WinCommerce records net losses for third straight year
WinCommerce, the retail arm of Vietnamese conglomerate Masan Group, suffered a loss of over VND445 billion ($18.9 million) in 2022, tripling the 2021 figure and marking a third consecutive year of losses.
The retailer's net revenue dropped by 5% year-on-year to nearly VND29.37 trillion ($1.25 billion), according to its 2022 financial report.
Its WinMart supermarket and WinMart+ convenience store chains failed to end their losing streaks since they were acquired from Vietnam's Vingroup by Masan at the end of 2019.
Customers shop at a WinMart supermarket. Photo courtesy of WinCommerce.
WinCommerce recorded losses of nearly VND3.22 trillion ($136.9 million) and VND524.4 billion ($22.3 million) in 2020 and 2019, respectively.
As of December 31, 2022, its total assets stood at more than VND18.3 trillion ($778.22 million), a slight increase of 1.05% year-on-year. In terms of capital structure. WinCommerce's equity and liabilities rose to VND3.98 trillion ($169.25 million) and VND14.3 trillion ($606.12 million), respectively.
The firm’s outstanding bond debts were over VND4.45 trillion ($189.24 million). According to data from the Hanoi Stock Exchange (HNX), from May 15, 2020 to December 28, 2020, WinCommerce mobilized a total of VND4.5 trillion ($191.37 million) from five-year bonds at coupon rates of 9.2-9.9% per year.
WinCommerce also revealed that last year, it paid nearly VND442.5 billion ($18.8 million) in bond coupons.
According to Masan's annual report, WinCommerce had 3,268 WinMart+ stores and 130 Winmart supermarkets in 2022, up 730 and eight, respectively, compared to 2021.
WinCommerce said this year it will continue to coordinate with suppliers to invest in consumer products and services, ensure competitive prices and enhance the WIN membership card program, with a view to raising like-for-like (LFL) sales of stores opened before 2021 by 5-10%.
Masan Group in late 2019 acquired VinCommerce and VinEco from Vingroup to create The CrownX, a retail and consumer platform. Then, VinCommerce was renamed WinCommerce, which includes WinMart and WinMart+.
- Related News
- Read More
Banks should cut lending rates to lowest possible level: Deputy PM
Vietnam’s Deputy Prime Minister Nguyen Van Thang has called for lending rates to be reduced to the lowest possible level, with a focus on priority sectors to better support businesses and economic growth.
Banking - Wed, May 6, 2026 | 8:50 am GMT+7
Japan’s Nishi-Nippon Railroad plans to build 22,000 homes in Vietnam by 2035
Japan’s Nishi-Nippon Railroad, widely known as Nishitetsu, plans to develop 22,000 housing units in Vietnam by 2035 via a partnership with local developer Nam Long Investment Corporation (HoSE: NLG).
Real Estate - Tue, May 5, 2026 | 9:49 pm GMT+7
Vietnam's tech unicorn VNG books record quarterly profit since 2022 listing
Vietnam’s tech unicorn VNG (UPCoM: VNZ) reported its highest quarterly profit since going public in 2022, as growth across core business segments and tighter cost controls lifted earnings in Q1/2026.
Companies - Tue, May 5, 2026 | 4:01 pm GMT+7
Dragon Capital Vietnam posts best quarterly profit in 3 years
Dragon Capital Vietnam (UPCoM: DCV) reported its strongest quarterly earnings in three years, driven by robust growth in investment advisory and asset management activities.
Companies - Tue, May 5, 2026 | 3:44 pm GMT+7
Petrolimex profit confusion rattles investors amid disclosure delay
Petrolimex, Vietnam's biggest gasoline retailer by market share, has come under scrutiny after delays and conflicting signals around its Q1/2026 earnings triggered sharp swings in its shares, highlighting risks for investors amid information gaps.
Companies - Tue, May 5, 2026 | 3:24 pm GMT+7
Intel shifts data center chip production line to Vietnam
Intel is relocating a production line for data center chips from Costa Rica to its Vietnam facility, reinforcing the Southeast Asian country’s role in the giant's global supply chain.
Industries - Tue, May 5, 2026 | 1:01 pm GMT+7
PVS Q1 profit rises 45%, warranty provisions surge
PetroVietnam Technical Services Corporation or PTSC (HNX: PVS), a subsidiary of state-owned Petrovietnam, reported a 45% increase in Q1 net profit for 2026, supported by the handover of several large projects, though a sharp rise in warranty provisions weighed on margin expansion.
Companies - Tue, May 5, 2026 | 11:42 am GMT+7
‘Vegetarian-fed pork’ brand owner BAF posts record quarterly profit
BAF Vietnam Agriculture JSC, known for its “vegetarian-fed pork” brand, reported a record net profit of VND206 billion ($7.82 million) in the first quarter of 2026, marking its highest quarterly earnings on record.
Companies - Tue, May 5, 2026 | 8:17 am GMT+7
Petrovietnam shipyard arm's pre-tax profit surges over 10-fold
Petrovietnam Marine Shipyard JSC (PV Shipyard), a subsidiary of state-owned giant Petrovietnam, reported a strong first quarter of 2026, with revenue rising sharply and pre-tax profit increasing more than 10-fold year-on-year.
Companies - Mon, May 4, 2026 | 3:49 pm GMT+7
Petrovietnam, Samsung Heavy Industries sign cooperation deal
Petrovietnam and Samsung Heavy Industries have signed an MoU to establish a cooperation framework in shipbuilding, energy industry, and related sectors.
Companies - Mon, May 4, 2026 | 2:11 pm GMT+7
Imprisoned entrepreneur, spouse hold over 6.3% stake in Vietnam private lender ACB
The combined stake held by imprisoned businessman Nguyen Duc Kien and his spouse in the Asia Commercial Bank (ACB) is valued at nearly VND7.62 trillion ($289.23 million), based on the ACB market price of VND23,500 ($0.89) per share last Wednesday.
Banking - Mon, May 4, 2026 | 1:10 pm GMT+7
Vietnam manufacturing purchasing managers' index drops to 7-month low in April
Vietnamese manufacturers recorded a drop in new orders in April as inflationary pressures hit 15-year highs amid increased costs for fuel and oil in particular, according to S&P Global.
Economy - Mon, May 4, 2026 | 12:08 pm GMT+7
Vietnam bank profits diverge in Q1, favoring large lenders
The Vietnamese banking sector’s profits in Q1/2026 showed a clear divergence, with growth seen among large lenders with strong capital and asset quality while smaller banks facing mounting pressure from rising funding costs and credit risks.
Banking - Mon, May 4, 2026 | 10:51 am GMT+7
Gelex invests $304 mln in Gia Binh airport project
Gelex Group has invested VND8 trillion ($303.54 million) in a company developing the Gia Binh International Airport in northern Vietnam, driving a sharp increase in its investments in associates in the first quarter of 2026.
Companies - Mon, May 4, 2026 | 8:07 am GMT+7
PV Drilling profit accelerates, Brunei bottleneck persists
Petrovietnam subsidiary PV Drilling reported strong earnings growth in the first quarter of 2026 on the back of a recovery in the oil and gas market, but continued to face profitability challenges in Brunei, a market with sizable assets that has yet to deliver commensurate returns.
Companies - Mon, May 4, 2026 | 8:00 am GMT+7
Vietnam’s auto industry paradox: Fast growth, but localization remains 'near zero'
Vietnam’s automobile market expanded rapidly in 2025, yet localization rates - particularly for passenger cars - remain stubbornly low, highlighting a structural gap in the industry’s development.
Economy - Sun, May 3, 2026 | 3:17 pm GMT+7
