Vietnam's Mobile World plans 2026 IPO for electronics unit

Mobile World Investment Corp., a major retailer in Vietnam, plans to list its electronics and mobile store chain Dien May Xanh through an IPO in 2026.

Founder and chairman Nguyen Duc Tai said the company aims to complete the listing within the next year, but did not specify how much it plans to raise.

Mobile World is also considering an IPO for its grocery business Bach Hoa Xanh, though timing will depend on resolving accumulated losses, said CEO Vu Dang Linh.

Bach Hoa Xanh sold a 5% stake to China’s CDH Investments Fund Management in 2024 and operated 2,290 stores as of September 30.

The grocery unit added 600 new outlets in the first ten months of the year, and plans to expand into northern Vietnam in 2026.

Mobile World reported a 121% jump in Q3 net income to 1.8 trillion dong (US$67.4 million), with net income for the first nine months reaching 5.0 trillion dong.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Dien May Xanh IPO leaves out unit economics for valuation

The IPO filing skips segment-level revenue. It omits EBITDA margins and same-store sales growth. Store productivity per outlet and market share for Dien May Xanh are missing. EBITDA means earnings before interest, taxes, depreciation and amortization.
Mobile World’s Q3 net income rose 121% to 1.8 trillion Vietnamese dong (VND), but without Dien May Xanh’s standalone profitability and growth path in the filing, pricing turns speculative.
Bach Hoa Xanh posted its first quarterly profit of VND 7 billion in Q2 2024 after years of losses. That profit links unit economics to listing viability. Dien May Xanh’s financial health remains unclear.

Bach Hoa Xanh’s northern expansion opens room for cold-chain and POS vendors

Bach Hoa Xanh plans a 2026 push into northern Vietnam after adding 600 stores in the first ten months of 2024. That scale can open work for third parties in cold-chain logistics (temperature-controlled logistics) and last-mile delivery. Point-of-sale (POS) systems and Internet of Things (IoT) monitoring may also see demand. The chain says it outsources little.
Logistics costs fell under 4% of expenditure. The company runs distribution centers (DCs) and northern growth will likely need added DC capacity. Hubs in the north cluster around Hanoi and provinces such as Bac Ninh and Hung Yen.
Vendors and carriers can win work by mapping Bach Hoa Xanh’s partners. They should flag capacity gaps in the northern Vietnam hub with cold storage and fresh-food handling high on the list.