Mobile World to list mobile phone, electronic home appliance chains by 2030

Mobile World Investment Corporation (MWG), a leading retailer in Vietnam, plans to conduct an IPO of and list its core retail chains The Gioi Di Dong (mobile phones) and Dien May Xanh (electric and electronic home appliances) by 2030.

According to MWG’s newly announced strategic roadmap, the two tech retail chains will operate under a new independent listed entity named "MW".

The IPO is not aimed at raising capital but at ensuring MW runs independently, transparently, and is tailored to each phase of growth, said the leadership.

This means MWG intends to list all three of its core businesses. Earlier, the firm announced the IPO of its grocery chain Bach Hoa Xanh. This IPO was originally slated for 2022-2023 but has been delayed due to restructuring.

For The Gioi Di Dong and Dien May Xanh, MWG targets their profit for 2030 double that of 2025, with annual growth of over 15%.

Broker Vietcap Securities estimates their combined net profit in 2024 at VND4.33 trillion ($165.1 million), more than 2.2 times higher than 2023 levels, though still under half of 2022 estimates.

Before 2024, these two chains were MWG’s only profitable segments, supporting loss-making ones like Bach Hoa Xanh and An Khang Pharmacy.

Starting next year, the two chains will shift from aggressive store expansion to improving quality. MWG says it will focus less on price wars and more on selling “peace of mind, speed, experience, and service.”

The company also plans to deepen partnerships and launch exclusive products. TopZone, a sub-brand of The Gioi Di Dong, aims to become a key Apple partner and push Vietnam into Tier 1 - meaning the country would receive new Apple products on launch day, alongside the U.S., Europe, China, Japan, and Singapore.

In Indonesia, EraBlue - a joint venture between MWG and Erafone, one of Indonesia’s largest tech product retailers - is on track to become a leading electronics retailer by 2030 in both revenue and store count. The chain has reached breakeven and aims to scale up to 500 stores and make an IPO in the future.

In the first half of 2025, the combined revenue of the The Gioi Di Dong and Dien May Xanh chains reached VND49.4 trillion ($1.89 billion), up 12% year-on-year.

Despite operating nearly 200 fewer stores than the same period last year, MWG still achieved growth as market demand gradually rebounded.

By category, mobile phones, tablets, and laptops registered robust growth of 20% to 50%. Washing machines, home appliances, and TVs posted single- to double-digit gains. Air conditioners, however, lagged amid unfavorable weather conditions.

Online sales totaled nearly VND2.7 trillion ($103.27 million), accounting for almost 6% of total revenue.

MWG’s H1 revenue rose 12.5% year-on-year to VND73.66 trillion ($2.82 billion), reaching 49% of its full-year target. The firm has set a 2025 revenue target of VND150 trillion ($5.74 billion) and net profit goal of VND4.85 trillion ($185.5 million), aiming for annual growth of 12% and 30%, respectively.

On the Ho Chi Minh Stock Exchange, MWG shares closed Friday at VND72,000 ($2.75) apiece.