Looking at the numbers, 2026 is when Mobile World Group (MWG) officially moves beyond its role as a “retail chain” to become a multi-sector conglomerate. Three simultaneous developments — the Dien May Xanh IPO, an EV charging infrastructure partnership with V-Green, and a record profit target of VND 9,200 billion — are not coincidental. This is a deliberate restructuring strategy designed to unlock value from business segments previously housed within a single legal entity.
Dien May Xanh IPO — the numbers speak for themselves
Dien May Xanh (DMX) plans to offer up to 179.5 million shares — approximately 16.3% of outstanding shares — at a price no lower than book value of VND 16,163 per share.Fili The offering is scheduled for 2026, pending approval from the State Securities Commission.
What stands out in the financials: DMX contributes roughly 65% of revenue and over 80% of profit across the entire MWG group. In 2025 alone, DMX recorded revenue of VND 109,479 billion and net profit of VND 5,802 billion.VnExpress The 2026 targets: VND 122,500 billion in revenue and VND 7,350 billion in profit — growth of 12% and 27% respectively.
Prior to the IPO, DMX paid over VND 38,000 billion in dividends to MWG to optimize its capital structure. MWG has announced it will not participate in the private placement, ceding all subscription rights to external investors. If the IPO succeeds, DMX’s charter capital will increase from over VND 11,000 billion to a maximum of VND 12,800 billion, with all shares listed on HoSE. DMX has committed to maintaining a minimum cash dividend payout ratio of 50% of post-IPO profits — a very positive signal for income-oriented investors.
V-Green partnership — from product retail to infrastructure services
MWG signed a strategic partnership agreement with V-Green (a Vingroup subsidiary) in September 2025 to deploy EV car charging stations and VinFast electric motorbike battery swap cabinets across its nationwide store network.V-Green
The target by end of 2026: over 1,000 car charging points and more than 1,500 battery swap points. The partnership model is clever: V-Green leases space at MWG stores, while the Dien May Xanh technician team (over 7,600 technical staff) handles installation and maintenance — leveraging existing core capabilities that MWG already has.
From a financial perspective, the benefits for MWG are multi-layered: increased foot traffic to stores, a new service revenue stream, and most importantly — anchoring MWG within the rapidly growing green mobility ecosystem. This marks a shift from product retail to infrastructure services, opening an entirely different recurring revenue source.
2026 financial targets — VND 185,000 billion revenue, record VND 9,200 billion profit
The Annual General Meeting approved a plan for net revenue of VND 185,000 billion (+18%) and net profit of VND 9,200 billion (+30%).Elibook This would be the highest profit in MWG’s history.
The 2025 foundation is solid: revenue of VND 156,600 billion (+17%), net profit of VND 7,080 billion (+89% vs. 2024), exceeding the annual plan by 46%. These numbers show that MWG’s management was conservative in setting targets — and actual results far exceeded expectations.
Bach Hoa Xanh turned a profit of VND 710 billion in 2025, with revenue of nearly VND 46,900 billion.CafeF The chain opened 789 new stores (exceeding the 600-store plan) and targets 300-400 additional stores in northern Vietnam for 2026. Bach Hoa Xanh is expected to earn VND 1,200 billion in 2026 — nearly double the previous year.
EraBlue in Indonesia achieved record revenue of VND 3,800 billion in 2025 (+70%), with over 180 stores, targeting an IPO in Indonesia in 2027.VietnamFinance
MWG is distributing VND 3,000 billion in cash dividends (VND 2,000 per share), split into two tranches in Q3 and Q4 2026. This is a record cash dividend, sending a clear signal: the company is strong enough to both grow and return capital to shareholders.
Risks to monitor
The DMX IPO could cause dilution if MWG needs to sell a higher stake than planned. The EV charging segment depends on VinFast’s expansion pace — if EV sales fall short of expectations, charging infrastructure will be slow to achieve payback. Bach Hoa Xanh’s northern expansion carries the risk of high costs in a market with distinct consumer preferences.
MWG shares are currently trading around VND 78,500, down 8% year-to-date. Several brokerage firms recommend BUY with a 12-month average target price of VND 90,250 — corresponding to approximately 15% upside.
The big picture — a multi-sector holding model
MWG is moving toward a holding company model comprising: DMX (about to be separately listed), Bach Hoa Xanh (IPO planned later), EraBlue (Indonesia IPO 2027), An Khang (pharmaceuticals), and a green energy infrastructure services segment. If the strategy succeeds, MWG will be valued on a sum-of-the-parts basis — unlocking significant revaluation potential compared to the traditional “retail chain” perspective.
By the numbers, the story is clear: MWG is not just growing — it is fundamentally changing the nature of its business. Investors need to reassess MWG not as a retail stock, but as a multi-sector conglomerate in the process of unlocking value.
