In Q1 2026, MSN posted net profit after tax before minority interest (NPAT Pre-MI) of VND1.97 trillion ($75.77 million), doubling on-year. Consumer-retail earnings before interest and taxes (EBIT) rose to $94.62 million, up 23.6 per cent on-year, reflecting broad-based growth across the platform.

Q2 2026 preliminary momentum indicates MSN is on track to grow NPAT Pre-MI by approximately 60 per cent on-year.

WinCommerce (WCM) – the company operating the WinMart/WinMart+/WiN chains – delivered NPAT Pre-MI of $7.85 million in Q1 2026, up 3.5 times on-year, equivalent to a 1.8 per cent margin. The result is driven by higher store traffic, disciplined network expansion and operating leverage.

WCM recorded a net addition of 225 new store openings for Q1 2026, bringing the total store count to 4,817 nationwide. Notably, 100 per cent of new store openings surpassed store‑earnings before interest, taxes, depreciation and amortisation breakeven level within the quarter.

Like-for-like (LFL) growth across all formats was primarily driven by higher store traffic (bill count) as modern trade penetration accelerates. Among them, minimarts delivered LFL growth of 11.8 per cent on-year in Q1 2026, up from 8.6 per cent in Q1 2025.

Supermarkets delivered LFL growth of 19.9 per cent on-year for Q1 2026, up from 6.1 per cent in Q1 2025, supported by renovations that lifted store traffic. Supermarkets also achieved EBIT-positive with 3.5 per cent margin, up 386 per cent on-year points (bps) on-year. As of March 2026, 60 supermarkets have been renovated, with the remainder on track for completion by year-end.

Masan Consumer’s Q1 2026 revenue reached $325.77 million, up 13.1 per cent on-year, while NPAT Pre-MI reached $69.23 million, up 11.5 per cent on-year.

Retail Supreme demonstrated clear improvements across key execution metrics as March 2026. First, active selling outlets reached approximately 500,000, up 2.3 times compared to before Retail Supreme. Second, stock keeping unit per order reached 5.5 (up 17 per cent) while approximately 57,000 outlets now carry around six or more categories, up 2 times. Third, approximately 50,000 outlets are implementing MCH’s in-store execution standards, up 1.8 times.

Masan Consumer’s gross margin was stable at 46.7 per cent on-year.

Masan MEATLife (MML) delivered revenue of $95.38 million in Q1 2026, up 19.8 per cent on-year, with NPAT Pre-MI of $5.65 million, up 27.2 per cent on-year. EBIT grew on-year to a 7.4 per cent margin, up 450 bps on-year, as both fresh and processed meat benefited from improved economies of scale and higher porker utilisation. Total MML sales at WCM grew 30.2 per cent on-year.

Phuc Long Heritage posted net revenue of $21.88 million in Q1 2026, up 34 per cent on-year. The EBITDA margin reached 20.8 per cent while NPAT Pre-MI grew 1.6 times on-year to a 10.3 per cent net margin, up 260 bps on-year. Growth was driven by delivery scaling and stronger in-store productivity gains, with LFL average daily sales in standard-format stores reaching $1,011.54, up 21.2 per cent on-year.

Masan High-Tech Materials (MSR) delivered a record quarterly NPAT of $20.65 million in Q1 2026, compared with a $8.54 million loss in Q1 2025, supported by stronger commodity pricing, improved operating performance, and lower net interest expenses.

Net revenue reached $115 million, up 114.9 per cent on-year, led by APT revenue of $94.23 million, up 3.2 times on-year. APT averaged $1,865/mtu in Q1 2026 and reached $3,150/mtu as of March 31, 2026, compared with MSR’s revised 2026 budget assumption of approximately $1,200/mtu. In the event current price levels are sustained for the rest of the year, MSR expects to achieve materially better financial results.

Throughput is expected to recover from Q2 2026 and ramp further in Q3 2026 following the amendment of the 28-million-tonne mining licence, with full-year ore processed projected to exceed FY2025 levels.

MSR is expected to generate stronger operating cash flow and accelerate deleveraging, with revised guidance indicating net-debt-to-EBITDA declining from 3.5 times in Q1 2026 to 1.7 times by year-end.

Assuming APT prices average above $1,500/mtu, MSR targets net-debt-to-EBITDA of 0.1 times by end-2027, and conservatively net cash position by end-2028, which would create room for lower interest expenses, higher earnings quality, and potential dividend payments in the upcoming years.

Masan has announced plans to migrate MSR to the HSX mainboard, aiming to enhance value recognition, broaden the shareholder base, improve liquidity, and support strategic investor engagement.

MSN’s profit share of Techcombank in Q1 2026 was $50.77 million, up by 11.8 per cent on-year.

Building on a record Q1 2026, MSN’s revenue and NPAT Pre-MI are estimated at $1.98 billion and $176.92 million in the first half of 2026, up 38 per cent and 76 per cent on-year, respectively.

Masan posts steady gains as Vietnam targets stronger retail growth Vietnam’s push for stronger retail growth by 2030 is being matched by improving performance in the country’s major consumer groups.

Masan Consumer lifts foreign ownership limit to 100 per cent On March 18, the State Securities Commission announced that it had received Masan Consumer Corporation’s application to double its foreign ownership limit to 100 per cent.

Masan High-Tech Materials plans HSX listing Masan High-Tech Materials has released documents for its 2026 AGM, slated to take place in Hanoi on April 16.

This milestone not only affirms its outstanding academic capability, but significantly expands the high-quality international education map in the region.

Four international accreditations in 12 months

In Ho Chi Minh City’s international education landscape, authorisation to deliver the International Baccalaureate (IB) programme has long been considered a hallmark of academic excellence. However, attaining the status of a Full IB Continuum School–possessing the capacity to seamlessly implement all three core programmes from Primary Years, Middle Years, to the Diploma Programme–represents a far more rigorous echelon.

This is not merely a matter of adopting a curriculum; it is a profound systemic challenge where everything from educational philosophy and faculty proficiency to operational infrastructure must be harmonised.

Tesla Education has become the fifth institution in Ho Chi Minh City authorised to deliver the Full IB Continuum

The official award of the IB Diploma Programme certification in April 2026 marks the culmination of Tesla Education’s five-year standardisation journey. The milestone follows a rapid sequence of international accreditations secured within just 12 months: CIS (June 2025), Cambridge (July 2025), IB MYP (November 2025), and IB DP (April 2026).

This is no coincidence, but the result of a deliberate long-term strategy, underpinned by the consistent adoption and execution of the rigorous standards set by the International Baccalaureate Organisation and other leading global accreditation bodies.

Multi-tiered assurance

In an increasingly fluid world, students must combine a global outlook with the ability to adapt while remaining grounded in local values. Recognising that no single programme can fully deliver this, Tesla Education has developed a mutually reinforcing academic ecosystem, where leading international standards operate in tandem rather than isolation.

The IB Continuum serves as the backbone, shaping mindset and ensuring a coherent learning journey from Kindergarten to Grade 12. Alongside this, the Cambridge programme strengthens subject mastery, providing depth in core disciplines. While the IB is widely recognised for fostering critical thinking, independent inquiry, and global citizenship, Cambridge builds the academic rigour and subject-specific expertise sought by leading universities in the UK and the US.

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The Full IB Continuum pathway creates a learning environment where students are not only equipped with knowledge, but also develop intellectual confidence and adaptability

In particular, the integration of the Ministry of Education and Training (MoET) core curriculum within this ecosystem is by no means a “regulatory concession,” but a deliberate, strategic choice. For Vietnamese families, the MoET framework is the anchor that keeps students connected to their mother tongue, history, and national culture. This parallel integration allows students to grow the wings of an international mindset, mastering future skills while retaining their local roots. They can flexibly transition their pathways, fully prepared to step out into the world yet entirely capable of contributing to their homeland.

Strategic location and pioneering financial approach

The introduction of a full IB Continuum at Tesla Education reshapes the decision landscape for parents in Ho Chi Minh City. With most IB Continuum schools clustered in the eastern and southern districts, areas such as Tan Binh, Phu Nhuan, and Binh Tan have lacked fully integrated international pathways. Tesla Education’s campus in Tan Binh helps close this gap, offering a more balanced distribution of access across the city.

Location plays a critical role in the long-term learning experience. Reducing daily travel in increasingly congested traffic can save students one to two hours a day, preserving energy and supporting both wellbeing and participation in extracurricular activities. For many families, this also removes a significant “hidden cost” associated with long commutes.

From “exclusive” to “accessible”: Tesla Education is expanding access to the International Baccalaureate pathway for Vietnamese families

This advantage is particularly valuable for expatriate communities surrounding Tan Son Nhat Airport. For the large population of South Korean and other expatriates, the demand for an accredited, familiar international curriculum is high. A localised IB Continuum school directly meets this elite demand, sparing families from exhausting cross-city logistics.

Beyond locational leverage, Tesla Education approaches the educational investment pragmatically. With overseas study costing $30,000 to $40,000 annually, a world-class domestic pathway is increasingly attractive. To commemorate the IB Continuum milestone, Tesla has launched a DP Scholarship Fund offering up to 90 per cent tuition coverage for outstanding Grade 10 students.

Reaching up to VND500 million ($19,000), this support makes an elite IB education remarkably accessible. This initiative democratises opportunities, signalling that international education is no longer an exclusive “luxury” but a strategic, long-term investment for modern families.

Ultimately, the synergy of a prime location, a standardised global academic framework, and agile financial policies positions Tesla Education as a masterstroke of strategy. Parents can now holistically optimise both educational quality and their children’s future investment journey.

New Zealand institutes strengthen educational exchange and cooperation with Vietnam A delegation of New Zealand Institutes of Technology & Polytechnics and Private Training Establishments made its first official visit to Vietnam from March 29 to April 5.

Vietnam and Queensland deepen education ties to power innovation On April 15, the National Innovation Centre (NIC) under the Ministry of Finance, in collaboration with Trade and Investment Queensland (TIQ), hosted the Education for Innovation Showcase in Hanoi, bringing together around 80 representatives from government agencies, universities, research institutes and businesses across Vietnam and Australia.

ACCA rolls out career workshops for Vietnamese students and teachers The Association of Chartered Certified Accountants has held a workshop in Hanoi to help operationalise career guidance at school level following new regulatory direction.

Specifically, the Department of Vietnam Customs issued Official Dispatch No.15912/CHQ-GSQL to regional customs sub-departments on enhancing oversight of rare earth export activities.

The directive comes amid broader government efforts to tighten management of mineral resources, particularly high-value strategic minerals.

Under the new requirements, customs authorities will only process export procedures for rare earth products that fully meet conditions and have legally verified origins in accordance with governmental Decree No.17/2020/ND-CP, and are included in export lists issued periodically by the Ministry of Industry and Trade or otherwise approved by competent authorities in special cases.

Vietnam is expected to issue a national rare earth strategy in 2026

Decree 17 dated February 2020 on amending a number of articles of decrees concerning business investment conditions in sectors under the management of the Ministry of Industry and Trade.

At the customs declaration stage, enterprises must provide complete and detailed information on mineral names, quality standards, mine origin, and the entities responsible for extraction and processing.

In cases where trading companies are not directly involved in extraction or processing, they must supplement information on domestic purchase contracts and invoices. Details of mining licences, recovery permits, or export authorisations must also be fully declared.

Notably, the Department of Vietnam Customs requires physical inspection of all rare earth export shipments, except for certain specific cases.

Inspections will be conducted based on risk management principles, combined with verification against product categories and quality standards set by the Ministry of Industry and Trade.

Where sufficient grounds for determination are lacking, customs authorities will take samples for assessment by accredited conformity assessment organisations.

Inspection results will serve as the basis for customs clearance decisions or legal handling. Customs units are also required to strengthen information collection and analysis on rare earth exporters, and promptly place high-risk cases under post-clearance audit.

The Department of Vietnam Customs has instructed all units to strictly implement the directive and publicly post its contents at customs clearance points for enterprises to follow. Any implementation issues must be promptly reported for guidance and resolution.

According to the Ministry of Agriculture and Environment, Vietnam possesses substantial rare earth potential, with reserves ranked among the top two or three globally and distributed across 21 cities and provinces.

The Ministry has largely completed baseline surveys of rare earth-bearing areas, is maintaining strict oversight, and is drafting a national rare earth strategy expected to be issued in early 2026.

Rare earths were for the first time incorporated into the Law on Geology and Minerals, which was passed by the National Assembly in November 2024 and took effect from July 2025.

An amended law, adopted in December 2025, affirms rare earths as specially important strategic minerals, requiring strict control over exploration, extraction and processing, while prohibiting the export of unprocessed rare earth ores.

Experts propose development direction for rare earth industry Vietnam has the world’s second-largest reserves of rare earths – an estimated 22 million tonnes – yet the resources have remained untapped, scientists have said.

South Korea’s Trident obtains rights to rare earth mines in Vietnam Trident Global Holdings, a prominent South Korea-based conglomerate with interests in mining, real estate, and carbon capture technology, has acquired rights to three significant rare earth element mines in Vietnam.

Vietnam yet to tap rare earth resources Vietnam boasts a large reserve of approximately 30 million tonnes of rare earth, but the country has yet to conduct thorough research about how to exploit and process it effectively.

Becoming an early seller on emerging platforms is not just a test, but a strategic move to capture a ‘blue ocean’ before competitors fully recognise the opportunity.

In 2026, Vietnam’s e-commerce landscape is no longer dominated solely by major players. Instead, the market is witnessing the rise of platforms that are smarter, safer, and more personalised.

In this context, joining emerging platforms offers undeniable exclusive advantages.

The primary leverage lies in an ‘absolute priority’ algorithm, where new marketplaces proactively boost visibility for pioneer sellers to build their ecosystem, granting you a central presence without the need for massive keyword bidding budgets.

Simultaneously, ‘dream-tier’ operational costs – featuring preferential commission rates and comprehensive shipping subsidies – present a golden opportunity to optimise profit margins, which are otherwise being eroded by escalating fee pressures on legacy platforms.

Most notably, the distinct value comes from a direct connection with category management teams rather than impersonal automated responses, ensuring that a seller’s voice carries genuine weight in shaping the platform’s core features and policies.

However, not every emerging platform is a guaranteed ‘gold mine’ for businesses. Sellers must remain vigilant against latent risks, primarily the disconnect between technological quality and actual traffic volume.

Without robust marketing solutions to drive user engagement, a storefront can easily become ‘commercially invisible’, losing the opportunity to reach customers despite the platform’s superior technical features.

Furthermore, operational stability is a critical factor; vulnerabilities such as payment glitches, delayed order processing, or fragmented logistics systems can directly tarnish a shop’s reputation.

Most notably, as Vietnam’s personal data protection regulations reach a peak of stringency in 2026, legal compliance and cybersecurity have shifted from being optional to mandatory.

Should an e-commerce platform lack a fortified security infrastructure, sellers risk facing vicarious liability – both legally and reputationally – in the event of a severe data breach.

MuaMau: A strategic ecosystem

MuaMau provides a comprehensive solution for sustainable operations. More than just a marketplace, it sets new standards that help sellers optimise resources and scale their business systematically:

Flexible operating model: Through the MuaMau platform, businesses can choose between a fully managed system to maximise efficiency or a semi-managed model, allowing sellers to maintain control over product quality while reducing operational pressure, minimising manual processes, and saving on labour costs.

Guaranteed traffic support: MuaMau ensures stable traffic, helping sellers eliminate concerns about sales performance in the early stages so they can focus entirely on product quality.

Built-in marketing leverage: The platform integrates tools for connecting with KOLs and running seasonal promotional campaigns, allowing brands to scale effectively without heavy investment in external marketing teams.

New e-commerce platforms are becoming an ‘escape route’ for sellers overwhelmed by rising costs and intense competition. While risks still exist, with a clear mindset and technological agility, this presents a strong opportunity to establish your presence and lead in a new market landscape.

E-commerce platforms to pay taxes on behalf of sellers The Ministry of Finance (MoF) has proposed that all VAT and personal income tax of sellers on e-commerce platforms are deducted as soon as the order is successfully confirmed and paid for.

Legal reins evolved in e-commerce In the context of Vietnam’s e-commerce market entering a new phase of development, tightening legal regulations are placing increasing demands for compliance on all stakeholders.

E-commerce platforms and social networks face stricter responsibilities under draft law The government has submitted a draft law on e-commerce to require identity verification of livestream sellers and affiliate marketers through the national digital ID system, aimed to enhance transparency and protect consumers.