MWG Q1 2026 Revenue Hits VND 46.5T, Up 29% YoY, Averaging VND 517B Daily

Overview

Mobile World Group (MWG) reported Q1 2026 net revenue of VND 46,508 billion, a 29% year-on-year increase, achieving 25% of its full-year VND 185,000 billion target. The Bach Hoa Xanh (BHX) grocery chain recorded revenue of VND 13,100 billion, up 19% YoY, with new stores achieving profitability from their first quarter of operation. This performance underscores the group’s continued expansion and operational efficiency across its multi-format retail portfolio.

Key Facts

• Q1 2026 net revenue: VND 46,508 billion, up 29% year-on-year, averaging VND 517 billion per day.
• Full-year 2026 revenue target: VND 185,000 billion, implying 18% growth from the prior year’s record.
• Bach Hoa Xanh chain Q1 revenue: VND 13,100 billion, up 19% YoY, with 280 new stores opened in the quarter.
• Electronics segment (including The Gioi Di Dong, Dien May Xanh, Topzone, Erablue, and Tho Dien May Xanh) revenue: VND 32,400 billion in Q1 2026, up nearly 34% YoY.
• Topzone revenue growth: over 60% YoY, driven by strong Apple product sales.
• Consumer finance and utility services: revenue from installment purchases up 50% YoY, with 97% of products eligible for installment plans.
• Store count as of end-March 2026: 1,014 The Gioi Di Dong stores; 2,006 Dien May Xanh stores; 2,839 Bach Hoa Xanh stores; 409 An Khang pharmacies; 95 Avakids stores; 212 Erablue stores.

What Happened

According to its Q1 2026 business report, Mobile World Investment Corporation (MWG) recorded net revenue of VND 46,508 billion for the first three months of the year, a 29% increase compared to the same period last year. This translates to an average daily revenue of VND 517 billion. The company stated it has achieved 25% of its full-year 2026 revenue target of VND 185,000 billion, which represents an 18% growth target from the previous year’s record.

The Bach Hoa Xanh grocery chain reported revenue of VND 13,100 billion, up 19% year-on-year, driven by growth in both fresh food and FMCG categories. Notably, the company opened 280 new BHX stores in Q1, with approximately 18% in the North and 14% in the Central region. The report emphasized that despite including new stores that commenced operations in March 2026, the BHX chain recorded positive store-level operating profit in its first quarter. The electronics segment, encompassing The Gioi Di Dong, Dien May Xanh, Topzone, Erablue, and Tho Dien May Xanh, achieved revenue of VND 32,400 billion, up nearly 34% YoY.

Market Context

MWG shares trade on the Ho Chi Minh Stock Exchange (HOSE). The stock closed at VND 81,000 on April 15, 2026, down 1.10% on volume of 3.07 million shares. The Q1 revenue beat comes against a backdrop of the company’s aggressive store expansion, particularly in the Bach Hoa Xanh and Erablue chains, and its focus on high-margin services like consumer finance. The retail sector in Vietnam continues to see consolidation and format diversification, with MWG maintaining its position as the largest listed player.

Strategic Significance

The immediate profitability of new Bach Hoa Xanh stores validates MWG’s operational model and supply chain efficiency in the competitive grocery retail space, reducing capital burn from expansion. The strong growth in Topzone (over 60%) and consumer finance (installment revenue up 50%) highlights successful diversification beyond core electronics into higher-margin segments and brand-specific retail. This multi-engine growth strategy reduces reliance on any single format and leverages the group’s extensive store network for cross-selling services.

What to Watch

• Q2 2026 earnings release, expected around late July 2026, for confirmation of sustained revenue growth and margin trends.
• Progress toward Erablue’s target of turning cumulative profit positive by Q3 2026, as indicated in the report.
• Store opening pace for Bach Hoa Xanh and Erablue in subsequent quarters against their long-term targets (500 Erablue stores by 2027, 1,000 by 2030).
• Any updates on the An Khang pharmacy chain’s contribution to group profitability, as it aims to become a profit contributor.
• Full-year 2026 results against the VND 185,000 billion revenue target and implied 18% growth rate.