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Nagakawa (NAG) is entering a new phase of development, reallocating resources to reposition itself as a comprehensive provider of home appliance solutions and smart kitchen equipment. Its competitive advantage is a multi-channel retail distribution system that the company says is expanding at a notable pace.
Nagakawa has identified 2026 as the start of a new growth cycle for the 2026–2030 period, with a deeper development orientation. The company targets revenue of 4,000 billion VND, up 20% from 2025, and net profit after tax of 42 billion VND, up 28%.
In Nagakawa’s revenue mix, the cooling and air-conditioning segment remains the core contributor. The company is also focusing on commercial air-conditioning and central air-conditioning solutions for real estate projects and industrial zones.
As the real estate market, industrial parks, and shopping centers begin a recovery cycle, demand for large-scale central air-conditioning systems—such as VRF, Chiller, and ceiling cassette—is expected to increase.
Nagakawa cites its continued success in winning bids for comprehensive air-conditioning solutions for major projects, including the Hai Phong City Administrative Center, described as having an investment of “thousands of billions of dong.” The company presents these wins as evidence of its core capability elevated to international standards.
The air-conditioning industry is highly seasonal, with revenue typically peaking in summer and declining significantly in the late year. To mitigate cash-flow risk and optimize margins, Nagakawa is expanding into high-end kitchen appliances and smart home devices.
The company frames household and kitchen appliance revenue as a long-term growth runway, citing demographic and consumption habit changes in Vietnam, including rising demand from the middle class for upgraded living spaces.
Nagakawa has launched a synchronized line of kitchen devices, ranging from induction stoves and range hoods to smart dishwashers, under the message “Peace of mind in the kitchen.” The company says selling products as an ecosystem rather than as individual items increases the value per order through a larger basket size.
It also highlights smart features such as safety alerts, child lock, and mobile app control, which it says can create switching costs and help retain customers over the long term despite competition from cheaper imported goods.
A product and positioning strategy, the company says, depends on a robust distribution network. By 2025, Nagakawa reports covering about 4,000 points of sale out of more than 10,000 retailers and agents nationwide, while prioritizing expansion in the modern retail channel (MT).
Nagakawa lists presence in major retail chains including Dien May Xanh, Dien May Cho Lon, Co.op Mart, Lotte, GO!, HC, Pico, and LanChi Mart.
The strongest catalyst for the 2026 business plan, according to the company, is strengthening broader cooperation with major retailers—especially the ambition to place its full range of household appliances in Dien May Xanh’s more than 2,000 stores nationwide. This is expected to drive higher sales volume and expand brand recognition.
Alongside physical stores, Nagakawa is accelerating digital transformation through deployment of the AN ERP system to run the business. The company says the system helps streamline operations, optimize the supply chain, and control costs.
It is also expanding its younger customer base by operating on leading e-commerce platforms and leveraging TikTok Shop. The company says omnichannel data will be integrated into its CRM system to understand consumer behavior, enabling personalized sales campaigns and after-sales care.
A highlight in Nagakawa’s 2025 consolidated report is its ability to push volume and expand market share, with net revenue rising to nearly 3,299 billion dong, up more than 21% year-on-year.
At its 2026 Annual General Meeting, Nagakawa proposed issuing more than 19.3 million shares publicly at 10,000 dong per share to raise about 193 billion dong. The proceeds are intended to repay short-term debt at VietinBank and BIDV.
Latest information also indicates that CEO Nguyen Thi Huyen Thuong has registered to receive up to 13.5 million stock purchase warrants from shareholder Nguyen Duc Kha (the father of Thuong).
Overall, Nagakawa’s 2026 outlook is described as a bold push toward revenue of 4,000 billion dong, supported by its modern retail network and core household appliance lines. The company’s plan centers on balancing debt management while expanding higher-margin consumer goods and kitchen devices, aiming to improve earnings per share and deliver sustainable value for investors.
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