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According to MWG’s consolidated first-quarter 2026 financial statements, the group’s profit from the EraBlue joint venture reached over VND 9 billion in the quarter. EraBlue is an Indonesia-based electronics retail chain formed by MWG and Erajaya, with MWG holding 45% of the venture as of March 31. It is estimated that EraBlue generated about VND 20 billion in profit in Q1.
With EraBlue performing strongly, MWG invested more than VND 122 billion into the joint venture in the first quarter, bringing its total invested capital to nearly VND 514 billion. As of March 31, the fair value of MWG’s investment stood at about VND 503 billion. Accumulated losses from the joint venture were around VND 11 billion for MWG, while estimates suggest EraBlue’s accumulated losses exceed VND 24 billion.
In Q1, the Indonesia-based retailer reported revenue of IDR 906 billion (about VND 1.4 trillion). Average store revenue in Indonesia was 1.5–2.6 times higher than that of Vietnamese stores of similar size.
EraBlue currently operates 212 stores. The company targets 500 stores by 2027 and 1,000 stores by 2030. Management also expects EraBlue to erase its accumulated losses in Q3 2026, and believes the target is highly feasible given the current trajectory.
At a prior investor briefing, MWG CEO Vu Dang Linh said the group is focusing on expanding EraBlue. The chain is expected to reach 300 stores in 2026, with ongoing aggressive expansion.
MWG’s CEO emphasized that Indonesia is a very large market, with a population more than three times that of Vietnam. However, EraBlue’s current market share remains small, indicating strong growth potential. He added that the team will need to accelerate development in the Indonesian market.
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