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
Vietnam to soon raise taxpayers' personal deduction: official
The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.
Finance - Thu, October 16, 2025 | 6:25 pm GMT+7
Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam
The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.
Economy - Thu, October 16, 2025 | 4:36 pm GMT+7
Vietnam's stock market watchdog suspends two Grant Thornton auditors
Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.
Banking & Finance - Thu, October 16, 2025 | 3:35 pm GMT+7
Law No. 56 a major policy breakthrough for Vietnam's stock market development
The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.
Finance - Thu, October 16, 2025 | 2:30 pm GMT+7
WHA Group breaks ground on smart technology industrial zone in central Vietnam
Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.
Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7
Vietnam a key partner in Murphy Oil’s global strategy: exec
Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.
Companies - Thu, October 16, 2025 | 12:06 pm GMT+7
VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center
State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.
Companies - Thu, October 16, 2025 | 8:41 am GMT+7
Indonesia enjoys steady growth in nine months
Indonesia's Ministry of Finance on Tuesday announced the country’s 2025 budget performance as of September, reporting that Southeast Asia’s largest economy continued to post steady growth despite global economic uncertainties.
Southeast Asia - Wed, October 15, 2025 | 9:53 pm GMT+7
Malaysia on progressive path towards AI nation status: experts
Malaysia is on a progressive track towards becoming an Artificial Intelligence (AI) nation by 2030, a goal seen as achievable under Budget 2026 - the Malaysian Government’s fiscal and policy framework for 2026.
Southeast Asia - Wed, October 15, 2025 | 9:44 pm GMT+7
Thailand steps up development of semiconductor industry
Thailand’s Board of Investment (BOI) plans to propose a new national semiconductor and advanced electronics policy board to the government, which will spearhead Thailand’s semiconductor development strategy.
Southeast Asia - Wed, October 15, 2025 | 9:40 pm GMT+7
ASEAN sets ambitious energy targets
Senior energy officials from ASEAN member nations and Timor-Leste on Tuesday convened in Kuala Lumpur, Malaysia, to finalize key outcomes and policy recommendations to be submitted to the 43rd ASEAN Ministers on Energy Meeting (AMEM).
Southeast Asia - Wed, October 15, 2025 | 9:33 pm GMT+7
Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam
A subsidiary of Sun Group, one of Vietnam’s leading real estate developers, has received approval to invest VND9.88 trillion ($375 million) in an inland waterway tourism project in the central coastal city of Danang.
Industries - Wed, October 15, 2025 | 5:21 pm GMT+7
Vietnamese luxury car dealer Haxaco’s business slumps, stock nears two-year low
The operations of Hang Xanh Automobile Service JSC or Haxaco (HoSE: HAX), known as the largest distributor of Mercedes-Benz vehicles in Vietnam, are under pressure as consumers tighten spending and competition among car brands intensifies.
Companies - Wed, October 15, 2025 | 5:13 pm GMT+7
Vietnam sets 2026 GDP growth target at 10%
The Vietnamese Government has set the targets for economic expansion in 2026 at about 10% and inflation at 4.5%.
Economy - Wed, October 15, 2025 | 4:28 pm GMT+7
Movement of mega projects creates momentum for central Vietnam's Van Phong Economic Zone
A series of large-scale projects in Van Phong Economic Zone are being accelerated, opening new prospects for breakthroughs in this key growth hub of Khanh Hoa province.
Industries - Wed, October 15, 2025 | 12:24 pm GMT+7
Vietnam's International Financial Center ambition can unlock new wave of innovation
By embedding clarity, consistency, and collaboration into the foundations of its International Financian Center, Vietnam can create not just another financial center, but a hub for innovation that connects Asia to the world, writes Phil Wright, COO, HSBC Vietnam.
Consulting - Wed, October 15, 2025 | 11:03 am GMT+7
