The Mobile World JSC (MWG) has announced revenue of VND35 trillion ($1.57 billion) in the first ten months of this year, up 76 per cent year-on-year and equal to 103 per cent of its annual target.

After-tax profit was VND1.33 trillion ($59.6 million), up 57 per cent year-on-year and equal to 96 per cent of the annual target. Turnover of was VND24.9 trillion ($1.11 billion), a 50 per cent increase year-on-year, and VND10.1 trillion ($452.9 million) at, 207 per cent higher year-on-year. Online turnover reached VND2.53 trillion ($113 million), up 102 per cent year-on-year and equal to 77 per cent of the annual target.

The company opened 469 new stores nationwide in the first nine months, including 365 new stores and 104 new stores. As at October 31 it had 1,102 stores, including 929 stores and 173 stores.

In early November, MWG Chairman Nguyen Duc Tai announced that after-tax profit in 2016 has been estimated at VND1.5 trillion - VND1.6 trillion ($67.5 million - $71.7 million) and it would have 1,200 stores nationwide by the end of the year.

Mr. Tai confirmed with VET that its online business holds a 10 per cent market share and leads the online retail market, followed by Lazada. Its chain stores accounted for 40 per cent of mobile retail share as at October, according to GfK. Small mom & pop stores accounted for 20 per cent while other chain stores accounted for 40 per cent. Its chain stores, meanwhile, accounted for 16-17 per cent of total consumer electronics retail share as at October.

Mr. Tai also announced the group was the third largest retailer in the country, behind Co.op Mart with $1.2 billion in turnover and Big C with $900 million. “The company will overtake these two retailers in the near future with $1.8 billion in turnover,” he said. “We have determined that our growth strategy in the 2016-2018 period relies on the and chains and their online business. In the 2019-2025 period our strategy will focus on Bach Hoa Xanh and - our online supermarket.”

Bach Hoa Xanh targets Vietnamese housewives who prefer to save time on shopping by visiting chain stores. Its turnover now stands at VND1 billion ($44,700) per month in each outlet.

Eighty stores are to be opened in cities and provinces around the country and its business results for 2017 will prove how effective this model is. “If we succeed we will launch a range of stores nationwide by 2018,” Mr. Tai said. “For now, we cannot give any figures on profits from Bach Hoa Xanh.”

There is major potential in Vietnam’s grocery sector, which is worth $60 billion; higher than the value in both the mobile devices and consumer electronics industries, of $6 billion. Bach Hoa Xanh expects to account for 10 per cent of total grocery turnover. has launched a website in Ho Chi Minh City. Mr. Tai said its online business accounts for 5 per cent of total retail turnover and will expand to 20 per cent in the future. “MWG plans to become the No. 1 online retailer by 2020,” he said.