Mobile leader moves into meat, vegies

Friday, Aug 28, 2015 17:45

MWG is one of the most well-known mobile phone company in Viet Nam. It starts food selling business in the next quarter. — Photo

HA NOI ( Biz Hub) — The well-known Vietnamese mobile phone company Mobile World Investment Corporation (MWG) plans to open a chain of stores selling fresh food and fast-moving consumer goods in the last quarter.

Under the plan, the company will open from 30 to 50 stores with an area of 150-400 sq.m each throughout Viet Nam.

The board this week set a budget of VND20-50 billion(US$888,888-2.22 million) for the project.

MWG has two subsidiaries - the Gioi Di Dong JSC, which sells digital devices, and Electronic World Trade Corporation, which specialises in electronics devices.

However, this is the first time the company has gone into food retailing.

Earlier MWG announced an increase in profit for the first half. It gained 56 per cent more revenue than for the same period last year, a total of VND10.86 trillion ($482.66 million). It also reported a profit after tax of VND 456 billion ($20.26 million) , an increase of 46 per cent over last year.

On August 28, each MWG shares sold for VND64,500 ($2.86) on the HCM City Stock Exchange. — VNS

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