VinCommerce contributes nearly 43% of Masan’s 9-month revenue

Masan mentioned the achievement while announcing Nguyen Thi Phuong as new vice CEO of VinCommerce.  

One year after the acquisition, VinCommerce, operator of VinMart, VinMart + chain contributed over $1 billion to Masan Group’s 9-month revenue, accounting for 42.5 percent of total revenue. Masan reported more than $2.4 billion in the period.  

The VinMart + chain reported a 38.4 percent revenue revenue year on year growth in the third quarter of this year. Nine-month revenue jumped 56.5 percent from a year ago.

During the period, Masan closed supermarkets and stores that did not operate effectively, meanwhile it a VinMart supermarket and 57 VinMart + stores in the first three quarters.

The VinMart and VinMart + chains are on right track to reach the break-even goal in final quarter, creating a premise for system expansion in the coming time and expect to get profit from 2021.

VinCommerce targets to have 300 VinMart supermarkets and 10,000 VinMart + stores nationwide by 2025, covering 63 provinces and cities nationwide.

With the leadership of the newly-appointed Vice CEO Phuong, VinCommerce is expected to have better strategies for its better business achievements, bringing breakthrough values to consumers, shareholders of Masan.

Before joining Masan, Phuong has worked in the retail sector for more than 17 years. She held key positions in multinational corporations, including Central Retail Vietnam, Metro Cash & Carry.

Early this year, Masan acquired an 83.74 percent stake in the Vingroup subsidiary VCM Services and Trading Development, parent company of VinCommerce. Vingroup is now a minor shareholder in the company that runs Vietnam’s largest retail chains.

► Masan reports profit after a quarter suffering $9.2mln losses