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At MWG’s Q1 investor meeting, Bach Hoa Xanh reported that April revenue reached VND 4,800 billion, up 22% year-on-year and about VND 500 billion higher than the previous month. On an hourly basis, the fresh-food and essential goods chain generates more than VND 6 billion in revenue.
Bach Hoa Xanh is a fresh-food and daily essentials retailer operated by MWG since late 2015. The chain has been positioned as one of MWG’s growth drivers as the ICT/CE segment matures. While MWG said the revenue target has been met, it noted that the profitability target has been more challenging.
Following a strong restructuring in 2022–2023, MWG’s leadership said it found a “winning formula” for Bach Hoa Xanh. The chain has been profitable since Q2/2024 and has started expanding again. Since last year, Bach Hoa Xanh has accelerated store openings in Vietnam’s Central region, laying the groundwork for a northern expansion.
From the start of the year to date, Bach Hoa Xanh opened 409 new stores, bringing the total number of stores across the system to 2,968. Management expects to open 1,000 stores per year from 2026. With the current pace and the assumption that each new store is profitable, the target is described as highly feasible, particularly amid increased enforcement against informal markets in major cities.
Bach Hoa Xanh does not disclose profit figures. However, MWG’s 1Q/2026 consolidated financial statements notes indicate that Bach Hoa Xanh recorded accumulated losses carried forward of more than VND 383 billion as of March 31, reflecting profitability in the first quarter.
Under the 2026 plan, Bach Hoa Xanh is expected to contribute about 30% of MWG’s revenue and nearly 20% of MWG’s profit. The chain targets approximately VND 55,500 billion in revenue and VND 1,800 billion in profit for the year.
Regarding the broader strategy, Bach Hoa Xanh CEO Pham Van Trong said the chain’s market size is about USD 60 billion and that it will focus on Vietnam, adding that it has not considered expansion into Indonesia. He also stated that the company will continue targeting double-digit growth through store expansion and aims for an IPO in 2028.
In Bach Hoa Xanh’s development strategy, 2026 is identified as a critical milestone to prepare for the IPO and an independent listing within three years. To meet listing conditions, the chain needs to sustain strong earnings growth to offset past accumulated losses.
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