MWG Chairman Nguyen Duc Tai confirmed with VET that will earn higher revenue than its other two chains - and - in the five years to come. The website operates under the Business to Customer (B2C) model, similar to the other websites, but “the difference is quality management and the speed of delivery,” he said. “Eighty per cent of products sold on the website come from and the remainder from other suppliers.”

Controlling input, the company is responsible for handling complaints and suppliers if customers buy counterfeit or low quality products. Project Director Pham Van Trong said that also commits to compensating customers if delivery is slower than committed. The website will have three delivery timelines: 11am, 4pm and 8pm.

Mr. Tai expects that the number of visitors to the website will reach 200,000 per day with estimated revenue of VND20 billion ($896,000) by the end of this year. It will operate in Ho Chi Minh City this year and at this stage there are no further details regarding expansion plans.

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 in Ho Chi Minh City in 2017 and in Vietnam by 2020,” he said.

MWG also officially opened the 286th store, in Duong Dong town on Phu Quoc Island, the first consumer electronics chain on the island. The chain accounted for 16-17 per cent of total consumer electronics retail share as at last October and is expected to reach 30 per cent by the end of this year.

The company’s business plan for 2017 is for total revenue and after-tax profit to reach VND63.3 trillion ($2.83 billion) and VND2.2 trillion ($98.6 million), respectively, up 85 per cent and 58.5 per cent against 2016.

In early November he announced that after-tax profit for 2016 has been estimated at VND1.5 trillion to VND1.6 trillion ($67.5 million to $71.7 million).

The company planned to earn revenue of VND34.2 trillion ($1.53 billion) in 2016 but in the first eleven months it already stood at VND39.6 trillion ($1.77 billion), up 76 per cent year-on-year and equal to 116 per cent of the annual target.

After-tax profit in the first eleven months was VND1.4 trillion ($627.8 million), up 51 per cent year-on-year and equal to 104 per cent of the annual target. Turnover at was VND28 trillion ($1.25 billion), a 50 per cent increase year-on-year, and VND11.7 trillion ($524.6 million) at, 207 per cent higher year-on-year. Online turnover reached VND2.94 trillion ($131.8 million), up 103 per cent year-on-year and equal to 89 per cent of the annual target.