SSI: Crackdown on Counterfeit Goods Benefits Thegioididong, FPT Retail, Digiworld and Winmart, while PNJ Faces Pressure from Gold Inspection

According to SSI Research, the crackdown on counterfeit goods and encouraging small businesses to become enterprises will create opportunities for tax-compliant businesses. Modern retail chains such as supermarkets and pharmacies are expected to significantly benefit from this trend due to their strong brands and quality control processes. Under a new decree, businesses with annual revenues over 1 billion VND will be required to issue invoices, which will increase the tax burden on informal businesses, narrowing the price gap between traditional and modern retail. Additionally, from April 1, 2025, major e-commerce platforms will raise commission fees, potentially reducing price competitiveness. Therefore, formal businesses like Thegioididong (MWG), FPT Retail (FRT), Digiworld (DGW), and Winmart (Masan) are expected to benefit. The gold industry is also experiencing changes as the State Bank proposes allowing private enterprises to participate in the gold market, benefiting retailers, although PNJ still faces pressure from inspections.