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Vietnam's FPT Retail plans 400 new pharmacies amid phone market challenges

Vietnam's FPT Retail plans 400 new pharmacies amid phone market challenges

Thursday, April 18, 2024, 11:10 GMT+7
Vietnam's FPT Retail plans 400 new pharmacies amid phone market challenges
Delegates attend FPT Retail's 2024 annual general meeting of shareholders, April 17, 2024. Photo: Bong Mai / Tuoi Tre

FPT Retail, a retail chain owned by Vietnamese tech giant FPT, aims to open 400 more pharmacies this year, capitalizing on the favorable conditions in the pharmacy segment amidst challenges in the phone and laptop market.

At the 2024 annual general meeting of shareholders on Wednesday, Nguyen Bach Diep, chairwoman of FPT Retail, announced plans to expand the Long Chau pharmacy chain by adding 400 new pharmacies, bringing the total number of stores to 1,900.

Each pharmacy will require an average investment capital of about VND800 million (US$31,500) and is expected to break even within three months.

This expansion is part of a strategic focus on developing the medical ecosystem.

Diep aims to implement the Long Chau Healthcare Platform strategy targeting preventive medicine, diagnostics, testing, treatment, pharmacies, and home monitoring.

“Long Chau will leverage its strengths, current extensive customer data, and artificial intelligence technology application within the entire health ecosystem to provide customers with enhanced efficiency, convenience, and cost-effectiveness,” Diep stated.

FPT Retail forecasts a revenue of VND37.3 trillion ($1.47 billion) in 2024, a 17-percent increase over the previous year, with pre-tax profit expected to reach VND125 billion ($4.92 million), despite challenges in the general market, with growth anticipated in new segments.

The 2023 audited financial report revealed a revenue of nearly VND31.85 trillion ($1.25 billion), a six-percent increase from 2022, primarily driven by the Long Chau pharmacy chain, though expenses led to a loss after tax of nearly VND330 billion ($13 million). 

Total consolidated assets reached nearly VND13.1 trillion ($515.65 million), and equity stood at approximately VND1.72 trillion ($67.7 million).

In 2023, FPT Retail closed 31 FPT Shop stores, which sell phones, laptops, and electronic products, reducing the nationwide count to 755.

On Wednesday, FPT Retail’s FRT stock price closed at VND141,000 ($5.55) per share, marking a four-percent decrease in the past month but an overall increase of approximately 150 percent over the past year.

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Bao Anh - Bong Mai / Tuoi Tre News


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