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Expansion of Bach Hoa Xanh has remained robust, with 120 new stores opened since the start of April, averaging just over four stores per day. In MWG’s consolidated financial statement notes for Q1 2026, the company reported a carried-forward loss of more than VND 383 billion as of March 31, attributed to Bach Hoa Xanh turning a profit during the quarter.
In Q1 2026, MWG posted net profit after tax of VND 2,757 billion. The Dien May Xanh (DMX) business unit contributed about VND 2,200 billion, while the remaining profit of roughly VND 500 billion came from Bach Hoa Xanh, An Khang and AVAKids, with Bach Hoa Xanh as the largest profitable segment.
Bach Hoa Xanh recorded about VND 13,100 billion in revenue in Q1 2026, up 19% year over year. The growth was supported by both fresh foods and FMCG categories.
Bach Hoa Xanh is a supermarket chain focused on fresh foods and daily essentials. MWG expects it to be a key growth driver as the ICT/CE segment matures. After restructuring in 2022–2023, MWG said it found a “winning formula” for Bach Hoa Xanh. The chain has been profitable since Q2 2024 and has restarted network expansion. Since last year, Bach Hoa Xanh has accelerated store openings in the Central region to build a base for northern expansion.
In the first three months of 2026, Bach Hoa Xanh opened 280 new stores, with about 18% in the North and 14% in the Central region. The company also noted that even as new stores became operational in March 2026, the segment still generated positive operating profit at the store level in Q1.
Expansion continues at a strong pace: 120 stores were opened since early April, averaging 4.4 stores per day. MWG leadership said Bach Hoa Xanh plans to open 1,000 stores per year from 2026. With profitability at the time stores become active, the target is considered feasible, particularly as informal markets in major cities are rapidly closing.
For 2026, MWG targets record-high consolidated revenue of around VND 185,000 billion and net profit after tax of around VND 9,200 billion, representing increases of 18% and 30% respectively from the previous year. Within this outlook, Bach Hoa Xanh is expected to contribute about 30% of revenue and nearly 20% of profit, equivalent to roughly VND 55,500 billion in revenue and VND 1,800 billion in profit.
Regarding strategy, Mr. Pham Van Trong, CEO of Bach Hoa Xanh, said that with a market size of about USD 60 billion, the chain will focus on Vietnam and does not target Indonesia yet. He added: “We continue to target double-digit growth through store expansion; Bach Hoa Xanh aims for an IPO in 2028.”
Within Bach Hoa Xanh’s development plan, 2026 is described as a critical milestone to prepare for the IPO roadmap and an independent listing within three years. To meet listing conditions, Bach Hoa Xanh must maintain strong profit growth to offset past accumulated losses.
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