In a recent analysis, Bách Hóa Xanh, a prominent supermarket chain in Vietnam, has been highlighted for its surprising market valuation relative to its parent company, Mobile World Investment Corporation (MWG). As of August 6, 2026, Điện Máy Xanh (DMX) officially listed 1.27 billion shares on the HoSE, closing its first trading day with a price increase of 2.5%, giving it a market capitalization of approximately 104 trillion VND. This valuation is comparable to MWG's market cap, which saw a decrease of 1.4% to 71,200 VND per share on the same day.

Interestingly, while MWG owns not only DMX but also Bách Hóa Xanh, An Khang pharmacies, and AVAKids, the combined contribution of these subsidiaries to MWG's valuation is less than 16 trillion VND. This has raised eyebrows, particularly since Bách Hóa Xanh was previously valued at around 35.5 trillion VND (~1.4 billion USD) in early 2024, even before it became profitable.

As of early August 2026, Bách Hóa Xanh has expanded to 3,400 stores and has reported profits for several consecutive quarters. In the first half of this year, it achieved approximately 910 billion VND in profit, significantly narrowing its cumulative losses to about 7 trillion VND. New stores are reportedly generating positive operational profits, even after accounting for logistics costs.

Vũ Đăng Linh, the CEO of MWG, expressed confidence that Bách Hóa Xanh is on track to meet its profit target of 1.8 trillion VND for 2026, potentially ahead of schedule. He believes that the market is undervaluing MWG by at least 40% compared to its true worth, suggesting that the current pricing reflects a misunderstanding of the company's potential.

Looking ahead, Linh remains optimistic about the growth prospects for both Điện Máy Xanh and Bách Hóa Xanh, despite challenges such as rising interest rates and inflation. He anticipates that the company will achieve its revenue goals sooner than expected, reinforcing the notion that MWG's valuation does not accurately reflect its operational success and future potential.