Mobile World Investment's shareholder base falls by nearly 11,500 in two years as stock price doubles, with strategic business changes underway

Mobile World Investment Joint Stock Company (MWG) is seeing a sharp decline in its shareholder base, losing nearly 11,500 shareholders in less than two years, even as its stock price has nearly doubled. The changes come as the group implements major adjustments to its business model.

Shareholder base falls as stock price rises

MWG’s 2025 annual report states that, as of December 31, 2025, the retailer controlled by Mr. Nguyen Duc Tai had 33,022 shareholders. This is about 3,000 fewer than the number recorded at the close of the 2025 AGM.

Over the past two years, the number of MWG shareholders has fallen significantly. Compared with the close of the 2024 AGM, MWG lost about 11,000 shareholders. During the same period, MWG’s stock price nearly doubled.

Ownership structure and major holders

At the end of 2025, MWG’s largest shareholder was World Retail Investment Consulting Co., Ltd. (a related entity to Mr. Tai), holding 10.439% of the company. Mr. Tai directly owns more than 2.2% of the charter capital.

In addition to domestic holders, MWG also has foreign shareholders, including Dragon Capital, which holds over 5% of the stake.

Strategic shift behind the transition

The decline in shareholder numbers is linked not only to the stock’s near doubling but also to MWG’s aggressive strategic changes. These include closing hundreds of underperforming stores of The Gioi Di Dong and Dien May Xanh, refocusing on Bach Hoa Xanh, and expanding overseas.

The shrinkage in shareholders also reflects changes in ownership structure, with some individual investors exiting during a challenging transition phase marked by profit pressure.

2026 targets and outlook

For 2026, MWG aims for net revenue of VND 185 trillion and consolidated after-tax profit of VND 9.2 trillion, representing increases of 18% and 30% respectively from the previous year. If achieved, the group would set a new business performance record.

Industry view and key risks

Industry experts say MWG is moving from a period of rapid growth driven by network expansion to a phase focused on optimizing profitability per store. They note that this shift will take time to be validated through specific financial results.

Experts also indicate that the exiting shareholders are mainly short-term investors who lacked patience with the restructuring path. At the same time, money from large investment funds remains present, suggesting continued confidence in management’s ability to pivot under Mr. Tai’s leadership.

However, 2026 is still expected to be challenging due to rising operating costs and intensifying competition from e-commerce platforms.