AsemconnectVietnam - According to information from the enterprise, MSN's pre-distribution profit for minority shareholders (NPAT Pre-MI) in Q2/2025 is estimated at about VND1,500 billion, up nearly 60% over the same period last year.

In the context of the stock market being strongly differentiated between industry groups, Masan Group's MSN stock continues to be a bright spot with growth potential coming from both the enterprise's internal factors and favorable macroeconomic factors. In particular, the National Assembly's decision to extend the VAT reduction policy until the end of 2026 is expected to become a big boost for domestic consumption, thereby bringing clear benefits to businesses with large-scale retail and consumer ecosystems like Masan.
VAT reduction policy: A boost for consumption, an opportunity for domestic enterprises
According to the recently approved Resolution, from July 1, 2025 to December 31, 2026, VAT will continue to be reduced by 2 percentage points (from 10% to 8%) for essential consumer goods and services. This policy not only supports people's purchasing power but also directly reduces operating costs for retail consumer enterprises, especially domestic enterprises with widespread market coverage.
Masan Group, with its consumer-retail ecosystem including WinCommerce (WCM), Masan Consumer (MCH) and Masan MEATLife (MML), is considered one of the clear beneficiaries of this stimulus policy. According to information from the company, MSN's pre-distribution profit for minority shareholders (NPAT Pre-MI) in the second quarter of 2025 is estimated at about VND1,500 billion, up nearly 60% over the same period last year. After the restructuring process, Masan's retail segment - WinCommerce has made a strong breakthrough. In the first quarter of 2025, revenue reached nearly VND8,800 billion, up 10.4% over the same period; EBITDA increased by more than 45%, and recorded the third consecutive quarter of net profit. According to information from the enterprise, WCM's net revenue in the first 5 months of the year is estimated at VND14,700 billion, an increase of 12.8% over the same period in 2024.
In May alone, net revenue of the entire WCM network is estimated at VND3,031 billion, an increase of 17.6% over the same period, the rural WinMart+ model increased by 36.6%, reaching nearly VND700 billion. In May, WCM opened 50 new stores, bringing the total number of new stores opened since the beginning of the year to 257, completing nearly 40% of the plan to open new stores in the base scenario for the whole year. Notably, overall, the new stores opened since the beginning of the year have brought in positive profits, showing that the enterprise's expansion strategy is being strongly implemented and bringing clear results.
The VAT reduction policy will continue to increase WCM's competitive advantage. Tax reductions make retail prices of essential goods more attractive, thereby boosting shopping demand, increasing customer traffic and average order value. In the context that WCM is opening nearly 2 new stores every day, mainly in rural areas, which account for 60% of Vietnam's population, preferential tax policies are timely support factors for this chain to grow in scale and efficiency. Besides WCM, Masan Consumer (MCH) and Masan MEATLife (MML) are also important links in Masan's consumer - retail ecosystem. In the first quarter of 2025, Masan Consumer recorded net revenue of VND 7,489 billion, up 13.8% over the same period, with gross profit margin maintained at a high level of 46.7%, demonstrating the ability to maintain efficiency despite continuous investment in innovation. This enterprise has recently launched the “Asian Restaurant” product line, continuing its premiumization strategy with a focus on the Omachi brand in 2025.
In addition, MML achieved revenue of VND2,070 billion, up 20.4%. In particular, the processed meat segment (MeatDeli, Ponnie, Heo Cao Boi) grew by 25.8%, reflecting a change in consumer behavior - young people prioritize convenient products, clear origin and hygiene safety. Masan MEATLife owns the “From Farm to Table” model that controls the entire standardized value chain: from breeding, slaughtering, processing to distribution. Not only providing fresh meat, MML also focuses on developing processed meat product lines such as sausages, cold cuts, ham... suitable for the fast - convenient, clean consumption needs of today's young generation.
The VAT reduction policy is expected to continue to promote consumers to shift to high-quality consumer products, in line with the direction that MCH and MML are pursuing.
VCBS values MSN at VND93,208/share
According to a report by Vietcombank Securities Company (VCBS), MSN shares are recommended to BUY, with a target price of VND93,208/share - about 38% higher than the current market price (MSN's closing price on June 19 was VND67,500/share). According to VCBS analysts, MSN's growth momentum comes from: WCM continuing to expand more than 600 new stores in 2025, maintaining improved profit margins; MCH promoting high-end products, expanding international markets; MML benefits from high pork prices and new consumption trends; Copper and tungsten prices are also forecast to increase due to the US-China trade war, helping to improve MHT's profit margins; and the integrated ecosystem creates a synergistic effect in operations, sales and cost savings.
The VAT reduction policy until the end of 2026 is a necessary boost to boost purchasing power and restore domestic consumption growth. With a solid foundation, wide market coverage and the ability to quickly adapt to trends, MSN is converging all the elements to take the lead in the recovery wave of the Vietnamese consumer market.
N.Nga
Source: VITIC/Tinnhanhchungkhoan