Four Vietnamese retail majors report sharp profit drops in Q4/2022
A decline in purchasing power has clearly affected business results in the fourth quarter of 2022 and the first months of this year for retail companies listed on the Vietnamese stock exchange.

Petrosetco's head office at 1 Le Duan street, District 1, Ho Chi Minh City. Photo courtesy of VietnamBiz.
The four retailers of technology equipment listed on the stock exchange saw revenue decrease in Q4 by an average of 21.2%, and net profit decreased by 70.8% over the same period last year, according to their financial statements.
Specifically, PetroVietnam Technical Services Corporation (Petrosetco), a subsidiary of state-run Petrovietnam, recorded consolidated net revenue of VND4.84 trillion ($205.08 million) in Q4/2022, down 20.9% year-on-year, and after-tax profit of VND740 million ($31,400), down 99.5%.
In 2022, the company's consolidated net revenue reached VND17.67 trillion ($749.26 million), up 0.4%, while after-tax profit was VND167.8 billion ($7.12 million), down 46.1%.
Petrosetco, listed on the Ho Chi Minh Stock Exchange (HoSE) as PET, recorded revenue of VND1.21 trillion ($51.32 million) in January 2023, and pre-tax profit of VND2 billion ($84,800), down 26% and down 93.9%, respectively.
Of which, distribution revenue decreased by 28.1% to VND1.05 trillion ($44.58 million). Notably, phone distribution revenue increased by 44.8%, laptop revenue dropped by 88.6% while other IT equipment was down 50%.
PET shares closed Tuesday morning at VND19,950 ($0.85).
Meanwhile, Vietnamese retail heavyweight Mobile World Group (MWG) posted net revenue of VND30.59 trillion ($1.29 billion) in Q4/2022, down 15.4%, and after-tax profit of VND619 billion ($26.25 million), down 60.4%.
In 2022, MWG reported net revenue of VND133.4 trillion ($5.66 billion), up 8% year-on-year and after-tax profit of VND4.1 trillion ($173.97 million), down 16.3%, ending the period of positive growth that has lasted since the listing in 2014.
On the HoSE, the MWG share price reached VND38,050 ($1.61) on Tuesday morning.
Digiworld Corp. earned net revenue of VND4.08 trillion ($172.85 million) in Q4/2022, down 48.2%, and after-tax profit of VND155.6 billion ($6.59 million), down 52%.
In 2022, the company, listed on the HoSE as DGW, reached net revenue of VND22.06 trillion ($935.63 million), and after-tax profit of VND683.6 billion ($28.99 million), up 5% and 4%, respectively.
The DGW share price hit VND33,150 ($1.41) per unit at Tuesday morning's close.
FPT Digital Retail JSC (FPT Retail) reported net revenue of VND8.46 trillion ($358.74 million) in Q4/2022, down 0.2%, and after-tax profit of VND96.7 billion ($4.1 million), down 71.2%.
In 2022, the company achieved net revenue of VND30.17 trillion ($1.28 billion), up 34% year-on-year, and after-tax profit of VND398.1 billion ($16.88 million), down 10.3%
FPT Retail, listed on the HoSE as FRT, closed at VND66,000 ($2.8) on Tuesday morning.
Top broker SSI Research said that high inflation will put pressure on costs (logistics, labor and facility rent), while inflation and unemployment will reduce demand for non-essential consumer goods, making it difficult to pass on increased costs to customers.
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