The Vietnamese technology equipment market has experienced remarkable growth in recent years, boasting a customer base of over 80 million. Over the past decade, technology equipment retail chains, particularly those specializing in mobile phones, have played a pivotal role in propelling Vietnam's market development.
Recent research indicates a robust surge in the demand for mobile phones, which now account for 43% of electronic product sales, surpassing information technology products like laptops and tablets. Mobile phones consistently lead the electronics sector in terms of growth, with an average sales increase of over 30% since 2013.
Retail chains in this sector have expanded their reach not only among high-income customers but have increasingly catered to middle- and low-income segments as well. Moreover, these chains offer a wide array of products, including mobile phones, electronic accessories, home appliances, and computers, featuring renowned brands such as Nokia, Samsung, and Apple.
Prominent retail store chains in the technology equipment industry, such as The Gioi Di Dong, FPT Shop, Viettel Store, and CellphoneS,... have witnessed substantial growth over the years. These chains have established a presence in nearly every city across the country.
The Gioi Di Dong
Mobile World Joint Stock Company (Mobile World JSC) is a retail group in Vietnam with the main business of retailing mobile phones, digital devices, and consumer electronics, established in March 2004.
According to research on mobile phone retail market share in Vietnam in 2014, The Gioi Di Dong currently accounts for 25% and is the largest enterprise in its field.
In 2018, The Gioi Di Dong reached the top 100 largest retailers in Asia-Pacific. After nearly 20 years of development, up to now, The Gioi Di Dong has a total of 3385 stores covering 63/63 provinces and cities across the country.
The Gioi Di Dong was the top brand in both revenue and store scale. The brand's revenue in the field of mobile phones and related devices sector is recorded at tens of thousands of billions of VND each year and has tended to increase continuously in the last three years. In 2020, the brand's revenue reached nearly VND 42 trillion. This number increased by 18.6% in 2021 and grew slightly by 7.4% in 2022, totaling almost VND 53.3 trillion.
FPT Shop
FPT Shop, also known as FPT Retail or FPT Digital Retail Joint Stock Company, is a member of the FPT group that was separated from FPT Trading in 2013 to restructure its organization.
As of September 2023, FPT Shop boasts a workforce of over 6,000 members and operates 968 stores nationwide, with a primary focus on prioritizing customer service.
FPT Shop's revenue has displayed consistent growth over three consecutive years. In 2020, the group's revenue reached more than 11 trillion VND. This number went up by 37.7% in 2021 and climbed by 11.5% in 2022, reaching more than VND 20.5 trillion. However, the brand's profit after tax fluctuated continuously. Specifically, in 2020, its profit reached more than VND 120 billion. By 2021, it rose sharply by 257%, standing at more than VND 440 billion. This number then declined by 21% in 2022, totaling nearly VND 350 billion.
Phong Vu
Starting a business from a small computer store in Ho Chi Minh City in 1997, Phong Vu is now known as a large, long-standing, and reputable retailer in Vietnam. Phong Vu specializes in trading information technology products, gaming entertainment equipment, office equipment, and hi-tech equipment of many big brands such as Dell, Asus, HP, MSI, Lenovo,...
With the goal of not only being a place to sell computers, this is also a place for customers to find and experience modern technology utilities and the best services. This has made Phong Vu increasingly develop and expand with a chain of more than 30 stores nationwide.
Phong Vu's net revenue in three years fluctuated around VND 2400 billion. However, the brand's profit after tax was constantly changing. Notably, in 2020, the brand incurred a loss of nearly VND 26 billion and rebounded to a profit of almost VND 8 billion in 2021. After that, the downtrend appeared again in 2022, down 62%, reaching nearly VND 3 billion.
CellphoneS
As a company operating in the field of retail and repair of technology products and entertainment media, including three member companies CellphoneS - Dien thoai vui - Smedia, and a chain of Apple AASP warranty centers with a large scale of more than 2000 employees.
Established in 2010, CellphoneS has expanded its retail network to include more than 100 stores nationwide, establishing itself as one of the top five largest technology retailers in Vietnam.
In 2020, the brand's revenue reached nearly more than VND 500 billion. This number increased by 574% in 2021 and rose by 46% in 2022, reaching nearly VND 5300 billion. However, CellphoneS's profit after tax was constantly changing. In 2022, its profit after tax stood at nearly VND 60 billion. This number went up by 256% in 2020 and fell by 40% in 2021.
Di Dong Viet
Viet Mobile Technology Co., Ltd. operates the Di Dong Viet store chain, specializing in trading genuine technology items, notably mobile phones, laptops, tablets, accessories, and components.
In July 2020, Di Dong Viet and Mobifone implemented the Shop in Shop model, officially putting 11 Di Dong Viet - Mobifone affiliate stores into operation. This is a model that helps technology users easily find and buy a genuine technology device as well as enjoy many outstanding offers and after-sales services.
From a small-scale store without branches, there are now 24 stores in the Di Dong Viet chain and 11 Mobifone - Mobile Viet affiliate stores, serving millions of customers every year.
Di Dong Viet’s revenue and profit after tax recorded a continuous increase for three years. In 2020, the brand's revenue reached nearly VND 500 billion. Its revenue has consistently increased over the past three years, reaching nearly VND 500 billion in 2020, surging by 80% in 2021, and an additional 48% in 2022, totaling nearly VND 1.3 trillion. Its profit after tax in 2020 amounted to around VND 2 billion. This number in 2022 marks a 600% increase from 2020, standing at VND 19 billion.
Hoang Ha Mobile
Established in 1996, with the slogan "If we don't have something, it means you don't need it", the brand constantly strives to bring diverse and abundant genuine technology products with the best prices. serve the needs of customers.
After more than 20 years of development, Hoang Ha Mobile has become a name that is no longer strange to domestic consumers. Currently, the brand owns a network of more than 100 branches nationwide, including two warranty centers in Hanoi and one warranty center in Ho Chi Minh City.
In 2022, Hoang Ha Mobile's revenue is recorded to reach nearly VND 5000 billion, an increase of 34% compared to 2021 and a rise of 161% compared to 2020. Profit after tax was recorded to grow in three years. Specifically, in 2022, profit after tax peaked at nearly 5 billion VND, reflecting a 25% increase from 2021 and a substantial 351% growth from 2020.
Viettel Store
Viettel Store is a retail system belonging to Viettel Import-Export and Trading Company, specializing in providing phones, computers, accessories, smart devices, and telecommunications services nationwide,...
Up to now, Viettel Store has been the leading smart device service retail system nationwide. With a chain of stores covering 63 provinces and cities in Vietnam with more than 300 stores spread across the country, it makes it easy for customers to experience products and provide convenient and quick telecommunications services.
Viettel Store's revenue and profit after tax recorded an increasing trend in the period of 2020 - 2022. Specifically, in 2020, the brand's revenue reached more than VND 11 trillion. This number climbed by 71% in 2021 and increased by 13% in 2022, peaking at more than VND 21 trillion VND. In terms of profit after tax, in 2020, its profit recorded nearly VND 120 billion. This number increased by more than VND 60 billion in 2021 and then stood at a profit of nearly VND 210 billion in 2022, a rise of 73% compared to 2020.
The advancement of information technology and applications has had a profoundly positive impact on various aspects of our lives, including communication, daily routines, and both personal and business activities. The continuous evolution of telecommunications and information systems has efficiently harnessed the potential of contemporary technological tools, thereby making a substantial contribution to the modern economy.
However, with fierce competition and pressure from the market, organizational and supply chain management activities are also developing in a modern and civilized direction. Information about price, quality, product status, promotions, and incentives are always updated quickly to customers. Enterprises are focusing on capturing all market needs, especially customer needs. Modern and optimized services are being considered as an important trend, requiring businesses in the field of providing goods and services to comply and adapt.
Source: Vietdata’s 2022 IT Device Stores in Vietnamese Market Report
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