WinCommerce (part of the Masan Group), Vietnam's largest food and daily-goods retail chain, has announced a plan to newly open 1,000 to 1,500 stores in 2026. By year-end it will have a network of about 6,100 stores, directing roughly 70 to 80% of the new openings to provincial and rural areas. Its in-house supply chain, combining direct fresh-produce sourcing with 18 ambient and refrigerated warehouses, is progressing, and an IPO is also coming into view. For Japanese import buyers and PB manufacturers too, its profile as a major counterpart for sourcing agricultural products, frozen foods, and FMCG is rising.
News details
According to the announcement Tuoi Tre reported in January 2026, WinCommerce newly opened 764 stores in 2025, surpassing its initial plan of 700. Following this, it plans 1,000 to 1,500 new stores in 2026. Combining the three formats of WinMart (large supermarkets), WinMart+ (convenience and mini-supermarkets), and WiN (premium format), it is on track for a total of about 6,100 stores at year-end, up about 30% from the current 4,600.
Monthly net revenue for December 2025 was 355.7 billion dong (about 2.09 billion yen, at 170 VND to 1 JPY; about US$135 million in dollar terms), up 19% from the same month a year earlier. EBIT for full-year 2025 secured a positive figure on the order of 100 billion Vietnamese dong (about 590 million yen, about US$38 million). 90.3% of newly opened stores achieved EBITDA profitability at the store-unit level, and the point that unit economics are stable is also valued by investors.
About 80% of the 2025 new openings were accounted for by the "WinMart+ Rural" format, making the shift to rural and suburban areas clear. Daily customer visits run at about 1.5 million, and with the modernization of Vietnamese retail still in progress (a modern-trade ratio of about 19%), the room to grow remains large.
Background: the Masan Group's in-house "Supra" supply chain
WinCommerce's strength lies in "Supra," the vertically integrated supply chain being built across the Masan Group as a whole. Within the group stand the meat brand MEATDeli (Masan MEATLife), the seasonings and instant-noodle Masan Consumer, the coffee Phuc Long, and others, and these PB products are supplied steadily on retail shelves. Furthermore, it is advancing a system of placing 18 ambient and refrigerated warehouses nationwide and sourcing fresh vegetables, fruit, and seafood from the Mekong Delta directly from the production region.
In the Vietnamese retail market, traditional street markets and small individual shops still account for about 80%, but with the build-out of the cold chain, rising awareness of food safety, and the convenience orientation of younger people, the modern-trade ratio is rising rapidly. WinCommerce, alongside Bach Hoa Xanh (part of Mobile World), is positioned as the biggest beneficiary of this transition period.
WinCommerce's 2026 plan by the numbers (converted at 170 VND to 1 JPY)
| Item | 2025 actual | 2026 plan | Yen conversion |
|---|---|---|---|
| New store openings | 764 stores | 1,000 to 1,500 stores | — |
| Total stores (year-end) | About 4,600 stores | About 6,100 stores | — |
| Formats | WinMart, WinMart+, WiN (three formats) | — | |
| Rural-area ratio (new openings) | About 80% | About 70% (ongoing) | — |
| December single-month net revenue | 355.7 billion dong | — | About 2.09 billion yen (about US$135 million) |
| EBIT | +100 billion dong | — | About 590 million yen (about US$38 million) |
| Ratio of EBITDA-profitable stores | 90.3% | — | — |
| Daily customer visits | About 1.5 million people | — | |
| Warehouses | 18 sites (ambient + refrigerated) | — | |
Industry and local reaction
The Masan Group CEO said at a Reuters and local press conference that "in 2026 we will complete our dominance in the provinces and rural areas, and fully ramp up IPO preparations." WinCommerce's IPO has been a pending issue for years, with a listing in either Hong Kong, Singapore, or the domestic market being talked about.
A stakeholder at the Vietnam Retailers Association (AVR) commented that "the push into the provinces and rural areas by the two giants WinCommerce and Bach Hoa Xanh will accelerate the restructuring of small and midsize supermarkets and traditional markets." The store-opening competition between the two is intensifying especially in the northern provinces of Ninh Binh, Hung Yen, and Hai Phong, and the southern provinces of Dong Nai and Long An.
The response on the agricultural-supplier side is also polarizing. Production regions that have secured direct-sourcing contracts (vegetables from the Da Lat highlands, fruit from the Mekong Delta, and so on) enjoy the benefits of stable trade and high unit prices, while suppliers routed through traditional wholesale markets tend to be bypassed, requiring rationalization by producer unions and cooperatives.
Practical information for Japanese agriculture stakeholders and importers
WinCommerce's expansion holds several meanings for Japanese import buyers and food manufacturers. First, the channel options for exports to Vietnam have widened. Japanese makers of frozen foods, seasonings, snacks, dairy products, and health foods can make use of a store network that reaches not only the high-income class of urban Ho Chi Minh City and Hanoi but also the middle class in the provinces and rural areas. Second, the possibility of PB raw-material supply. In the raw-material sourcing for Masan Consumer-series PB products, there is export potential for Japanese agricultural products (rice, fruit, tea leaves, and so on) and processing technology.
Third, the logistics redesign in exporting Vietnamese agricultural products to Japan. WinCommerce's 18 warehouses carry the functions of origin collection, refrigerated storage, and sorting and packing, and hold room for use as a Vietnam-to-Japan cold-chain relay base. In particular, for frozen durian, frozen mango, and frozen lychee, the consolidation from the production region directly to Ho Chi Minh City port or Hai Phong port is a challenge, and a 3PL design linked with WinCommerce's warehouse network is a realistic solution.
As a trading approach, supplier registration with the Masan Group (VinSourcing) is the starting point. Premised on obtaining certifications such as HACCP, GlobalGAP, and VietGAP, multi-year contracts combining stable lot supply, price negotiation, and promotional co-funding are common.
Ripple effects across the industry — the regional supply chain and food safety
WinCommerce's accelerated rural store openings may change the structure of Vietnam's regional economy. First, as the cold chain extends to regional production areas, distribution losses of fresh vegetables, fruit, and seafood are reduced. The produce loss rate, conventionally put at 30 to 40%, is expected to be compressed to 10 to 15% through the standardization of processing, packing, and refrigeration.
Second, a lift in food safety and traceability. WinCommerce is advancing priority adoption of VietGAP- and GlobalGAP-certified goods, and an incentive to obtain certification also works on the farmers' side. Because this is consistent with the preconditions for export to Japan and the EU, it connects to strengthening the production region's export competitiveness.
Third, regional employment and income improvement. Because each store creates 10 to 15 jobs, 1,000 to 1,500 additional stores will generate new employment on the order of 10,000 to 20,000 in the provinces. Along with this, demand for developing retail, logistics, and processing talent rises, pushing forward the sophistication of the industry as a whole.
Practical information summary
| Item | Details |
|---|---|
| Operating company | WinCommerce (part of the Masan Group) |
| Formats | WinMart、WinMart+、WiN |
| 2026 plan | 1,000 to 1,500 new store openings, 6,100 stores at year-end |
| Rural shift | Over 70% of new openings in the provinces and rural areas |
| Supply chain | 18 warehouses (ambient and refrigerated), direct fresh-produce sourcing |
| Main PB lines | MEATDeli, Masan Consumer, Phuc Long |
| Supplier registration | Via VinSourcing |
| Required certifications | VietGAP、GlobalGAP、HACCP |
| IPO outlook | From 2026 onward, IPO preparations ramp up in earnest |
Summary
WinCommerce's 2026 plan to add 1,500 stores is not mere retail expansion but a structural transformation of Vietnamese food distribution itself. As the Masan Group's "Supra" supply chain, its 18-warehouse network, and its provincial and rural dominance strategy combine, the modernization of Vietnamese retail advances all at once. For Japanese import buyers, food manufacturers, and logistics operators, it is an important partner to make use of on both axes of exports to Vietnam and exports to Japan, and an early start on supplier registration, PB collaboration, and 3PL linkage is the key to competitive advantage.
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