Masan’s WinCommerce speeds up northern Vietnam expansion as April revenue jump 27%

WinCommerce, the retail arm of Vietnamese conglomerate Masan Group (HoSE: MSN), reported strong sales growth in April as the company accelerated store expansion across northern and central regions.

According to its April earnings statements, WinCommerce posted revenue of VND3.66 trillion ($138.71 million), up 27% year-on-year. It added a net 123 stores during the month, bringing its nationwide network to 4,940 outlets.

Growth continued to be driven by rural areas, where revenue from the WinMart+ store chain surged 57% year-on-year to VND1.02 trillion ($38.66 million). Urban WinMart+ stores posted slower but still solid growth of 20.2%, with revenue reaching over VND1 trillion.

The company added 102 rural WinMart+ stores in April, lifting the total to 2,238 outlets. Urban WinMart+ stores increased by 17 to 1,806 locations, while the WiN chain expanded by four stores to 766. The number of larger-format WinMart supermarkets remained unchanged at 130.

Northern Vietnam remained the company’s primary expansion focus. WinCommerce launched 271 new stores in the region during the first four months of 2026, compared with 77 new outlets in central Vietnam. By the end of April, the retailer operated 2,696 stores in the north, 1,185 in central Vietnam, and 1,059 in the south.

In January-April, WinCommerce recorded revenue of VND15.02 trillion ($569.83 million), up 29% year-on-year and equivalent to average monthly sales of over VND3.75 trillion ($142.28 million). During the period, the retailer opened 348 new stores.

More than 98% of newly opened stores during the January-April period generated positive store-level EBITDA margins, underscoring improving operational efficiency as the chain scales up.

The performance keeps WinCommerce on track to meet its target of opening between 1,000 and 1,500 stores in 2026. The current revenue growth is also running ahead of the company’s full-year guidance of 15% to 21%.

Speaking at Masan’s first-quarter 2026 Community Day event, WinCommerce CFO Phan Trong Huy said the north and central regions remain its strategic priorities this year. He noted that the higher number of store openings in the north during Q1 mainly reflected the company’s focus on securing retail locations rather than a change in overall strategy.

Masan CEO Danny Le said Masan could consider a pre-IPO fundraising round for WinCommerce if current growth momentum stays steady, with a public listing potentially targeted for 2028-2029.