MWG Online Sales Hit VND 2.5T in August, Revenue Up 29%

Overview

Mobile World Investment Corporation (MWG) announced its 8-month 2026 business results, showing consolidated revenue of VND 87,050 billion, a 29% increase year-on-year. The growth was driven by online channels and services, despite a slight reduction in store count. The company highlighted its Super App and online platform as a key growth pillar, with August online revenue reaching approximately VND 2,506 billion.

Key Facts

• Consolidated revenue for 8 months reached VND 87,050 billion, up 29% year-on-year, completing 71% of the annual plan.
• Online and Super App revenue totaled VND 12,070 billion, accounting for 14% of total revenue, up from 13% in July.
• August online revenue alone was approximately VND 2,506 billion, based on the difference between 7-month and 8-month figures.
• Store count in Vietnam decreased: Điện Máy Xanh down 6 to 2,002, Thế Giới Di Động down 7 to 920, TopZone stable at 85.
• By chain, revenue growth: Thế Giới Di Động +28%, Điện Máy Xanh +29%, TopZone +35%.
• Services: 49 million transactions at over 3,000 stores, total value VND 74,000 billion, up 5% year-on-year.
• Buy-now-pay-later (trả chậm) accounted for 38% of Điện Máy Xanh revenue, up from 35% in 2025, with revenue up 44%.
• Thợ Điện Máy Xanh (repair services) generated VND 2,464 billion in revenue, up 40%, including VND 282 billion from external customers.

What Happened

In its 8-month business report, Điện Máy Xanh (a subsidiary of MWG) highlighted the Super App and online channels as one of five growth pillars. The company reported that online and Super App revenue reached VND 12,070 billion, representing 14% of total revenue. This implies that August alone contributed VND 2,506 billion from these channels, a significant increase from the 13% share in July.

The growth came despite a slight reduction in physical store count in Vietnam. By end of August, Điện Máy Xanh had 2,002 stores (down 6 from the start of the year), Thế Giới Di Động had 920 (down 7), and TopZone maintained 85. The company stated that all chains in Vietnam still achieved double-digit revenue growth without opening new stores.

Market Context

MWG shares closed at VND 73,100 on September 6, 2026, on the HOSE. The retail sector in Vietnam has been recovering, with consumer spending improving. MWG’s focus on online and services aligns with broader trends of digitalization and omnichannel retail. The company’s ability to grow revenue without expanding store footprint suggests operational efficiency gains, which could be positive for margins.

Strategic Significance

For long-term investors, MWG’s results indicate a successful pivot towards higher-margin online and service revenue streams. The Super App’s 19 million members (up 1 million since the start of the year) provide a captive audience for cross-selling and financial services. The increase in buy-now-pay-later penetration to 38% of Điện Máy Xanh revenue could boost sales but also carries credit risk. The expansion of Erablue in Indonesia (307 stores, up 126) shows international growth potential, though it remains a smaller part of the business.

What to Watch

• Q3 2026 earnings release for continued online revenue growth and margin trends.
• Monthly updates on Super App membership and online sales share.
• Any changes in store count or new store openings in Vietnam and Indonesia.
• Credit quality metrics for buy-now-pay-later portfolio, given the 44% growth in that segment.
• Progress of Erablue in Indonesia, including store count and revenue contribution.