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On April 18, 2026, MWG will hold its 2026 Annual General Meeting to discuss several matters. The Board of Directors will present a business plan with net revenue of VND 185,000 billion and a consolidated after-tax profit of VND 9,200 billion, representing year-on-year increases of 18% and 30%, respectively. If the plan is achieved, MWG said it would set a new record for its business results.
CEO Vu Dang Linh said that while MWG prepared the plan, the global economic environment remained challenging. He added that the company did not change its plan and would remain aligned and confident in executing it.
Beyond core business results, shareholders asked about MWG’s ESOP issuance. Wardhaven Vietnam Fund requested that ESOP shares include features that align management incentives with stock price performance and be issued at a price close to the current market price.
Mr. Nguyen Duc Tai said the 2025 ESOP issuance rate was initially set at a maximum of 1% but was reduced. The reduction was attributed to MWG’s stock price over the past year not rising by more than 5% relative to the VN-Index.
He noted that the stock’s performance was not weak, returning around 40% in 2025 versus an average of about 18%, but it remained in line with the VN-Index. As a result, the 2025 ESOP issuance was reduced to 0.5%, representing more than 7.3 million shares at VND 10,000 per share.
MWG’s chairman said: “Although the business is doing well, MWG's stock has risen sharply, but there are market participants who are overly aggressive, making it difficult for MWG's stock performance to exceed 5% relative to the broad market.”
Mr. Tai added that the ESOP plan includes components tied to achieving the business plan and to stock performance, reflecting a spirit of sharing hardship and aligning the interests of shareholders, investors, and management.
MWG said its ESOP formula is among the most complex on the exchange, with KPIs including achieving the business plan and the stock’s performance relative to the VN-Index.
For 2026, the ESOP issuance formula was simplified compared with the previous year. However, the number of shares issued would not exceed 3 million, which some observers described as a surprise.
MWG said its ESOP policy remains attractive because the issue price is kept at VND 10,000 per share, which is well below the market price. The company said this means employees would only need to pay a relatively small amount to own shares that could be worth trillions of dong.
Recipients must be senior managers who meet KPIs and contribute to helping the parent company and its subsidiaries exceed the plan. The list and criteria are approved by the Board.
MWG reiterated that its ESOP formula remains among the most complex on the stock exchange, with KPIs including the extent to which the business plan is met and the stock’s relative performance to the VN-Index.
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