MWG 7-month revenue up 29%, Bách Hóa Xanh adds 819 stores

Overview

Mobile World Investment Corporation (MWG) reported strong 7-month results for 2026, with consolidated revenue up 29% year-on-year to VND 111,394 billion. The grocery chain Bách Hóa Xanh continued its rapid expansion, adding 819 stores in the period and achieving revenue growth of over 28%. The results underscore MWG’s dual-engine growth strategy in electronics retail and grocery.

Key Facts

• Consolidated revenue for the first 7 months of 2026 reached VND 111,394 billion, up 29% year-on-year.
• Bách Hóa Xanh revenue reached VND 33,900 billion, up over 28% versus the same period last year.
• Bách Hóa Xanh opened 819 new stores in 7 months, averaging 117 stores per month (nearly 4 per day), bringing the total network to 3,378 stores.
• New Bách Hóa Xanh stores achieved positive operating profit at the store level, including warehousing and logistics costs.
• The electronics retail group (Thế Giới Di Động, Điện Máy Xanh, Topzone, Erablue, Thợ Điện Máy Xanh) posted revenue of VND 75,200 billion, up 29%.
• Online channels contributed 13% of electronics group revenue, with Super App and online revenue at VND 9,600 billion.
• Erablue in Indonesia generated IDR 2,228 billion in revenue, up 89%, with 102 new stores opened.

What Happened

According to MWG’s business update for the first seven months of 2026, Bách Hóa Xanh remains a key growth driver. The grocery chain’s revenue reached VND 33,900 billion, up over 28% year-on-year, driven by fresh food and FMCG categories. The company highlighted that new stores opened during the year are already generating positive operating profit at the store level, after accounting for warehousing and logistics costs.

MWG’s consolidated revenue of VND 111,394 billion represents about 60% of its full-year 2026 target of VND 185,000 billion. The electronics retail group, which includes Thế Giới Di Động, Điện Máy Xanh, Topzone, Erablue, and Thợ Điện Máy Xanh, achieved revenue of VND 75,200 billion, up 29%. Topzone saw strong performance with Apple product revenue up 48% year-on-year. The company also noted that buy-now-pay-later services revenue increased 47%, accounting for 38% of electronics group revenue.

Market Context

MWG shares closed at VND 73,600 on August 13, 2026, on the HOSE. The stock has been supported by the company’s consistent growth in both electronics and grocery segments. The rapid expansion of Bách Hóa Xanh, now at 3,378 stores, positions MWG as a dominant player in Vietnam’s modern grocery retail sector, competing with regional and international chains. The broader Vietnamese retail sector has benefited from rising consumer spending and urbanization, with MWG’s diversified portfolio capturing both discretionary and essential goods demand.

Strategic Significance

The key strategic takeaway is that Bách Hóa Xanh’s expansion is not just about store count but about operational efficiency. The fact that new stores are profitable at the store level, including logistics costs, suggests the chain has reached a scale where its supply chain and store-level economics are sustainable. This supports MWG’s ability to continue expanding without diluting profitability. Additionally, the strong performance of Topzone and Erablue indicates that MWG’s international and premium electronics strategies are gaining traction, diversifying revenue streams beyond the domestic grocery and electronics markets.

What to Watch

• MWG’s Q3 2026 earnings release, expected in October, to see if Bách Hóa Xanh’s store-level profitability translates into chain-level net profit.
• Monthly store opening pace for Bách Hóa Xanh; any slowdown could signal market saturation or operational constraints.
• Full-year revenue achievement against the VND 185,000 billion target; current pace suggests ~86% completion by year-end if trends hold.
• Erablue’s continued growth in Indonesia and any plans for further international expansion.
• Updates on An Khang pharmacy chain, which grew 22% in the period, and its path to profitability.