MWG 9M2026 Revenue Hits VND 147,953B, Up 30% on Installment Sales

Overview

Mobile World Investment Corporation (MWG), listed on HOSE, reported 9M2026 net revenue of VND 147,953 billion, up 30% from VND 113,436 billion a year earlier and equal to 80% of its VND 185,000 billion full-year plan. The standout driver was buy-now-pay-later activity at Dien May Xanh, where installment revenue rose 50% year on year and reached 38% of the unit’s total revenue, according to the company’s nine-month business update.

Key Facts

• 9M2026 net revenue: VND 147,953 billion, up 30% from VND 113,436 billion in 9M2025.
• Full-year 2026 revenue target: VND 185,000 billion; the nine-month result equals 80% of that plan.
• Dien May Xanh JSC, which manages The Gioi Di Dong, Dien May Xanh, TopZone, Erablue and Tho Dien May Xanh, posted nearly VND 99,200 billion in nine-month revenue, up 29% year on year, excluding internal sales.
• Installment sales revenue grew 50% year on year and accounted for 38% of Dien May Xanh’s revenue, an estimated VND 37,700 billion, or roughly VND 4,200 billion per month.
• Same-store sales growth (SSSG) across phone and appliance chains reached 30% year on year, with growth coming from existing stores rather than new openings.
• Erablue in Indonesia recorded revenue of IDR 4,635 billion, up 86% year on year, after opening 156 stores in the nine-month period, with existing-store revenue growth of 13%.
• Bach Hoa Xanh posted revenue of VND 45,900 billion, up nearly 34% year on year, with newly opened stores beginning to turn profitable.

What Happened

The figures come from MWG’s nine-month 2026 business update, a company disclosure rather than a regulatory filing. Mobile World said growth in its phone and appliance chains was driven mainly by the existing store network rather than new openings, with same-store sales up 30% year on year. Dien May Xanh JSC, the entity holding the group’s consumer electronics and phone retail banners, generated nearly VND 99,200 billion of the group total, up 29% year on year on a basis that excludes internal sales.

The most notable shift was in payment mix. Installment purchases, described in the report as buy-now-pay-later, grew 50% year on year and now represent 38% of Dien May Xanh’s revenue, about 21 percentage points faster than the unit’s overall revenue growth. On the estimated VND 99,200 billion base, that implies roughly VND 37,700 billion of installment-driven revenue over nine months. For the fourth quarter, MWG said it expects year-end shopping demand and new foldable Apple products, including an iPhone Duo cited in the company’s disclosure, to support revenue, and it targets full-year revenue growth of 30% versus 2025.

Market Context

MWG closed at VND 73,500 on 14 October 2026 on HOSE. The stock sits in the retail sector, where sentiment has tracked the recovery in discretionary consumer spending and the pace of store-network rationalization. The nine-month update follows a period in which the company closed 21 Dien May Xanh stores while still growing revenue by close to 30%, and set a September revenue record above VND 12,400 billion on the back of Apple product demand. The buy-now-pay-later disclosure also lands against a broader Vietnamese consumer-finance backdrop in which installment credit is expanding faster than headline retail sales.

Strategic Significance

The strategic read is that MWG is converting its store footprint into a consumer-credit distribution channel, not just a retail network. Installment revenue growing 50% against 29% unit revenue growth means the payment option is pulling forward purchases and lifting basket size, which supports revenue per square meter without proportional capital spending on new stores. That matters for the long-term thesis because it improves operating leverage: same-store sales growth of 30% with a shrinking store count implies fixed costs are being spread over a larger revenue base. The risk embedded in the same number is credit exposure. With 38% of Dien May Xanh revenue tied to installment transactions, the quality of the receivables book and the cost of funding those sales become material variables for margins, and the disclosure does not break out bad-debt or financing costs.

What to Watch

• Q4 2026 and full-year 2026 revenue release, to test whether the 30% growth target is met against the VND 185,000 billion plan.
• Any disclosure on installment receivables quality, provisioning, or the funding structure behind buy-now-pay-later sales.
• Monthly or quarterly SSSG prints, to confirm growth is holding from existing stores rather than new openings.
• Erablue store openings and Indonesia revenue in Q4, after 156 additions and 86% revenue growth in nine months.
• Bach Hoa Xanh profitability trajectory, given newly opened stores are only beginning to contribute profit.