Vietnam’s retail giants report surging profits as consumers shift to modern trade channels

Vietnam’s major retailers posted a surge in Q3 profits as consumers increasingly turned to modern trade channels, following a government crackdown on counterfeit goods.

Companies including Mobile World Group (MWG), WinCommerce (WCM) and FPT Retail (FRT) are accelerating their rural expansion to capture new demand.

Strong earnings across the board

Most of Vietnam’s leading retailers - Masan Group (MSN), Mobile World Investment (MWG), FPT Retail (FRT), and Phu Nhuan Jewelry (PNJ) - recorded strong growth in both revenue and profit in Q3 and the first nine months of 2025.

Masan’s retail arm WinCommerce, operator of the WinMart/WinMart+ chain, reported Q3 revenue up 22.6% to VND10.54 trillion ($400.57 million) and net profit of VND175 billion ($6.65 million), up 875% from a year earlier.

For the nine-month period, WinCommerce swung to a VND243 billion ($9.23 million) profit from a VND204 billion loss last year.

Mobile World Group (MWG) posted record revenue and profit in Q3 at VND39.85 trillion ($1.51 billion) and VND1.78 trillion ($67.77 million), up 24% and 120% year-on-year, respectively.

Cumulative nine-month profit after tax reached VND4.99 trillion ($189.53 million), up 73% from a year earlier, surpassing its full-year target (VND4.85 trillion).

Its core chains thegioididong.com and Dien May Xanh contributed VND76.5 trillion ($2.91 billion) in sales, up nearly 15% despite a smaller store base (down 130 stores compared to the same period last year).

The Bach Hoa Xanh grocery chain added VND34.4 trillion ($1.31 billion), up 14% year-on-year, and has been profitable since Q2.

FPT Retail, operator of FPT Shop and Long Chau Pharmacy, reported nine-month revenue of VND36.17 trillion ($1.37 billion), up 26%, and net profit of VND636 billion ($24.16 million), more than double last year.

In Q3 alone, it reached $13.11 trillion ($498 million), up 26.3%, and VND266 billion ($10.11 million), up 61% respectively.

The Long Chau chain accounted for 69% of total revenue with VND24.8 trillion ($942.3 million), up 38%, and profit before tax, interest and depreciation (EBITDA) of VND1.19 trillion ($45.32 million), up 72%.

FPT Shop chain contributed VND11.55 trillion ($438.83 million) in revenue, up 6%; while EBITDA was VND181 billion ($6.88 million), 2.7 times higher.

Jewelry retailer PNJ also surprised with strong results in a typically low season, posting Q3 revenue of VND8.14 trillion ($309.1 million), up 14%, and net profit of VND496 billion ($18.84 million), up 130%. The company attributed the gains to higher 24K gold sales and cost-control measures.

Thereby, accumulated net revenue in nine months reached VND25.35 trillion ($963.17 million), down 13.3%; profit after tax reached VND1.61 trillion ($61.16 million), up 16.5%.

Rural expansion drives growth

According to the General Statistics Office, domestic consumption rose sharply in Q3, supported by a VAT cut from 10% to 8% extended through 2026 and national promotion campaigns. Retail sales and service revenue rose 10.1% year-on-year in Q3 and 9.5% in the first nine months.

A nationwide crackdown on counterfeit and untraceable goods has also driven consumers toward modern retail channels, particularly for fast-moving consumer goods. Retailers have responded by ramping up store openings, especially in central and rural regions where modern trade penetration remains low.

WinCommerce opened 464 new stores in the first nine months, nearly 75% of them in central provinces. More than 80% of new stores have already reached EBITDA breakeven.

Masan said rural areas - home to over 60% of Vietnam’s population - are becoming a major growth driver, with daily sales at rural mini-marts now reaching 90% of urban levels, up from 85% a year ago.

Mobile World’s Bach Hoa Xanh chain added 520 new outlets, more than half in central Vietnam, with most already profitable at the store level. The company plans selective expansion into new provinces in Q4.

FPT Retail has been accelerating its Long Chau Pharmacy rollout, opening 374 new drugstores and 77 vaccination centers, exceeding its full-year target after just nine months. Each store maintains an average monthly revenue of about VND1.2 billion ($45,590), reflecting stable operations and strong rural demand.