•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
At the 2026 annual general meeting, Pham Van Trong, CEO of Bach Hoa Xanh—an operating chain under Mobile World Investment (MWG)—acknowledged that the company’s 20% growth target is “somewhat conservative.” He said the chain has moved past the second stage of turning from heavy losses into profits, and therefore needs concrete measures to support sustainable growth.
Within MWG’s overall revenue structure for 2026, Bach Hoa Xanh is expected to contribute about 30% of revenue and nearly 20% of profit. Company leadership also expects Bach Hoa Xanh to strive for at least VND 1,200 billion in profit. For existing stores, Bach Hoa Xanh expects growth of about 5% to 10%.
The CEO said the northern market is large and has significant potential. He noted that northern stores have delivered positive results, with average per-store revenue meeting Stage 1 expectations. Bach Hoa Xanh will continue its planned rollout in the north, then expand first into neighboring provinces to leverage supply and logistics, which is why the chain is not targeting Hanoi directly.
According to updates on the chain’s website, Bach Hoa Xanh already has stores in Hanoi. From the start of 2026 to date, the chain added 348 stores, averaging about 3 new stores per day. The CEO said this reflects management’s determination to open 1,000 new stores in 2026.
In response to shareholders about whether there are plans to wholesale to schools, restaurants, and enterprises, Pham Van Trong said the prior focus was retail only. “However, recently many units have been paying more attention to input sources to process for consumer sales. Therefore, Bach Hoa Xanh is considering this path,” he said.
On overall strategy, the CEO said that with a market size of about USD 60 billion, Bach Hoa Xanh will focus fully on Vietnam and does not aim to expand to Indonesia. “We continue to target two-digit growth, through store expansion, Bach Hoa Xanh aims for an IPO in 2028,” he said.
In the chain’s development strategy, 2026 is described as a key milestone to prepare for the IPO path and an independent listing within the next three years. To be eligible for listing, Bach Hoa Xanh must maintain strong profit growth to offset accumulated losses.
MWG’s leadership said separation and an independent listing are expected to help raise capital and also recognize the chain’s staff, creating motivation aligned with the company’s longer-term revenue vision of USD 10 billion.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
