The Vietnamese retail market is witnessing fierce competition between Wincommerce (WCM) and Bách Hóa Xanh (BHX). In early 2025, WCM reported strong revenue growth with 8.785 trillion VND in Q1 and 9.130 trillion VND in Q2, marking respective increases of 10.4% and 16.4% year-on-year. In the first 8 months, WCM opened 415 new stores, bringing the total to 4,243, with plans to complete 400-700 new stores this year. Meanwhile, BHX recorded revenue of 11.000 trillion VND in Q1, but growth began to slow in Q2, with a mere 12.6% increase, totaling 26.500 trillion VND in 7 months, up 15%. BHX opened 434 new stores, but the pace decelerated to only 20 stores in the first two months of Q3. Both are heavily investing in Central Vietnam, with 55% of new stores from BHX and 194 new stores from WCM. WCM is focusing on expansion in rural areas, while BHX is adjusting costs after rapid expansion.
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