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Electronics supermarket: Dien May Xanh closes nearly 100 stores, focuses on quality improvement

In the months leading up to the Lunar New Year 2024, the electronics market was anticipated to rebound following a period of austerity. However, contrary to expectations, purchasing power at electronics supermarkets has yet to fully recover.

Some electronics supermarkets operate prominently in the market

Three months prior to the Lunar New Year, the USD/VND exchange rate reached 24,382. With forecasts predicting a further increase in early 2024, the majority of electronics superstore distributors have cautiously announced price hikes ranging from 5% to 7%, depending on the product category. Many retail electronics businesses have opted to 'struggle' by expediting their procurement of goods to circumvent anticipated price surges as per manufacturers' notifications, expecting a surge in end-of-year consumer demand. However, the stark deviation from expectations has only exacerbated inventory pressure.

Immediately following the Lunar New Year, numerous consumer demand stimulation strategies for electronic products emerged. In early March 2024, electronics superstores rolled out various promotional campaigns, deep discounts, and enticing installment policies. Not only aiming for a sales breakthrough to recoup losses, but businesses also seized the opportunity to address excess inventory, accumulated since the pre-Lunar New Year period.

Some major players such as FPT Shop, Dien May Xanh, HC, besides offering hefty discounts, have also implemented omnichannel sales strategies, tailoring their sales approach based on customers' preferred channels.

Despite active efforts by businesses to intensify their sales strategies, the overall situation of electronics supermarket systems in Ho Chi Minh City has shown little significant change. Some retail outlets remain devoid of customers throughout the day, even on weekends.

Dien May Xanh 

Dien May Xanh, a subsidiary of Mobile World Investment Corporation, has been operating in the market for over a decade. Its business system primarily focuses on household appliances and digital products such as televisions, refrigerators, washing machines, air conditioners, microwaves, household electronics; mobile phones, tablets, laptops, accessories, SIM cards, network services, sourced from various brands such as Samsung, LG, Daikin, and others.

Similar to many other businesses in the same industry, Dien May Xanh has also been affected by market fluctuations. The overarching strategy throughout 2023 and continuing into 2024 for Dien May Xanh specifically, and MWG in general, is a focus on 'Focusing on quality over quantity'.

At the end of 2023, the Dien May Xanh store chain reached 2,190 outlets (including approximately 1,000 Supermini stores), a reduction of nearly 100 stores compared to the beginning of the year. Additionally, by December 2023, the Erablue electronics retail chain had 38 operating stores in Indonesia.

Previously, the net revenue by the end of 2022 still saw a slight growth, reaching nearly 42,000 billion. Within this figure, Dien May Xanh contributed 51.7% to the total revenue of the parent company, a decrease compared to the previous year. By the end of 2023, the revenue share of Dien May Xanh continued to decline to 46.7% - the lowest figure in the past 3 years.

Looking specifically at the performance of each product category in 2023, smartphones, laptops, refrigerators, washing machines, and other household appliances experienced a decrease in sales ranging from 10% to 20%. Meanwhile, TVs, tablets, and watches experienced a more significant decline, reaching only about 70% compared to the previous year. However, air conditioners continued to experience positive growth in both sales volume and revenue, despite the overall market purchasing power remaining subdued.

The number of stores of some electronics supermarket systems

FPT Shop

FPT Shop is a retail chain specializing in digital products under FPT Digital Retail Joint Stock Company (FPT Retail). It is a technology and electronics retail system that has become increasingly familiar to Vietnamese consumers in recent years.

Previously, FPT Shop's main products primarily included mobile phones, tablets, laptops, accessories, and technology services, with less emphasis on household appliances. In 2022, as it ventured into this market, FPT Shop focused its efforts on household appliances and smart home devices that can be connected to smartphones. By the end of the first 6 months of 2023, FPT Shop had approximately 585 household appliance stores out of a total of 800 stores.

With these efforts, FPT Shop accounts for nearly 70% of the total revenue of the parent company. In 2022, FPT Retail's net revenue exceeded 18,000 billion, with an average growth rate of 16%.

Net revenue of some electronics supermarkets

Cho Lon Electronics Supermarket

The Cho Lon Electronics – Furniture Supermarket, a subsidiary of Cao Phong Co., Ltd, is a brand deeply ingrained in many Vietnamese households. It is a pioneering retail superstore in the field of furniture and electronics sales in Vietnam, specializing in electronics, home appliances, mobile devices, computers, telecommunications, and furniture, with a modern and professional service style.

Located at Block G, Hung Vuong apartment complex, Tan Da Street, Ward 11, District 5, Ho Chi Minh City, the Cho Lon Electronics-Furniture Superstore boasts a total area of over 4,000 square meters and offers over 10,000 genuine products from leading global electronics conglomerates.

Previously, by the end of 2022, the total revenue of Cho Lon Electronics-Furniture Superstore reached over 7,400 billion VND, with a growth rate of only 2%, lower than the challenging period of 2020 - 2021.

Business activities showed improvement by the end of 2023. Cho Lon Electronics Superstore expanded with an additional 98 branches across 35 provinces and cities, focusing on the Southern and Central regions. Plans to expand into the Northern region have yet to be realized, partly due to the market's incomplete recovery. Similar to other businesses in the industry, Cho Lon Electronics Superstore is gradually transitioning to online sales channels.

Nguyen Kim

Nguyen Kim is the first electronics center in Vietnam to join Retail Central as a member of the Electrical Equipment sector.

Six main product categories are sold here, including Electronics, Appliances, Digital Devices, Entertainment, Telecommunications, and Home Appliances, with over 50,000 genuine products from leading global brands such as Sony, LG, Panasonic, Samsung, Sanyo, JVC, Toshiba, and Electrolux.

Headquartered in District 1, Ho Chi Minh City, with a total area of nearly 4000 square meters, Nguyen Kim's main office is designed to be modern and spacious, spanning 6 floors of retail space thoughtfully arranged. By December 2023, Nguyen Kim had established 59 stores, spread across 30 provinces and cities, primarily in the Southern region. However, business operations have yet to gain significant traction. This was evident as Nguyen Kim's net revenue reached over 6,300 billion VND by the end of 2022, lower than what the industry's "big brother" had achieved.

HC Electronics Supermarket

The HC Electronics Superstore, under VHC Trading Company Limited, is a distribution system for over 20,000 electronic products: Electronics, Appliances, Home Goods, ICT Mobile from world-renowned brands such as Samsung, Electrolux, LG, Toshiba, Panasonic...

By the end of 2023, HC Electronics had more than 43 stores across 22 provinces in the Northern and Central regions. This electronics system pursues a centralized construction policy on a large scale. The average floor area of ​​display shelves in stores ranges from 1000 to 4000m2 with a complete system of warehouses and auxiliary logistics.

Although HC's net revenue continued to grow during the market's volatile period, from 2021 to 2022, HC's growth rate was only 2%, much lower than before. By the end of 2023, HC Electronics boldly launched many promotional programs to stimulate demand with the expectation of regaining its position as the market leader in the North.

Moreover, facing a wave of changes in consumer buying habits, the company has also intensified its online customer service through various electronic channels: Website, Facebook, Zalo, e-commerce platforms..., to reach more customers and optimize costs for the business in difficult times.


MediaMart inaugurated its first electronics superstore in Hoan Kiem District, Hanoi, marking its official entry into the retail electronics business in Vietnam.

In addition to products from major enterprises in Korea, Singapore, China, and Japan, MediaMart also excels in the fields of electronics and technology products such as SAMSUNG, SONY, LG, Panasonic, Toshiba, and Sharp. In the future, the company will invest in new industries such as real estate, mineral exploitation, and financial investment.

By the end of 2023, MediaMart had 349 stores spread across 33 provinces and cities in the Northern region of Vietnam. Most MediaMart electronics superstores have relatively large floor areas, with an average floor area ranging from 500m2 to over 5000m2. Additionally, MediaMart continues to develop additional products and services to efficiently meet all customer needs, such as online sales in line with prevailing trends.

It appears that MediaMart's strategy has not yet fully realized the expected effects. During the period from 2020 to 2021, the company's net revenue growth rate was negligible, at just over 1%, with a downward trend observed by the end of 2022.

However, during the sprint period leading up to the 2024 Lunar New Year, MediaMart has engaged in many prominent activities and received more attention compared to its key competitor, HC, in the same region.


Pico Electronics Supermarket, a subsidiary of Pico Retail Joint Stock Company, operates on the model of an electronics superstore with tens of thousands of products such as TVs, refrigerators, washing machines, air conditioners, blenders, and juicers. These products not only come from global brands like LG, Casper, Panasonic, and Samsung but also include Vietnamese brands such as Funki and Sunhouse.

Pico has over 20 supermarkets spread across Hanoi and many other major provinces and cities in the Northern region as of 2023. Most branches of the company follow the trend of hypermarkets with extensive display areas.

During the period from 2020 to 2022, Pico's net revenue consistently declined. By the end of 2022, the net revenue had decreased by over 28% compared to previous periods. 2023 also did not represent a significant improvement in Pico's business activities, as all sales strategies were affected by a sharp decline in purchasing power.

Profit after tax of some electronics supermarkets

In general, the Vietnamese electronics retail market is becoming increasingly fiercely competitive and constantly shifting. Traditional business models remain effective but no longer hold the same dominance as before. This poses many challenges for businesses but also provides an opportunity for transformation and growth during difficult times.

Source: Vietdata's 2023 report on the electronics supermarket market in Vietnam.


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