Wincommerce General Commercial Services Joint Stock Company (Vietnam)

Officially being acquired by Masan Group (MSN) from Vingroup in 2019, the subject - WinCommerce (WCM) is known as a member of Masan Group as well as the largest modern retailer in the country, presenting in 63 provinces and cities. Under the management of Masan Group, this retail chain has made drastic changes in store layout & selected product list (especially for fresh products) and achieved the best commercial deals with suppliers. Currently, WCM has 132 Winmart supermarkets, and 3,242 stores (“WinMart+”) in the whole country. Masan and Winmart+ are the largest retail systems in terms of number of points of sale, accounting for 25% of the market share of modern retail channels in Vietnam.WIN Membership has been launched nationwide since 06 Jan 2023, is the realization of MSN's Offline-to-Online overall strategy when WIN Membership is the centerpiece connecting various products & services of MSN and partner brands under one program to address 80% of member's needs. As part of this strategy, Masan Group launched Techcombank account opening program on nationwide WCM network chain. According to Masan Group's announcements, the Group reached 670,000 accounts in the first half of 2023. This success helped to realize MSN's Point-of-Life strategy when WCM stores and supermarkets have gradually become the distribution points for not only products but also financial services. According to MSN's announcements, until Jun 2023, WCM converted 124 stores (“WinMart+”) in rural areas to new low-cost rural stores (“WinMart+Rural”) concept. These 124 stores saw an increase by 30% in revenue/store per day compared to pre-conversion performance. This is an important milestone in WCM's strategy to increase market share in rural areas where 65% of Vietnamese population resides. WCM targets to convert 676 WinMart+ stores and open 200 new WinMart+Rural stores in the second half of 2023 to drive more growth in rural areas. At the same time, WCM also converted two supermarkets (“WinMart”) in Phu My Hung and Thang Long into new premium and urban formats, respectively. WinMart Phu My Hung, the premium format, saw an increase by 54% in revenue and a rise by 37% in number of store visits compared to last year. WinMart Thang Long, the urban format, saw an increase by 27% in revenue and a rise by 32% in number of store visits. WCM aims to convert other 9 WinMart supermarkets into the new urban format to improve business efficiency. WCM's net revenue reached VND 7,182 billion in the second quarter of 2023 and VND 14,517 billion in the first 6 months of 2023, up by 2.5% and 1.5%, respectively over the same period last year.