Vietnam’s WinCommerce expands store network amidst turnaround to profit

It plans to expand to about 6100 stores by end-2026.

Vietnam’s WinCommerce (WCM) has officially completed its turnaround, reporting stronger store-level margins and a 30% reduction in capital and operating expenses per outlet since 2020.

The improvements have shifted the retailer from a loss of around VND3.7 trillion in 2019 to a targeted profit of $37.95m (VND1t) by 2026.

Following the turnaround, WCM is accelerating the expansion of its physical store network. The company aims to operate approximately 6,100 outlets by the end of 2026, with a strong emphasis on rural markets. About 70% of new store openings are being concentrated in these areas.

Despite steady growth, modern trade penetration in Vietnam remains relatively low at 14% as of 2026. WCM currently operates in only about half of the country’s wards, reaching roughly 1,300 out of 3,250.

The company said its rural-focused expansion strategy has proven effective, delivering a payback period of under three years and an internal rate of return of around 40%.

Looking ahead, Masan Group plans to open at least 1,500 profitable stores annually, targeting a nationwide network of 13,000 outlets by 2030 as modern trade penetration is expected to exceed 20%.