MWG's Bach Hoa Xanh April Revenue Hits VND 4,800B, Plans 1,000 New Stores Yearly

Overview

Mobile World Investment Corporation (MWG) reported that its Bach Hoa Xanh grocery chain achieved VND 4,800 billion in revenue for April 2026, up 22% year-on-year and approximately VND 500 billion higher than the previous month. The company plans to open 1,000 new stores annually from 2026 and targets an IPO for Bach Hoa Xanh in 2028.

Key Facts

• Bach Hoa Xanh’s April 2026 revenue reached VND 4,800 billion, up 22% year-on-year.
• The chain generated over VND 6 billion per hour on average in April.
• MWG opened 409 new Bach Hoa Xanh stores year-to-date, bringing the total to 2,968 stores.
• The company plans to open 1,000 new stores annually starting in 2026.
• Bach Hoa Xanh targets VND 55,500 billion in revenue and VND 1,800 billion in profit for 2026.
• The chain aims for an IPO in 2028.
• Bach Hoa Xanh recorded a cumulative tax loss carryforward of over VND 383 billion as of March 31, 2026, indicating profitability in Q1 2026.

What Happened

At MWG’s Q1 2026 investor meeting, management disclosed that Bach Hoa Xanh achieved VND 4,800 billion in revenue for April, representing a 22% increase compared to the same period last year and about VND 500 billion higher than March. The chain has been profitable since Q2 2024 after a restructuring phase in 2022-2023, and has accelerated store openings, particularly in central Vietnam, as a stepping stone for expansion into the north.

CEO of Bach Hoa Xanh, Pham Van Trong, stated that the chain will focus entirely on the Vietnamese market, which has an estimated total addressable market of USD 60 billion, and has no plans to expand to Indonesia. He reiterated the target of double-digit growth through store expansion and confirmed the IPO goal for 2028.

Market Context

MWG shares closed at VND 81,000 on April 15, 2026, down 1.10% with a volume of 3,065,500 shares. The stock trades on HOSE. Bach Hoa Xanh’s strong revenue performance comes as the grocery chain becomes a key growth driver for MWG, offsetting saturation in the ICT/CE segment. The chain’s renewed expansion and profitability signal a turnaround after years of losses.

Strategic Significance

Bach Hoa Xanh’s aggressive store expansion and IPO roadmap underscore MWG’s strategy to build a standalone grocery powerhouse. The chain’s ability to achieve profitability while scaling rapidly suggests its operating model has matured. The planned IPO in 2028 would unlock value for MWG shareholders and provide capital for further growth. The focus on the domestic market, despite a large addressable market, indicates a disciplined approach to expansion.

What to Watch

• Quarterly earnings reports for Bach Hoa Xanh to confirm sustained profitability and revenue growth.
• Store opening pace: whether MWG can maintain the current rate of ~400 stores in 5 months to reach the 1,000-per-year target.
• Progress on reducing the accumulated tax loss carryforward, which stood at over VND 383 billion as of March 31, 2026.
• Any regulatory or competitive developments, such as the ongoing crackdown on informal wet markets in major cities.
• Announcements regarding the IPO timeline and potential listing venue for Bach Hoa Xanh.