Vietnamese retail majors set for prosperous year after robust Q1
Vietnamese retail majors have reported Q1/2024 profits several times higher year-on-year or turned losses into profit after purchasing power recovered significantly during Tet (Lunar New Year) holiday, market observers say.
Mobile World Investment, listed on the Ho Chi Minh Stock Exchange as MWG, generated revenues of VND31,486 billion ($1.24 billion) in Q1, up 16% year-on-year.
The group’s Mobile World (mobile phones) and Dien May Xanh (electric and electronic home appliances) chains had their incomes increase 7% year-on-year, mainly due to the electronics business, particularly air conditioners, which saw a 50% year-on-year increase in sales.
The retail grocery business for the group’s Bach Hoa Xanh chain increased 44% year-on-year, reaching VND9,100 billion ($358.7 million). With increased incentives from the fresh food industry and FMCGs, average monthly revenue per store was VND1.8 billion ($70,966), according to MWG’s Q1 consolidated financial records.

Vietnamese retail giants have reported sharp Q1/2024 increases in revenue and profits. Photo courtesy of the government's news portal.
MWG’s gross profit margin increased from 19.2% to 21.2%, allowing its net profit to soar 43 times year-on-year to VND902 billion ($35.6 million), meeting 37.6% of the year's target.
The group attributed its performance to a comprehensive restructuring process that began in Q4/2023 and continues to this day, wherein all corporate activities and operations are being streamlined and optimized.
Mobile World and Dien May Xanh (electric and electronic home appliances) remain the group’s most profitable chains, while Bach Hoa Xanh (retail grocery) and An Khang (pharma) chains lost VND105 billion ($4.1 million) and VND70 billion ($2.8 million), respectively. The loss from joint ventures (PT Era Blu Elektronik) was recorded at VND20 billion ($788,512).
Similarly, FPT Retail declared a return to profit following four straight quarters of losses. Its Q1 revenue grew 17% year-on-year to VND9,042 billion ($356.5 million), allowing a net profit of VND39 billion ($1.5 million), up from a loss of VND5 billion ($197,128) in the same period the previous year.
FPT Retail’s driving force was the Long Chau pharmacy chain, whereas FPT Shop lost VND51 billion ($2 million), less than VND66 billion ($2.6 million) in Q1/2023.
The FPT Shop chain’s information business increased its gross profit ratio by around 3% over the same period last year due to a shift in product structure (phones, laptops to electronics, home appliances).
At the same time, FPT Retail has access to loans with low interest rates, which helped cut financial costs by around 50%. Meanwhile, Long Chau has continued to expand its pharmacy network, with revenues up 68% year-on-year.
Meanwhile, gold, silver and gemstone retailer Phu Nhuan Jewelry JSC, listed on the Ho Chi Minh Stock Exchange as PNJ, reported “historic high” Q1 revenues of VND12,594 billion ($496.5 million), up 29% from the same period last year, owing to a strong increase in gold prices. Profit after tax was also high at VND737 billion ($29 million) as individuals boosted their purchases of gold bars.
According to SSI Research, retail businesses’ profits had bottomed out in the second half of 2023 before beginning a gradual recovery.
In 2023, spending on non-essential products like phones, gadgets and jewelry was influenced by unfavorable macroeconomic conditions (high borrowing prices, high inflation, sluggish exports) and limited credit availability in Vietnam.
While the Vietnamese economy has faced several obstacles including inflation this year, there has been alleviation in some factors, like much lower interest rates and a revival in exports. As a result, people's disposable income has been rising again and home loan repayments have reduced, boosting demand for non-essential goods.
SSI Research forecasts that retail companies will see high profit growth, about 140% year-on-year, in the first half of this year and 118% for the whole year.
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