MWG: Bách Hoá Xanh mở 280 cửa hàng đều có lãi, Super App mang về hơn 2.000 tỷ đồng trong quý I

Mobile World Investment Corporation (ticker: MWG) has officially released its financial performance report for the first quarter, demonstrating a robust recovery and significant growth across its diverse retail ecosystem. The company reported a consolidated net revenue of 46,508 billion VND, representing a 29% increase compared to the same period last year. This performance indicates that the retail giant has successfully achieved 25% of its ambitious annual revenue target of 185,000 billion VND, signaling a strong start to a fiscal year focused on operational efficiency and market share consolidation.

The growth was observed across all primary business pillars, including mobile devices, consumer electronics, and grocery retail. Despite a challenging macroeconomic environment characterized by fluctuating consumer sentiment, MWG’s strategic pivot toward optimizing existing store performance while selectively expanding its footprint has yielded substantial dividends. The results reflect a broader trend in the Vietnamese retail market, where modern trade is increasingly capturing volume from traditional markets, particularly in the essential goods and fresh food categories.

Dominance in the Electronics and Mobile Segments

The subsidiary responsible for operating the company’s core electronics and mobile chains—comprising Thế Giới Di Động (TGDĐ), Điện Máy Xanh (DMX), Topzone, Erablue, and the maintenance service "Thợ Điện Máy Xanh"—recorded a combined revenue of 32,400 billion VND during the first quarter. This figure represents a nearly 34% increase year-over-year, significantly outperforming the general growth rate of the consumer electronics market in Vietnam.

A critical driver of this segment’s success was the performance of existing stores, which saw an average growth rate of 34%. Notably, Topzone, the company’s dedicated Apple reseller chain, reported its strongest results to date, with revenue from Apple products surging by 60%. This spike is attributed to improved supply chain availability and targeted promotional campaigns that appealed to high-end consumers. Other major product categories within the electronics segment also reported healthy revenue increases ranging from 15% to 65%.

Online sales remain a steady contributor, accounting for approximately 6% of the total revenue for the DMX and TGDĐ chains. While the company continues to value its physical presence for the "touch and feel" experience and after-sales service, the integration of digital channels has streamlined the customer journey. Furthermore, the "Thợ Điện Máy Xanh" service, which provides household appliance maintenance and repairs, saw a 45% increase in revenue. Interestingly, 18% of this service’s revenue now comes from customers who did not originally purchase their appliances from Điện Máy Xanh, showcasing the brand’s growing reputation as a standalone service provider.

Bách Hoá Xanh Reaches New Milestones in Grocery Retail

The Bách Hoá Xanh (BHX) grocery chain has emerged as a cornerstone of MWG’s growth strategy. For the first quarter, the chain recorded a total revenue of 13,100 billion VND, a 19% increase compared to the prior year. The primary engines for this growth were the fresh food and Fast-Moving Consumer Goods (FMCG) categories. By focusing on the quality and origin of fresh produce, BHX has successfully positioned itself as a reliable alternative to traditional wet markets for urban consumers.

In a significant move to capture more market share, the company opened 280 new Bách Hoá Xanh stores during the first three months of the year. This expansion was strategically distributed, with 18% of new locations situated in Northern Vietnam and 14% in the Central region. This geographic diversification is part of a long-term plan to reduce reliance on the saturated Southern market and establish a truly national presence.

Financial efficiency has been a major focus for BHX. Despite the costs associated with launching nearly 300 new locations, the group of stores opened in the first quarter of the year achieved positive direct operating profit at the store level within their first three months of operation. For the cohort of stores opened in the previous fiscal year, operational efficiency has continued to improve through the optimization of logistics and warehousing costs. When comparing the performance of all store groups, BHX has shown a marked improvement in its business results for the first quarter of 2026 relative to the first quarter of 2025, moving closer to the goal of contributing significant net profit to the parent corporation.

Expansion into Financial Services and the Super App Ecosystem

Beyond traditional retail, MWG has made significant strides in consumer finance and utility services. Revenue from installment-based purchases increased by 50% year-over-year, with an impressive 97% of eligible products now being sold through some form of deferred payment plan. This trend highlights the company’s ability to facilitate high-value purchases even during periods of tightened consumer credit.

The company’s involvement in payment services and banking agency activities has also scaled rapidly. The total value of utility payments and banking transactions processed through MWG’s network reached 27,000 billion VND, stemming from 18 million individual transactions. This diversification not only generates additional commission revenue but also increases foot traffic to physical stores.

Digital engagement is also at an all-time high. The "Super App" developed by the company recorded 44 million visits during the quarter, facilitating 2,000 billion VND in revenue, which accounts for 6% of the total revenue for the Điện Máy Xanh chain. The app serves as a centralized hub for loyalty programs, product browsing, and service scheduling, creating a seamless ecosystem for the MWG customer base.

International Success and Subsidiary Performance

The company’s international venture in Indonesia, Erablue—a joint venture between MWG and local partner Erajaya—is showing promising signs of scalability. In the first quarter, Erablue recorded a revenue of 906 billion IDR, effectively doubling its performance from the previous year. With 117 stores currently operational, the chain achieved a 25% growth rate in existing store sales. The success of Erablue suggests that MWG’s specialized electronics retail model is adaptable to other Southeast Asian markets with similar demographic profiles.

Domestically, other specialized chains under the MWG umbrella also contributed to the positive quarterly results:

• An Khang Pharmacy: This chain recorded a revenue increase of nearly 19% compared to the same period last year. Management is currently focusing on optimizing the operations of each pharmacy location rather than aggressive expansion. By selecting new sites more conservatively and improving inventory management, An Khang is moving steadily toward its target of becoming a profit contributor for the group.
• AvaKids: The mother-and-baby retail chain maintained its revenue growth momentum during the first three months of the year, benefiting from a loyal customer base and a focus on premium dairy and hygiene products.

Market Context and Strategic Chronology

The first quarter results come after a year of intense restructuring for Mobile World. In 2023, the company underwent a "painful but necessary" process of closing hundreds of underperforming stores across all brands to protect its bottom line. The growth seen in early 2024 (and projected into 2025/2026) is the direct result of this "leaner" operational model.

The chronology of the quarter shows a steady ramp-up in activity. January was dominated by the Lunar New Year shopping surge, which traditionally boosts electronics and grocery sales. February saw a focus on post-holiday inventory rebalancing, while March was characterized by the aggressive rollout of the 280 new Bách Hoá Xanh stores and the launch of new seasonal electronics promotions.

Industry analysts suggest that MWG’s performance is a bellwether for the Vietnamese economy. The 29% revenue jump indicates a recovery in discretionary spending, while the 19% growth in Bách Hoá Xanh reflects the resilient nature of essential goods. The company’s ability to maintain a 97% installment rate suggests that while consumers are willing to spend, they remain reliant on financing, a factor that MWG has successfully leveraged through its partnerships with consumer finance firms.

Future Implications and Outlook

Looking ahead, the primary challenge for Mobile World Investment Corporation will be maintaining margins in the face of rising logistics costs and intense competition from other retail giants like Masan Group (WinMart) and FPT Retail (Long Chau). However, the company’s massive scale provides it with significant bargaining power with suppliers, allowing it to maintain competitive pricing.

The successful turnaround of Bách Hoá Xanh is perhaps the most critical development for the company’s valuation. For years, BHX was a loss-making venture that weighed on MWG’s consolidated earnings. The current data, showing positive store-level profit even for newly opened locations, suggests that the grocery chain has finally reached a sustainable operational "sweet spot."

As MWG pursues its 185,000 billion VND revenue target, the focus will likely remain on three areas: the continued expansion of Bách Hoá Xanh in Central and Northern Vietnam, the scaling of Erablue in Indonesia, and the further integration of financial services into its retail platforms. If the current growth trajectory holds, the company is well-positioned to not only meet its annual goals but to further solidify its status as the dominant force in Southeast Asian retail.