Bach Hoa Xanh Rapidly Opens Over 150 Stores in Just a Month and a Half; Has Mr. Nguyen Duc Tai Found the Right Formula for Northern Expansion?

Bach Hoa Xanh (BHX) opened an additional 155 stores in just a month and a half, bringing the total to 2,525 stores. Since the beginning of the year, BHX has opened 755 stores, surpassing its goal of 600. The main locations are Ninh Binh, which is near Thanh Hoa, enhancing distribution efficiency. Mr. Vu Dang Linh, CEO of MWG, emphasized the need for cautious expansion in the Northern market and believes BHX has the potential to capture market share due to the shift from traditional to modern retail. Although profit was around 200 billion VND in Q3, revenue has not met expectations. MWG plans for 1,000 stores next year and is considering an IPO in 2028, depending on clearing accumulated losses. Mirae Asset forecasts that BHX will improve profitability but still faces significant pressure due to rapid expansion. Projected average revenue per store may range from 1.7 to 2.5 billion VND per month over the next few years.