Increased foreign capital flows, long-term opportunities for Vietnam's retail-consumer goods industry

By Minh Hue
Wed, September 10, 2025 | 8:00 am GMT+7

Vietnam’s conglomerate Masan Group (HoSE: MSN), with a market capitalization of nearly $4.8 billion, high liquidity, ample foreign ownership room, and a solid business foundation, is expected to be a top pick for foreign investors.

Market status upgrade and the coming wave of foreign capital

According to the government's strategic roadmap for Vietnam’s stock market development by 2030, the country is accelerating reforms to move from a frontier to an emerging market.

This transformation is expected not only to elevate Vietnam’s position globally but also to unlock billions of USD in potential inflows from ETFs, passive funds, and active foreign capital.

Customers shop at a WinMart supermarket. Photo courtesy of Masan.

Customers shop at a WinMart supermarket. Photo courtesy of Masan.

In September 2025, Vietnam’s stock market is drawing heightened attention from global investors as FTSE Russell prepares its regular review.

Having remained on the watchlist for years, the possibility of an official upgrade has never been closer. According to Saigon Securities (SSI), Vietnam is likely to be upgraded to emerging market status in October 2025. This could attract up to $1 billion in ETF inflows. Historically, markets often see positive performance even before the actual upgrade, fueled by expectations of foreign capital inflows and improved investor sentiment.

Among the potential beneficiaries is Masan Group (MSN), with an average 30-day liquidity of $15.1 million and nearly 24% foreign ownership room remaining. It stands out not only for meeting technical criteria but also for its robust core business foundation.

A resilient consumer-retail ecosystem

What sets MSN apart is its business model closely tied to essential consumer needs, which continues to be one of Vietnam’s most resilient growth sectors. With a population of nearly 100 million, total retail sales of goods and services in 2024 reached an estimated VND6,391 trillion ($242.2 billion), up 9% year-on-year, providing ample runway for market leaders to expand.

Masan owns a fully integrated consumer-retail ecosystem that spans from production to distribution, including Masan Consumer (MCH), WinCommerce (WCM), Masan MEATLife (MML), and Phuc Long Heritage (PLH).

Among them, WinCommerce leads the modern retail market with nearly 4,200 stores, giving MSN a strong distribution edge for Masan Consumer and Masan MEATLife products.

According to company data, Q2/2025 results not only reflected growth but also demonstrated how Masan is leveraging its integrated ecosystem, spanning consumer goods, retail, food, and high-tech materials.

It posted revenue of VND18.32 trillion ($694.27 million) and post-tax profit of VND1.62 trillion in Q2. Its H1/2025 cumulative profit reached VND2.6 trillion ($61.1 million), nearly double the figure in the same period last year and exceeding 50% of the full-year target.

This solid performance highlights the synergy across Masan’s core business segments. WinCommerce remains the growth driver of modern retail, posting four consecutive profitable quarters. Q2 revenue grew 16.4%, fueled by expanding the WinMart+ model in rural areas, meeting fast-growing consumer demand in these underpenetrated markets.

Masan MEATLife reported VND2.34 trillion ($88.68 million) in Q2 revenue, up 30.7%, by focusing on processed meat, aligning with consumer trends toward higher-value products. Masan High-Tech Materials capitalized on the recovery of strategic mineral prices, improving margins and contributing to overall performance.

Attractive valuation amid market status upgrade prospects

These robust business results not only reinforce MSN’s position as a consumer-retail leader, but also lay a solid foundation for it to attract greater interest from both domestic and international investors.

MSN remains a top-cap stock on the Ho Chi Minh Stock Exchange (HoSE) and maintains stable liquidity within the VN30 group, ensuring it can absorb large-scale capital inflows. Recent shareholder structure reforms have also significantly improved free float, making MSN more compliant with global index inclusion criteria.

According to SSI, this is why MSN is seen as one of the top retail stocks poised to directly benefit from a market status upgrade.

Valuations from other securities firms further support this bullish view. KBSV estimates MSN’s fair value at VND100,000 ($3.79) per share (SoTP model). Vietcombank Securities (VCBS) gives a BUY recommendation with a target of VND93,208 per share, about 14% higher than current market price.

Vietcap Securities sets a target of VND101,000 per share, emphasizing growth potential from store expansion and product portfolio optimization.

As Vietnam nears market upgrade status, international institutional investors will likely prioritize stocks that combine technical eligibility with intrinsic growth strength. With its essential consumer foundation, improving financial metrics, and significant foreign ownership room, MSN is emerging as a potential gateway for foreign capital to gain deeper exposure to the Vietnamese market.

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