With 28 years of operation, Masan has become a key player in Vietnam’s dealmaking landscape, strategically expanding its consumer-retail platform through high-impact mergers and acquisitions (M&A). Notable deals include acquiring over 98% of Vinacafé Bien Hoa, controlling stakes in Net Detergent JSC, Quang Ninh Natural Mineral Water, and Saigon Nutri-food JSC, as well as purchasing Sam Kim Co. (now Masan Nutri-Science and Masan MEATLife). Other significant acquisitions include the VinCommerce retail system (now WinCommerce) and a controlling stake in Phuc Long Coffee & Tea.
Masan’s representative receiving the award “Business with Outstanding M&A Strategy 2023-2024”. Photo courtesy of Masan |
Masan’s M&A strategy focuses not just on expanding its portfolio, but on integrating acquisitions that align with its broader goals. According to CEO Danny Le, the group’s strategy centers on creating a comprehensive consumer-retail ecosystem under its “Point of Life” strategy, designed to meet end-user needs holistically.
In 2024, Masan scaled back its M&A activities to optimize operations and deepen its core consumer-retail model. Recent deals have focused on strengthening key business resources, increasing ownership in strategic ventures, and gradually divesting from non-core assets.
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WinCommerce owns the largest modern retail system in the country. Photo courtesy of Masan |
One of the latest investments came in October 2023, when Masan secured at least $200 million from Bain Capital. By December, Bain’s investment increased to $250 million. This capital injection reflects confidence in Vietnam’s market and Masan’s consumer-focused strategy despite challenging market conditions. The funding strengthens Masan’s ability to capitalize on growth opportunities in sectors like groceries, financial services, and daily needs.
Since 2007, Masan has attracted $5 billion in investments from major funds such as KKR, TPG, and SK Group. In May 2024, Masan High-Tech Materials signed a deal with Mitsubishi Materials, which included the sale of H.C. Starck Holding and a long-term offtake agreement for tungsten-based products. Masan retains a stake in Nyobolt, a U.K.-based battery technology company.
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Masan Group’s office. Photo courtesy of Masan |
Masan also continues to strengthen its core operations. In September 2024, the group acquired a 7.1% stake in WinCommerce from SK Group. WinCommerce, Vietnam’s largest modern retail operator, has entered a profitability phase, posting revenue of VND8.6 trillion ($338.5 million) and a positive NPAT of VND20 billion in Q3 2024, marking the first profit since the pandemic.
With a clear path to profitability, Masan plans to expand WinCommerce to 4,000 locations by the end of 2024. The group remains focused on sustainable growth and leadership in Vietnam’s modern trade market.
Masan’s M&A approach reflects a deliberate focus on creating a consumer-retail ecosystem that adapts to Vietnam’s evolving market, positioning the group as a leader in the country’s “golden consumption era.”
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