In the first 9 months of the year, Mobile World recorded 500 million USD in revenue from selling Apple products, accounting for nearly half of the market share of genuine Apple products in Vietnam.
This information was shared by Mr. Vu Dang Linh, CEO of Mobile World (MWG), at the third quarter business results announcement on the afternoon of November 26 in Ho Chi Minh City.
Mr. Linh said that Apple products have contributed steadily to MWG’s revenue for many years. Currently, Apple products are not only sold at the Mobile World system but also through TopZone, a specialized store chain that provides the entire Apple product portfolio.
This year, this business opened for sale iPhone 17 series at Nguyen Hue walking street, Ho Chi Minh City, in the form of a “technology festival”. In just the first 30 minutes of opening the deposit portal, MWG and TopZone recorded more than 80,000 registration applications.
However, Mr. Linh said that the company’s gross profit margin has decreased recently because the proportion of Apple products, a group with low profit margins, has increased. However, the company still prioritizes absolute profit value over gross margin.
Consumers experience iPhone 17 series at Nguyen Hue walking street, Ho Chi Minh City. Image: Thi Ha
The phone and electronics segment continues to grow thanks to contributions from Dien May Xanh. In 9 months, this chain grew by double digits and maintained its leading position in the market. This chain’s revenue increased by about 16% over the same period, higher than the general level, thanks to the trend of shifting shopping from traditional to modern channels and creating new demand for products such as large-sized TVs priced at 14-15 million VND.
In international markets, operations in Indonesia continue to grow. MWG operates 164 stores and plans to reach 180 stores by the end of the year. The EraBlue chain recorded a 70% increase in revenue despite low growth in the local ICT market, thanks to service quality and support from partners. The company aims to open at least 150 new stores in 2026 and aims for 500 stores in the next 1-2 years.
Bach Hoa Xanh and An Khang chains also improved profits. Bach Hoa Xanh recorded more than 200 billion VND in the third quarter and forecast for the whole year to exceed 600 billion VND. Expanding into the countryside helps reduce investment costs by about 30% thanks to a more suitable area and product list. An Khang improved revenue and narrowed losses thanks to optimizing management and benefiting from consumer trends shifting to modern retail models.
Regarding the goal of IPO of Bach Hoa Xanh in 2028, MWG said the prerequisite is to erase all accumulated losses. This is a challenging but feasible goal if business operations are stable. Accumulated in the first 9 months of the year, MWG achieved more than 113,600 billion VND in revenue, exceeding 99,700 billion VND in the same period last year and completing 76% of the yearly target. Profit after tax is approximately VND 5,000 billion, up 72% over the same period. On average, each month, the company profits about 554 billion VND, helping the business soon reach the yearly profit target of 4,850 billion VND, while also exceeding the record of 4,901 billion VND reached in 2021.
MWG continues to invest in information technology, logistics, warehousing, and implements ESG programs such as solar energy and fresh agricultural supply chain. Mr. Linh emphasized that every expansion strategy, from Avakit to Bach Hoa Xanh, prioritizes business efficiency to maintain sustainable growth and create long-term value for shareholders.