What should a brand check before choosing a Vietnam grocery chain partner?

Look for audited store opening discipline, fresh handling routines, and stable supplier payment behavior. Ask for on shelf availability and shrink controls by region, not just national claims.

How do e-invoice rules change day to day retail execution in 2025?

They increase the need for POS uptime, correct SKU tax coding, and fast exception handling during peak hours. Chains that standardize training and connectivity tend to avoid checkout disruption.

How can sellers protect margins when platform fees rise?

Reprice with bundle logic, reduce return rates through clearer product content, and track contribution margin by campaign. Also watch cancellation and late delivery penalties, since they can erase ad gains.

What makes a convenience chain resilient in Hanoi expansion waves?

Location density near offices and schools matters, but food consistency and late night staffing matter more. The best operators run repeatable kitchens, not just bright stores.

How should a tenant evaluate a shopping center operator?

Focus on footfall quality, event cadence, and how quickly the operator fills vacancies. Also assess whether the operator can support tenant POS compliance and data connectivity.

What is the clearest sign a retailer can win in Tier2 cities?

Watch whether the chain adapts assortment to local spend and keeps service quality stable after rapid hiring. A second sign is reliable fresh supply without frequent stockouts.

Top Vietnam Retail Companies - Key Players & More

Masan Group (WinCommerce/WinMart)

Store openings accelerated again in 2025. Masan Group, a leading player in neighborhood grocery, paired rural expansion with improving unit economics and repeated profitable quarters. Tight e-invoice rules starting June 1, 2025 raise the value of clean POS data and disciplined SKU control for chains that scale fast. If modern trade penetration in smaller cities accelerates, the chain can compound loyalty through format segmentation, but shrink control in fresh remains a recurring operational risk. Strength is rapid rollout cadence, while the main threat is execution drift as hiring stretches.

Leaders

Saigon Co.op

Price stability campaigns still shape Saigon Co.op. The cooperative remains a major player in food staples, and 2024 revenue was about VND 30.0 trillion with online activity exceeding a tenth of sales. E-invoice mandates put pressure on smaller partners, so its advantage comes from shared compliance playbooks and centralized promotions. If its refreshed online platform lifts basket size, the opportunity is stronger repeat behavior across formats, yet warehouse consistency can weaken when rapid openings outpace training. A clear strength is local sourcing depth, while a weakness is slower format reinvention versus newer chains.

Leaders

Mobile World Investment Corp. (The Gioi Di Dong, Dien May Xanh, Bach Hoa Xanh)

Bach Hoa Xanh moved back into growth. The group, a leading company across electronics and grocery, reported 2,180 Bach Hoa Xanh stores by end May 2025 after 410 new openings. Decree 70 style e-invoice controls reward retailers that can connect cashier systems with fast replenishment and fewer returns disputes. If consumer electronics demand stays uneven, grocery expansion can stabilize cash flow, but the risk is quality variance in fresh when the footprint jumps quickly. Strength is execution speed, while the threat is cost creep from rapid site additions.

Leaders

Vincom Retail

Footfall rebounded strongly across Vincom centers in 2025. Vincom Retail, a leading operator of shopping centers, reported Q3 2025 profit after tax up nearly 52% year on year with stronger visitor traffic. New invoicing rules can raise tenant friction, so the landlord that helps brands implement compliant POS flows can protect occupancy. If more Chinese and regional brands expand into Vietnam, the upside is faster leasing velocity, while the risk is exposure to rent cycles in prime districts. Strength is nationwide coverage, and a weakness is dependence on discretionary spending recovery.

Leaders

Shopee Vietnam

Platform pricing changes in 2025 forced vendors to rethink bundles. Shopee Vietnam is a top player for online orders, and fee increases announced for April 2025 created pressure on smaller sellers. Decree 70 updates starting June 1, 2025 push digital platforms toward clearer invoicing and documentation flows, which can improve buyer trust if executed cleanly. If logistics service quality keeps improving, the upside is higher repeat rates, but the risk is seller pullback if fees rise faster than conversion gains. Strength is traffic scale, while a weakness is dependence on promotions to sustain momentum.

Leaders

Central Retail Vietnam (GO!/Big C, Tops Market)

Two new GO! Malls in 2025 widened reach. Central Retail Vietnam is a major player in hypermarket led retailing, and it highlighted about 68 stores with around 500,000 daily customers. E-invoice and tax formalization supports chains that can document origin and pricing cleanly across regions. If rent inflation persists in prime corridors, a what if response is to push more mini formats in secondary cities, though that can dilute assortment clarity. Strength is strong site pipeline, while the risk is slower product model iteration if store upgrades lag traffic shifts.

Established

Circle K Vietnam

Licensing data shows Circle K keeps adding outlets. The chain is a major player in 24/7 convenience, and Couche Tard listed 519 stores in Vietnam as of October 12, 2025. E-invoice via cash register rules increase the need for stable connectivity and consistent cashier training, which can be harder in late night operations. If Hanoi and Ho Chi Minh City reach saturation, a what if path is smaller footprints with more food service, yet that raises shrink and food safety exposure. Strength is dense urban placement, while the threat is new entrants copying the hangout format.

Established

MediaMart

The website now lists 300 MediaMart locations nationwide. The chain competes on breadth of appliance assortment and aggressive promotions, but it faces pressure from pure online pricing and rapid delivery expectations. E-invoice rules increase operational load for returns heavy categories like electronics, so clean serial capture becomes a must. If the chain upgrades its online funnel and improves delivery promise, it can defend relevance in Tier-2 cities, yet the risk is margin erosion from discount cycles. Strength is physical convenience for bulky goods, while the threat is rising last mile expectations without matching service investment.

Established

Lazada Vietnam

Fee changes in 2025 raised the bar for sellers on Lazada. The platform is an established player in Vietnam, and local commentary noted higher commissions and reduced shipping support starting February 2025. New VAT enforcement on low value express imports from February 18, 2025 can also change cross border unit economics for many small parcels. If sellers respond by shifting budget into video commerce, the platform must improve discovery and trust signals, yet the risk is churn if take rates feel unpredictable. Strength is regional ecosystem backing, while a weakness is lower buyer habit versus the top app.

Established

AEON Vietnam

Capital commitments continued as AEON Tan An opened. AEON Vietnam is a top brand for family shopping because it couples mall scale with curated tenant experience and a clear quality promise. New e-invoice expectations raise back office complexity for multi tenant formats, so tight tenant onboarding becomes a real differentiator. If Tier-2 city disposable income rises faster than expected, mid sized centers can scale quicker than flagship builds, yet the risk is slower payback when footfall is seasonal. Strength is trusted sourcing perception, while a weakness is limited reach versus dense convenience networks.

Performers

FPT Retail (FPT Shop, F.Studio)

Pharmacy scale is now FPT Retail's earnings engine. The group is a top player in modern pharmacy retailing, with Long Chu reaching 2,317 pharmacies and 203 vaccination centers by end Q3 2025. E-invoice compliance strengthens consumer trust in regulated categories, yet it also raises the cost of training and system uptime across many small sites. If electronics replacement cycles stay soft, health and wellness growth can keep the group resilient, but the risk is service bottlenecks during peak vaccination periods. Strength is health category momentum, while the threat is tighter reimbursement or pricing controls.

Performers

GS25 Vietnam

Northern rollout started with six Hanoi openings. GS25 Vietnam opened six stores in Hanoi on March 14, 2025 and was described as running about 350 branches nationwide with an ambition to reach 700 by 2027. E-invoice rules favor chains that can standardize prepared food labeling, especially when stores double as quick meal destinations. If commuter traffic rises around new transit corridors, larger format convenience can win, but rent spikes can quickly stress store economics. Strength is strong Korean food differentiation, while the threat is copycat menus from rivals with denser footprints.

Performers

Guardian Vietnam

Modernized store opening in Da Nang highlights Guardian's refresh push. Guardian Vietnam is a key participant in health and beauty retailing, and it promoted a modernized store concept with over 500 brands in its Da Nang opening communications. Decree 70 style invoicing for retail categories increases the need for accurate SKU tax coding, which favors chains with disciplined category management. If premium beauty demand grows outside Ho Chi Minh City, expansion can accelerate, but the risk is shrink in small high value items as store count rises. Strength is assortment breadth, while the threat is aggressive online discounting.

Performers

Lotte Mart Vietnam

Grocery focused remodel is Lotte Mart's main lever. The chain has used store conversions toward grocery specialization, and one renovated Hanoi location was described as lifting sales and visits after reopening. E-invoice enforcement increases the value of clean prepared food labeling and traceability, especially for ready to eat expansion. If Vietnamese shoppers keep trading down, private label and meal solutions could protect margins, but a key risk is cost pressure from imported inputs in deli heavy formats. Strength is differentiated prepared food theater, while a weakness is limited store density.

Aspirants

7-Eleven Vietnam

Hanoi entry finally began in June 2025. 7-Eleven Vietnam opened its first Hanoi store at 52 Lo Su and signaled a wider capital city push after a slower build in Ho Chi Minh City. E-invoice and VAT enforcement increases the value of clean item mapping and fewer manual overrides at checkout. If store count accelerates, scale can improve supplier terms, but the risk is brand dilution if food consistency varies by franchise staffing. Strength is strong global know how, while a weakness is still limited national reach compared with entrenched convenience banners.

Aspirants

Coop Food

Neighborhood fresh food stores keep multiplying under Co.op Food. Saigon Co.op described opening additional stores in Hanoi and Ho Chi Minh City in early 2025, signaling continued focus on proximity shopping. Cash register e-invoice requirements raise the need for stable systems, which can be hard in small boxes with lean staffing. If fresh supply chain fragmentation improves through tighter vendor onboarding, the chain can win on trust, yet spoilage remains a persistent operational risk. Strength is everyday basket focus, while a weakness is limited differentiation beyond freshness and price stability.

Aspirants

Nguyen Kim

Change of ownership closes one chapter for Nguyen Kim. Central Retail said it would exit Nguyen Kim by selling to Pico, with the deal described at about USD 36.0 million and linked to a revenue slump. Tax and invoicing tightening raises the urgency of clean warranty and returns documentation in electronics. If Pico integrates the store network well, the opportunity is a sharper omni channel proposition, yet the risk is vendor credit tightening during restructuring. Strength is legacy brand recall, while a weakness is reduced store coverage versus faster moving rivals.

Aspirants

Tiki Corporation

VNG relationship reset adds uncertainty for Tiki. VNG ended Tiki Global affiliate status after fully writing down a VND 510.0 billion investment while still holding a minority ownership stake. Tightening tax and invoicing rules make transparency a hygiene factor, but compliance alone will not fix weaker buyer traffic. If Tiki finds a profitable niche, it could stabilize through narrower categories and better service, yet the risk is continued user migration to video led commerce apps. Strength is legacy trust in authentic goods, while a weakness is limited scale for subsidy driven growth.

Aspirants

Sendo

On April 15, 2025, Sendo shut its core app. The business pivoted toward Sendo Farm with a grocery focused model that leans on local partners and home based cold storage to reduce logistics burden. Policy tightening on invoicing raises the need for simple partner tools that can generate compliant receipts without friction. If the model proves reliable in repeat grocery baskets, the upside is defensible unit economics, but the risk is service inconsistency when distributed nodes grow too fast. Strength is cost discipline, while the threat is fast imitation by larger apps with deeper delivery networks.

Aspirants

Vietnam Retail Companies: Leaders, Top & Emerging Players and Strategic Moves

Top 5 Vietnam Retail Companies

Vietnam Retail Companies Matrix by Mordor Intelligence

MI Competitive Matrix for Vietnam Retail

Analysis of Vietnam Retail Companies and Quadrants in the MI Competitive Matrix

Masan Group (WinCommerce/WinMart)

Saigon Co.op

Mobile World Investment Corp. (The Gioi Di Dong, Dien May Xanh, Bach Hoa Xanh)

Vincom Retail

Shopee Vietnam

Central Retail Vietnam (GO!/Big C, Tops Market)

Circle K Vietnam

MediaMart

Lazada Vietnam

AEON Vietnam

FPT Retail (FPT Shop, F.Studio)

GS25 Vietnam

Guardian Vietnam

Lotte Mart Vietnam

7-Eleven Vietnam

Coop Food

Nguyen Kim

Tiki Corporation

Sendo

Frequently Asked Questions

Methodology

Analysis of Leading Vietnam Retail Companies