q1-2026-retail-growth-masan","status":"publish","type":"vietnam-news","link":"https:\/\/india-marketing.jp\/en\/vietnam-news\/vietnam-q1-2026-retail-growth-masan\/","title":{"rendered":"Vietnam's Q1 2026 Retail Earnings Surge \u2014 Masan +154%, Mobile World +45% Signal a Domestic Demand-Driven Consumption Revolution and Opportunity for Foreign Entrants"},"content":{"rendered":"<div class=\"disclaimer-asof\" style=\"border:1px solid #e0e0e0;background:#fafafa;padding:16px 18px;margin:0 0 28px;font-size:.92em;line-height:1.8;border-radius:4px;\">\nThis article is based on what we could verify <strong>As of August 1, 2026<\/strong> 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.\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Earnings forecasts for major Vietnamese retailers in Q1 2026 (January-March) are now in, and it is clear that almost all of them expect record-high profit growth. Even as global economic uncertainty continues, <strong>Vietnam's domestic demand is functioning as a powerful growth engine<\/strong>, a trend worth watching for foreign consumer goods and D2C businesses as well.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Q1 2026 Earnings Forecasts for Major Retailers<\/h2>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td><strong>Company Name<\/strong><\/td><td><strong>Business<\/strong><\/td><td><strong>Q1 2026 Forecast Net Profit<\/strong><\/td><td><strong>Year on Year<\/strong><\/td><\/tr><tr><td>Masan Group (MSN)<\/td><td>Food and Beverage (WinCommerce Group)<\/td><td>VND 2.5 trillion (about 15 billion yen)<\/td><td>+154%<\/td><\/tr><tr><td>Mobile World Investment (MWG)<\/td><td>Electronics \/ Bach Hoa Xanh Groceries<\/td><td>VND 2.25 trillion (about 13.5 billion yen)<\/td><td>+45%<\/td><\/tr><tr><td>Phu Nhuan Jewelry (PNJ)<\/td><td>Jewelry Retail<\/td><td>VND 1.5 trillion (about 9 billion yen)<\/td><td>+121%<\/td><\/tr><tr><td>FPT Retail (FRT)<\/td><td>Electronics \/ Pharmacy<\/td><td>VND 370 billion (370 t\u1ef7 VND \/ about 2.2 billion yen)<\/td><td>+74%<\/td><\/tr><tr><td>Digiworld (DGW)<\/td><td>Smartphones \/ Laptops<\/td><td>VND 170 billion (170 t\u1ef7 VND \/ about 1 billion yen)<\/td><td>+60%<\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\">Why Is Such Strong Growth Happening?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u2460 WinCommerce and Bach Hoa Xanh \u2014 Daily Necessities Retail Chains Rapidly Expanding in the North and Central Regions<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Masan Group's WinCommerce and Mobile World's Bach Hoa Xanh are both retail chains dealing in everyday food and daily consumables. In Q1 2026 alone, they <strong>opened a combined total of about 360 stores (up 10% from the end of the previous year)<\/strong>. Store openings are accelerating especially in the northern and central regions, and the distribution structure that was traditionally centered on the south (Ho Chi Minh City) is starting to change.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u2461 Recovery in Prices and Improved Consumer Sentiment<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The phase of high costs and suppressed consumption that continued through around 2024 has ended, and from the second half of 2025 consumer purchasing appetite entered a recovery trend. As the Vietnamese government pursues its <strong>2026 target GDP growth rate of 8%,<\/strong> personal consumption is positioned as a key pillar, and various consumption stimulus measures are paying off.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u2462 Replacement Cycles for Precious Metals and Electronics<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Behind PNJ's +121% growth is a surge in jewelry demand amid rising gold prices. The growth of FRT and DGW is mainly driven by the arrival of a smartphone and laptop replacement cycle.<\/p>\n\n\n\n\n\n<div class=\"p-blogParts post_content\" data-partsid=\"1002\">\n<div class=\"swell-block-fullWide pc-py-60 sp-py-60 alignfull\" style=\"background-color:#da251d\"><div class=\"swell-block-fullWide__inner l-container\">\n<div class=\"wp-block-columns\">\n<div class=\"wp-block-column\">\n<h3 class=\"wp-block-heading has-text-align-center is-style-section_ttl u-mb-ctrl u-mb-10 has-white-color has-text-color has-link-color wp-elements-1\">\u30d9\u30c8\u30ca\u30e0\u9032\u51fa\u652f\u63f4\u4e8b\u696d\u306e\u8cc7\u6599\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9<\/h3>\n\n\n\n<p class=\"has-text-align-center has-white-color has-text-color has-link-color wp-elements-2 wp-block-paragraph\"><strong>\u6771\u5357\u30a2\u30b8\u30a2\u306e\u6210\u9577\u5e02\u5834\u3092\u653b\u3081\u308b<\/strong>\u306b\u306f<\/p>\n\n\n\n<div class=\"wp-block-columns are-vertically-aligned-center\">\n<div class=\"wp-block-column is-vertically-aligned-center\" style=\"flex-basis:35%\">\n<figure class=\"wp-block-image size-large size_xs\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"http:\/\/india-marketing.jp\/wp-content\/uploads\/2026\/05\/umami-kikaku-1-1024x576.jpg\" alt=\"\" class=\"wp-image-998\" srcset=\"https:\/\/india-marketing.jp\/wp-content\/uploads\/2026\/05\/umami-kikaku-1-1024x576.jpg 1024w, https:\/\/india-marketing.jp\/wp-content\/uploads\/2026\/05\/umami-kikaku-1-300x169.jpg 300w, https:\/\/india-marketing.jp\/wp-content\/uploads\/2026\/05\/umami-kikaku-1-768x432.jpg 768w, https:\/\/india-marketing.jp\/wp-content\/uploads\/2026\/05\/umami-kikaku-1.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center\" style=\"flex-basis:30%\">\n<ul class=\"wp-block-list -list-under-dashed\">\n<li class=\"has-white-color has-text-color has-link-color wp-elements-3\">\u30d9\u30c8\u30ca\u30e0\u306b\u3064\u3044\u3066\u307e\u305a\u306f\u77e5\u3063\u3066\u307f\u308b<\/li>\n\n\n\n<li class=\"has-white-color has-text-color has-link-color wp-elements-4\">\u88fd\u9020\u62e0\u70b9\u304b\u3089\u8ca9\u58f2\u62e0\u70b9\u306b<\/li>\n\n\n\n<li class=\"has-white-color has-text-color has-link-color wp-elements-5\">\u307e\u305a\u306f\u81ea\u793e\u306e\u30c6\u30b9\u30c8\u3092\u3057\u305f\u3044<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center\" style=\"flex-basis:35%\">\n<div class=\"swell-block-button -size-l is-style-more_btn\"><a href=\"https:\/\/india-marketing.jp\/en\/vietnam\/\" rel=\"\u30d9\u30c8\u30ca\u30e0\u9032\u51fa\u652f\u63f4\u306b\u3064\u3044\u3066\" class=\"swell-block-button__link\"><span>\u8cc7\u6599\u306e\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9\u306f\u3053\u3061\u3089<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n<h2 class=\"wp-block-heading\">The Vietnamese Government's Retail Market Growth Strategy<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">At the end of 2025, the Vietnamese government approved the <strong>Retail Market Development Strategy 2030 Roadmap<\/strong>. Its main goals are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Average annual retail growth rate: <strong>11\u201311.5%<\/strong><\/li><li>E-commerce share of retail: <strong>15\u201320%<\/strong> (targeting over 15% by 2026)<\/li><li>Annual e-commerce growth rate: <strong>15\u201320%<\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Implications for Foreign Consumer Goods and D2C Businesses<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u2460 The Strength of Domestic Consumption Is Real<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">What the rapid expansion of WinCommerce and Bach Hoa Xanh shows is that Vietnamese consumers' purchasing power for daily goods is steadily rising. This is an excellent time for food, beverage, and daily goods D2C brands to enter the market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u2461 TikTok Shop vs. Shopee \u2014 A Two-Way Race<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In the e-commerce market, Shopee still holds a 56% share, but TikTok Shop is closing in fast (41% share, up 11pp year over year). For foreign brands, <strong>TikTok live commerce combined with influencer marketing<\/strong> is becoming the most effective channel for entering the market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u2462 Geographic Expansion into the North and Central Regions<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Foreign brands that have so far focused mainly on Ho Chi Minh City are now at a point where they should consider expanding into Hanoi and the central region. WinCommerce's accelerating store openings in the north show that a new consumer market exists there.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Vietnam's Q1 2026 retail earnings back up in numbers the idea that domestic demand-driven economic growth is now in full swing. Figures such as Masan +154%, Mobile World +45%, and PNJ +121% are not limited to the strong performance of individual companies but are a signal that <strong>a consumption revolution is underway across Vietnam as a whole<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the rapid growth of e-commerce, the regional expansion of physical stores, and government consumption stimulus measures all converging, Vietnam is likely to remain one of the most attractive Southeast Asian markets for foreign B2C brands in 2026 as well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">References: <a href=\"https:\/\/theinvestor.vn\/vietnams-retail-sector-accelerates-in-q1-d18749.html\" target=\"_blank\" rel=\"noopener\">The Investor, \"Vietnam's retail sector accelerates in Q1\" (April 1, 2026)<\/a><\/p>\n\n\n<div class=\"p-blogParts post_content\" data-partsid=\"1002\">\n<div class=\"swell-block-fullWide pc-py-60 sp-py-60 alignfull\" style=\"background-color:#da251d\"><div 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alt=\"\" class=\"wp-image-998\" srcset=\"https:\/\/india-marketing.jp\/wp-content\/uploads\/2026\/05\/umami-kikaku-1-1024x576.jpg 1024w, https:\/\/india-marketing.jp\/wp-content\/uploads\/2026\/05\/umami-kikaku-1-300x169.jpg 300w, https:\/\/india-marketing.jp\/wp-content\/uploads\/2026\/05\/umami-kikaku-1-768x432.jpg 768w, https:\/\/india-marketing.jp\/wp-content\/uploads\/2026\/05\/umami-kikaku-1.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center\" style=\"flex-basis:30%\">\n<ul class=\"wp-block-list -list-under-dashed\">\n<li class=\"has-white-color has-text-color has-link-color wp-elements-8\">\u30d9\u30c8\u30ca\u30e0\u306b\u3064\u3044\u3066\u307e\u305a\u306f\u77e5\u3063\u3066\u307f\u308b<\/li>\n\n\n\n<li class=\"has-white-color has-text-color has-link-color wp-elements-9\">\u88fd\u9020\u62e0\u70b9\u304b\u3089\u8ca9\u58f2\u62e0\u70b9\u306b<\/li>\n\n\n\n<li class=\"has-white-color 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