MWG 9-Month Revenue Hits VND 147,953B, Up 30% on Dien May Xanh and Bach Hoa Xanh

Overview

Mobile World Investment Corporation (MWG), listed on HOSE, reported nine-month 2026 net revenue of VND 147,953 billion, up 30% year-on-year, according to the company’s business update. The result equals roughly 80% of the group’s full-year 2026 revenue plan of VND 185,000 billion, with growth led by the Dien May Xanh electronics group and the Bach Hoa Xanh grocery chain.

Key Facts

• Nine-month 2026 revenue: VND 147,953 billion, up 30% year-on-year, averaging more than VND 540 billion per day.
• Full-year 2026 revenue plan: VND 185,000 billion; the nine-month result covers about 80% of that target.
• Dien May Xanh group (including The Gioi Di Dong, Dien May Xanh, Topzone, Erablue and Tho Dien May Xanh): nearly VND 99,200 billion, up 29% year-on-year after eliminating internal revenue.
• Same-store sales growth (SSSG) for the Dien May Xanh group: 30%; installment purchases rose 50% year-on-year and accounted for 38% of the group’s revenue.
• Bach Hoa Xanh: cumulative nine-month revenue of VND 45,900 billion, up nearly 34%; September alone reached VND 5,800 billion, slightly below the prior month’s record.
• Erablue in Indonesia: revenue of IDR 4,635 billion, up 86% year-on-year, with 156 new stores opened in the nine-month period and 13% SSSG.
• Store network as of the report: 7,777 outlets, comprising 3,340 Dien May Xanh stores (including Erablue), 3,904 Bach Hoa Xanh stores, 438 An Khang pharmacies and 95 AVAKids stores.

What Happened

The company said growth in the first nine months came from both the Dien May Xanh electronics group and Bach Hoa Xanh. Within electronics, expansion was driven not only by new store openings but also by existing locations, with same-store sales growth of 30%. Installment purchases increased 50% year-on-year and represented 38% of the group’s revenue, indicating that consumer credit remains a meaningful channel for big-ticket electronics.

In grocery retail, Bach Hoa Xanh recorded nine-month revenue of VND 45,900 billion, up nearly 34%, supported by fresh food and fast-moving consumer goods. The company stated that stores opened in 2026 have already posted positive operating profit at the store level after depreciation and logistics costs, a data point it presents as evidence of improving unit economics for new locations. An Khang pharmacies grew revenue 22% year-on-year and continued to improve operating efficiency, while AVAKids held revenue roughly flat year-on-year with a focus on cost optimization. For the fourth quarter, MWG expects new Apple product generations and the year-end shopping season to support its full-year revenue growth target of 30%.

Market Context

MWG closed at VND 74,800 on 13 October 2026 on HOSE. The retail sector has been one of the more closely tracked domestic-demand segments on the Vietnamese market, with electronics demand tied to consumer credit conditions and grocery retail tied to fresh-food supply chains and store-level profitability. The nine-month figures place MWG’s revenue trajectory ahead of a straight-line pace toward its VND 185,000 billion annual plan, leaving a fourth-quarter requirement of roughly VND 37,000 billion to meet the target.

Strategic Significance

The investment case here rests on two distinct engines. Dien May Xanh is a mature, cash-generative electronics franchise where 30% same-store growth and a rising installment mix suggest demand recovery rather than pure network expansion. Bach Hoa Xanh is the optionality: if newly opened stores are genuinely profitable at store level including depreciation and logistics, the chain can scale without the margin drag that weighed on earlier expansion phases. An Khang’s move toward profit contribution in 2026 would add a third, smaller earnings leg. The main structural risk is that installment-driven electronics sales are sensitive to interest rates and consumer credit availability, while grocery margins depend on fresh-food sourcing and competitive pricing pressure.

What to Watch

• Fourth-quarter and full-year 2026 revenue disclosure, and whether MWG reaches the VND 185,000 billion plan.
• Bach Hoa Xanh monthly revenue trend after the September figure of VND 5,800 billion came in slightly below the prior month’s record.
• Store-level profitability of 2026-opened Bach Hoa Xanh outlets in subsequent quarterly updates, including depreciation and logistics treatment.
• An Khang’s progress toward group profit contribution in 2026.
• Erablue store openings and SSSG in Indonesia, given the 86% revenue growth base.
• Consumer credit conditions and installment lending rates, which underpin the 38% installment share of Dien May Xanh revenue.