The Gioi Di Dong – which sells smartphones, tablets and other smart devices – and Dien May Xanh – which sells household appliances – are targeted to become independent entities.
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The Gioi Di Dong and Dien May Xanh stores. Photo courtesy of Mobile World |
The IPOs therefore are not aimed at raising capital but allowing the chains to operate independently and transparently, with an appropriate strategy for each, Mobile World executives said recently.
It had earlier stated an intent to make its food and consumer goods chain Bach Hoa Xanh public.
Originally slated for 2022–2023, the Bach Hoa Xanh IPO was postponed indefinitely as the company underwent a comprehensive restructuring.
Mobile World has set an ambitious target to double its profit by 2030 compared to 2025, while sustaining an annual growth rate exceeding 15%.
Prior to 2024, the two electronics chains were Mobile World’s only consistently profitable segments, supporting the company as it sustained loss-making ventures like Bach Hoa Xanh and An Khang pharmacy.
Starting in 2026, The Gioi Di Dong and Dien May Xanh will pivot from expansion-driven growth to a focus on quality enhancement.
Mobile World emphasized it will steer clear of price wars, instead prioritizing “peace of mind, speed, experience, and service.”
TopZone, a brand under The Gioi Di Dong, aims to strengthen its strategic partnership with Apple, positioning Vietnam close to Tier 1 status—enabling it to launch new Apple products alongside major markets like the U.S., Europe, China, Japan, and Singapore.
Mobile World also operates EraBlue, a joint-venture electronics retail chain in Indonesia.
EraBlue aims to lead Indonesia in revenue and store count by 2030, having already achieved break-even status.
The company plans to accelerate expansion, targeting 500 stores in the long term and pursuing an IPO as part of the joint venture’s roadmap.
In the first half of this year, The Gioi Di Dong and Dien May Xanh reported a 12% revenue increase to over VND49.4 trillion, despite operating 200 fewer stores than at the start of 2024 and refraining from opening new locations.
Mobile World’s leadership attributed the market share growth to expanded services and customer credit programs, such as discounts from a single purchase applicable across multiple product categories, fostering greater customer loyalty.
