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At the 2026 annual general meeting of FPT Retail (ticker: FRT), shareholders showed strong interest in the company’s plan to expand into the consumer electronics (CE) segment, where one incumbent already holds a 50% market share. Nguyen Viet Anh, Deputy General Director of FPT Retail, said FPT Shop has operated in mobile phones for more than 10 years.
Mr. Nguyen said the CE market size is about $5–6 billion per year, with a few major players and FPT Retail ranking second. He noted that the mobile phone market has become saturated in recent years, with growth slowing, and that the CE market is similar in scale at around $5–6 billion per year.
He highlighted a key difference: CE penetration is relatively low compared with mobile. For example, air conditioners are at about 60–70% penetration, refrigerators and washing machines around 70–80%, and TVs up to 90%, while demand remains for upgrades to larger models.
Mr. Nguyen added that the CE market still has room to grow at a double-digit pace over the next 10 years, supported by continued real estate growth driven by urbanization.
On entering CE, management acknowledged the presence of a dominant player with a 50% market share. Beyond that, Mr. Nguyen said there is no clearly strong number-two player, and that the CE market is more fragmented than the mobile market.
FPT Shop plans to position itself as a late entrant and compete using technology advantages, an existing ICT customer base, and agile operations. He said a newcomer or smaller player must be flexible to succeed.
Mr. Nguyen said FPT Shop aims to be a destination offering a reliable alternative with a professional shopping experience, customer-centricity, and digital transformation support for customers when buying products. He emphasized “breakthrough commitments,” including a 1-to-1 warranty within one year, with the possibility of extending the warranty to two years.
A notable element of the strategy is installation services. Mr. Nguyen said the leading company has a 5,000-person installation team, and FPT Shop cannot immediately build a team at that scale. Management has adopted a solution modeled on the sharing-economy approach used by Uber and Grab, building a platform to connect installers with FPT Shop orders.
He said FPT Shop uses technology to provide customer solutions under this model and measures service metrics similar to those used by Uber and Grab, allowing customers to rate the service. The approach, he said, can shorten installation times to 1–2 days even during peak periods.
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