Although Vietnam's GDP grew strongly in the second quarter of 2025, the consumer goods industry still faced many challenges.
In the first 5 months of 2025, FMCG output consumed via GT channel decreased by nearly 3% compared to the same period. Masan Consumer's (MCH) revenue in the second quarter of 2025 decreased due to disruptions in traditional retail channels, causing consumption output to temporarily decline. Business activities are expected to recover when MCH's new distribution model - focusing on direct coverage, is strongly implemented from the second half of 2025.
According to the uncked financial statements of the second quarter of 2025 and the first 6 months of 2025 of Masan Group Joint Stock Company, net revenue in the second quarter of 2025 reached VND18,315 billion.
Masan Group's Pre-MI after-tax profit in the second quarter and the first 6 months of 2025 reached VND 1,619 billion and VND 2,602 billion, respectively, nearly double the same period, exceeding the whole year plan by 50%. Growth mainly comes from strong profit efficiency at WCM and MML, supported by profit contributions from the H.C. Starck (HCS) divestment.
WinCommerce (WCM) in the second quarter of 2025, revenue reached VND 9,130 billion, up 16.4% over the same period. NPAT Pre-MI reached VND10 billion, up VND159 billion over the same period. This is the fourth consecutive quarter that WCM has made a profit, thanks to outstanding operations and an effective network expansion strategy.
In the first half of 2025, revenue reached VND17,915 billion, up 13.4% over the same period. Profit after tax before allocation to minority shareholders reached VND68 billion, up VND292 billion over the same period. This positive result was driven by LFL revenue growth and expanding the network in rural areas.
As of the end of the second quarter, with 318 new stores net opened, WCM has completed 80% of the target of opening new stores in the year and is on track to exceed the high-profile target by the end of the year, helping to firmly consolidate its position as the number one modern retailer in Vietnam in terms of selling points, with 4,146 stores nationwide.
Masan MEATLife (MML) recorded revenue of VND2,340 billion, up 30.7% over the same period, driven by strong double-digit growth in both sectors: livestock (up 66.4% over the same period) and meat (up 20.5% over the same period).
Depending on internal approval, macroeconomic conditions and the recovery of the consumer market, Masan expects the net consolidated revenue in 2025 to be between VND 80,000 billion and VND 85,500 billion, corresponding to LFL growth of 7% to 14% over the same period (after adjustment for HCS separation).
In 2025, the total consolidated revenue, excluding Masan High-Tech Materials, is expected to be between VND 74,013 billion and VND 78,013 billion, corresponding to a growth rate of 8% to 13% over the same period. Pre-tax profit distributed to minority shareholders is expected to reach VND4,875 billion to VND6,500 billion, growing strongly from 14% to 52% compared to VND4,272 billion in 2024.
