FPT Retail breaks out in 2025 on pharmacy chain expansion

FPT Digital Retail JSC, a subsidiary of Vietnam’s FPT Corporation, delivered a breakout year in 2025 as its Long Chau pharmacy chain scaled aggressively, with hundreds of new outlets opened and profit more than doubling.

Opening 571 new pharmacies and vaccination centers

FPT Retail (HoSE: FRT) posted 2025 consolidated revenue of VND51,083 billion ($1.97 billion), up 27% year-on-year and exceeding the year's plan by 6%.

Its after-tax profit last year hit VND984 billion ($37.97 million), 2.4 times higher than the same period last year. Online revenue amounted to VND9,344 billion ($360.54 million), up 30% year-on-year.

In 2025, the Long Chau pharmacy and vaccination center system continued to be the main growth driver. Revenue from this chain reached VND34,501 billion ($1.33 billion), up 36% year-on-year, contributing 68% of FPT Retail’s consolidated revenue.

It opened 474 new pharmacies and 97 vaccination centers, bringing the total to 2,640. Alongside expansion into non-central areas, its operating efficiency remained stable, with average revenue per pharmacy at about VND1.2 billion ($46,293) per month.

With a nationwide coverage and a synchronized operating system, the network currently serves around 33 million customers, equivalent to nearly one-third of Vietnam’s population.

Meanwhile, FPT Shop, the electronics store chain of FPT Retail, showed a clear recovery and officially returned to profitability. Its revenue reached VND16,809 billion ($648.47 million), up 11% compared to 2024 and exceeding the annual plan by 5%.

In Q4/2025 alone, its revenue increased by 25% year-on-year, highlighting the effectiveness of the restructuring process. Average revenue per store reached VND2.8 billion ($108,037) per month in Q4, up 19% compared to Q3 and 26% year-on-year, creating a solid foundation for business operations in 2026.

During the year, FPT Shop focused on optimizing its product portfolio, expanding into new categories such as consumer electronics, home appliances, and MVNO (mobile virtual network operator) services, while strengthening omnichannel sales, applying technology, and improving processes to enhance revenue and operational efficiency.

After two years of implementation, the MVNO service reached approximately 620,000 subscribers, contributing to revenue diversification and building a stable medium- to long-term income base.

At the same time, Apple products recorded positive growth during new product launch cycles, while consumer electronics and home appliances continued to maintain growth momentum.

Strong cash position

By the end of 2025, FPT Retail owned a nationwide network of 3,263 stores. Of these, Long Chau operated 2,417 pharmacies and 223 vaccination centers, increasing by 474 pharmacies and 97 centers compared to the beginning of the year. Meanwhile, FPT Shop maintained a stable scale of 623 stores nationwide while optimizing operational efficiency.

At the end of 2025, FPT Retail’s total assets increased by 1.5 times to VND23,714 billion ($914.9 million). Inventory alone reached VND11,926 billion, up 11.7% from the beginning of the year. Cash and investments held to maturity (deposits) surged from VND3,083 billion to VND8,800 billion ($339.5 million).

The company increased short-term borrowings from VND8,800 billion to VND10,051 billion ($387.87 million) and had no long-term debt. Equity increased 2.4 times to VND5,139 billion ($198.31 million).

In addition to the strong profit generated in 2025, the company completed a capital transaction for FPT Long Chau Investment JSC - the entity owning the Long Chau pharmacy and vaccination center chain, bringing in undistributed profit of up to VND2,271 billion ($87.64 million) in 2025 alone, raising the accumulated figure to VND2,468 billion by year-end.

On the Ho Chi Minh Stock Exchange (HoSE), FRT shares closed Friday at VND164,300 ($6.34) a unit.