How Masan employs dealmaking to build its consumer-retail platform
Masan Group was honored as “Business with outstanding M&A strategy 2023-2024” at the M&A Forum in Ho Chi Minh City on Wednesday.
Throughout 28 years of operation, Masan Group has emerged as a key player in Vietnam’s dealmaking landscape, leveraging strategic deals to enhance its consumer-retail platform and deliver greater value to consumers.

Masan receives “Business with outstanding M&A strategy 2023 – 2024” award on November 27, 2024. Photo courtesy of Masan Group.
Masan has carried out numerous notable merger and acquisition (M&A) transactions, including acquiring over 98% of Vinacafé Bien Hoa, cand ontrolling stakes in Net Detergent JSC, Quang Ninh Natural Mineral Water Co., Ltd., and Saigon Nutri-food JSC.
The group also acquired Sam Kim Co., Ltd., later rebranded as Masan Nutri-Science and subsequently Masan MEATLife. Other major deals include the purchase of the VinCommerce retail system (now WinCommerce) and a controlling stake in the Phuc Long Coffee & Tea chain.
However, Masan’s strategy is not to merely expand its portfolio. According to CEO Danny Le, acquisitions focus on integrating platforms that align with its overarching strategy, rather than simply chasing revenue or profit.
“Over the years, Masan has transitioned from a fast-moving consumer goods company into a comprehensive consumer-retail ecosystem under its “Point of Life” strategy, designed to meet end-user needs holistically,” Le said.
At its AGM in April, Masan announced plans to scale back M&A activities to focus on optimizing its business operations and deepening its core consumer-retail model.
Masan’s recent deals have centered on either bolstering resources to serve consumer growth opportunities, increasing ownership in key businesses, or gradually divesting from non-core operations.

Customers at Masan's WinMart supermarket. Photo courtesy of Masan.
In October 2023, Masan announced an equity investment of at least $200 million from Bain Capital. By December, Bain had increased its total equity investment to $250 million.
This investment, completed in April 2024, demonstrates confidence in Vietnam’s market and Masan’s consumer-centric strategy, despite challenging financial market conditions.
The capital injection strengthens Masan’s financial position, enabling it to better seize opportunities to serve Vietnamese consumers in sectors such as groceries, financial services, and other daily needs.
The group’s focus remains on innovative solutions and optimizing its consumer-retail platform to capitalize on Vietnam’s “golden consumption era”.
Since 2007, Masan has mobilized $5 billion, attracting investments from prominent funds such as KKR, TPG, and SK Group.
In May 2024, Masan High-Tech Materials, a subsidiary of Masan Group, signed a framework agreement with Mitsubishi Materials Corporation. Under the agreement, the latter will acquire all of Germany’s H.C. Starck Holding from Masan. The deal includes a long-term offtake agreement for ammonium paratungstate and tungsten oxide.
Masan retains ownership in Nyobolt, a UK-based fast-charging lithium-ion battery technology company, and rights to potential monetization of blackmass technology intellectual property developed by HCS.
Meanwhile, Masan continues to strengthen its core consumer-retail operations. In September, it acquired a 7.1% stake in WinCommerce from SK Group.
WinCommerce, Vietnam’s largest modern retail operator, has been a cornerstone of Masan’s strategy to expand its retail footprint and increase control over its core business.
Masan notes that WinCommerce has entered a profitability phase, with positive net profit after tax (NPAT) reported for the first time since the pandemic. WinCommerce posted revenue of VND8.6 trillion ($338.5 million), and NPAT of VND20 billion for Q3/2024, the first time since Covid-19, providing a clear pathway to sustainable and increasing profitability.
By identifying a profitable retail model, Masan has resumed store expansion, aiming for 4,000 locations by the end of 2024. The group remains focused on delivering sustainable growth while contributing to Vietnam’s modern trade market.
Masan’s M&A strategy and operations reflect a deliberate focus on building a consumer-retail ecosystem that aligns with Vietnam’s evolving market dynamics. By divesting non-core assets and optimizing its core businesses, the group is positioning itself as a leader in Vietnam’s modern consumption era.
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