China’s CDH Investments acquires 5% stake in Vietnam grocery chain
China’s CDH Investments, through Green Bee 2 Private Limited, has completed the acquisition of a 5% stake in grocery chain Bach Hoa Xanh, a subsidiary of Vietnamese retailer Mobile World.
The proceeds will be used to finance operations and growth needs of the grocery chain and its unit Bach Hoa Xanh Trading JSC, Mobile World said in a Tuesday release, without revealing the deal’s value.

A Bach Hoa Xanh grocery store. Photo courtesy of Mobile World.
A Reuters report has cited a letter to CDH Investments from the Ho Chi Minh City Department of Planning and Investment as saying that the deal was valued at VND1.8 trillion ($72 million). This gives Bach Hoa Xanh Technology and Investment JSC, which runs the grocery chain, a price tag of $1.44 billion.
Initially, Bach Hoa Xanh had planned to sell up to 20%, but steadily improving performance that is expected to deliver a net profit this year and beyond, led a change of plans, Mobile World said.
It added that the new investor was willing to buy more shares and support the firm’s leadership with long-term plans. Notably, the investor would not directly join operations or control Bach Hoa Xanh, Mobile World emphasized.
CDH Investments said in a statement that Mobile World will remain the controlling shareholder of Bach Hoa Xanh Investment, next to CDH Investments and the company's management.
“This marks CDH Investments' latest commitment in Vietnam and our second transaction with the Mobile World group of companies. Vietnam is one of CDH Southeast Asia's priority markets for its superior macro-economic and structural outlook and we are particularly optimistic about the future of its organized grocery retail sector,” said Thomas Lanyi, Southeast Asia head of CDH Investments.
Established in 2002, alternative assets management firm CDH Investments has operations across Greater China and Southeast Asia. The firm claims to manage six USD-denominated private equity investment funds and other investment products, with cumulative assets under management exceeding $20 billion.
The Bach Hoa Xanh minimart chain has around 1,700 stores across southern and south-central Vietnam, offering fresh foods, vegetables and other goods of daily basic needs.
Established in 2015, it incurred a loss of VND1.21 trillion ($48.4 million) in 2023, the eighth year in a row, leading to accumulated losses of VND8.6 trillion ($344 million). With 2023 revenues reaching VND31.6 trillion, the chain is expected to contribute around 30% to Mobile World’s total revenues this year.
Shares of Mobile World, listed on the Ho Chi Minh Stock Exchange as MWG, closed down 1.9% at VND51,800 ($2.1) apiece Wednesday after ending at a six-month high at VND52,800 Tuesday.
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