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On April 17, FPT Retail Joint Stock Company (FPT Retail, ticker FRT) held its 2026 Annual General Meeting in Ho Chi Minh City to discuss business performance, 2026 targets, risk management and funding plans.
Chief Financial Officer Pham Duy Hoang Nam said that in Q1, adverse events such as war and inflation had not yet been reflected in the company’s results. He described the business environment as favorable, with management estimating revenue growth of 30% year over year, reaching 25% of the annual plan. Nam also cited pre-tax profit growth of 70% year over year, reaching 30% of the annual plan, adding that Q1 pre-tax profit is estimated at about 465 billion dong.
For 2026, FPT Retail targets net revenue of 59,500 billion dong and pre-tax profit of 1,550 billion dong, representing increases of 16% and 27%, respectively, versus 2025.
Chairwoman Nguyen Bach Diep said the company is preparing for a cautious scenario in which discretionary spending could be affected by inflation. She noted that geopolitical changes and inflation may lead consumers to prioritize essential products and reduce spending on non-essential items.
Diep said FPT Retail monitors factors including supply issues, price increases, logistics, purchasing power and interest rates, and implements contingency plans. She added that the company has postponed some non-essential investment projects and temporarily paused them while monitoring market conditions.
To support productivity without expanding headcount, Diep said FPT Retail is rapidly deploying AI tools to raise productivity by about 20% and reduce the need for additional hiring. She also said the company has renegotiated rent with landlords and debts with suppliers, while optimizing costs to maintain “safe, effective backup options” under abnormal market conditions.
Diep emphasized that if market conditions change, the top priority is to protect operating performance, customer traffic, the quality of growth and cash flow rather than expanding “at any cost.”
Regarding forecasts and funding plans, Nam said the average borrowing rate is about 5%, with Q1 at 6% and Q2 expected to be around 7%. He said FPT Retail can optimize capital given solid business momentum and idle cash.
Nam added that the company focuses on ensuring product availability and avoiding supply disruption. He said FPT Retail sets limits in both VND and USD depending on circumstances to secure favorable terms. In Q1, the company reviewed USD rates; Nam said the level was favorable, but that financing in VND is generally preferable to minimize risk unless USD terms are significantly better. If USD is preferable, the company can borrow in USD.
Deputy General Director Quyên said the company’s approach to growth while maintaining price stability is grounded in early and forward-looking contingency planning rather than trading off one objective for another.
Quyên said FPT Retail is focused on customers and aims to affirm leadership in Vietnam’s pharmaceutical distribution market. She noted that medicines are essential and that as the largest pharmacy chain in Vietnam, once Long Chau commits to price-stabilized medicines, other chains tend to follow, helping create a more stabilized and transparent pharmaceutical market that supports customer confidence in treatment.
On supply, Quyên said Long Chau has proactive long-term sourcing plans and is highly regarded by leading global pharmaceutical firms. She added that the supply of medicines over the next 4–6 months is under control and that input costs remain stable.
Quyên said FPT Retail is pursuing technology and operational measures to optimize costs and avoid shifting the burden to customers. She also said the company is prioritizing non-hiring and non-replacement, aiming for one person to handle the work of two. Decisions, she said, are guided by data, with AI applied within a framework to raise productivity and manage costs effectively.
Quyên concluded that the company views strong governance as not being reactive in any situation and not compromising one goal to achieve another.
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