MWG 8-Month Revenue Hits VND 129,431B as Bach Hoa Xanh Sets Record

Overview

Mobile World Investment Corporation (HOSE: MWG) reported consolidated revenue of approximately VND 129,431 billion for the first eight months of 2026, up 30% year-on-year and equal to 70% of its VND 185,000 billion full-year target. The standout was the Bach Hoa Xanh grocery chain, which recorded its highest-ever monthly revenue of about VND 6,200 billion in August, up 55% year-on-year. The update matters for MWG shareholders because it shows the grocery arm, long a drag on group earnings, is now the primary growth engine as the ICT and consumer-electronics businesses mature.

Key Facts

• 8-month 2026 consolidated revenue: approximately VND 129,431 billion, up 30% year-on-year.
• Completion rate against the VND 185,000 billion 2026 revenue plan: 70%.
• Revenue mix: Dien May Xanh 44.5%, Bach Hoa Xanh 31%, The Gioi Di Dong 22.5%, other activities 2%.
• Bach Hoa Xanh 8-month revenue: about VND 40,100 billion, up nearly 32% year-on-year, the first time this year its cumulative growth has exceeded 30%.
• Bach Hoa Xanh August revenue: about VND 6,200 billion, up 55% year-on-year and 11% month-on-month, or roughly VND 200 billion per day.
• Store network: more than 1,000 new Bach Hoa Xanh stores opened in the first eight months, including nearly 200 in August, bringing the total to 3,612 outlets as of end-August 2026.
• Hanoi expansion: 99 Bach Hoa Xanh stores in the capital as of 14 September, about four months after the first Hanoi outlet opened.
• H1 2026 Bach Hoa Xanh profit: approximately VND 910 billion, exceeding the full-year 2025 figure, narrowing cumulative losses to about VND 7,000 billion.

What Happened

In a business update published by the company, MWG said consolidated revenue for the eight months to August 2026 reached about VND 129,431 billion, a 30% increase over the same period last year. The group attributed the growth to its retail chains, with Bach Hoa Xanh contributing 31% of total revenue. Bach Hoa Xanh’s cumulative eight-month revenue of roughly VND 40,100 billion was up almost 32% year-on-year, the first time in 2026 that its cumulative growth rate has crossed the 30% mark.

August was the decisive month. Bach Hoa Xanh generated about VND 6,200 billion in revenue, the highest monthly figure since the chain began operating, driven mainly by fresh food and fast-moving consumer goods (FMCG). The company said newly opened stores are already generating positive operating profit at store level after accounting for warehouse and logistics costs. Chief Executive Officer Vu Dang Linh noted that Bach Hoa Xanh lost money consistently before 2024, with annual losses of VND 2,000-3,000 billion in some years, before turning profitable in 2024 and again in 2025. The chain is expanding across all three regions, with Hanoi a particular focus; most new Hanoi stores are in suburban areas that can leverage existing logistics in neighbouring provinces.

Market Context

MWG closed at VND 71 on 16 September 2026, down 0.14% on volume of 131,000 shares. The muted price reaction suggests the market had already priced in strong grocery momentum, and the stock continues to trade well below the levels seen before the 2022-2023 restructuring of Bach Hoa Xanh. Within Vietnam’s retail sector, MWG remains the largest listed consumer-retail name on HOSE, and its results are read as a barometer for domestic consumption. The 30% group revenue growth stands out against a broader market where discretionary ICT and consumer-electronics demand has been uneven, reinforcing the rotation of investor attention toward essential-goods retail.

Strategic Significance

The investment case for MWG increasingly rests on whether Bach Hoa Xanh can convert rapid store expansion into durable group-level profit. The August data offers two concrete supports for that thesis: same-chain revenue growth of 55% year-on-year, and positive store-level operating profit in the new-store cohort even after logistics costs. If the Hanoi cluster follows the pattern of the southern network, the northern market could add a second leg of growth without requiring a parallel logistics build-out. The remaining VND 7,000 billion in cumulative losses at Bach Hoa Xanh is the key overhang; continued profitability would progressively clear it and shift group earnings away from the mature Dien May Xanh and The Gioi Di Dong chains.

What to Watch

• Monthly Bach Hoa Xanh revenue disclosures, particularly whether August’s VND 6,200 billion level is sustained through the fourth quarter.
• Q3 2026 consolidated earnings release, which will show whether group net profit keeps pace with 30% revenue growth.
• Further Hanoi store-count updates and any disclosure on northern logistics costs.
• Progress in reducing the VND 7,000 billion cumulative loss at Bach Hoa Xanh.
• Whether MWG revises its VND 185,000 billion full-year revenue plan at the next shareholder or analyst meeting.