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Vietnamese mobile retailer The Gioi Di Dong disbands 2 subsidiaries

Vietnamese mobile retailer The Gioi Di Dong disbands 2 subsidiaries

Friday, May 10, 2024, 16:15 GMT+7
Vietnamese mobile retailer The Gioi Di Dong disbands 2 subsidiaries
Vietnam’s Mobile World Investment Corporation pursued a plan to grow clean vegetables for the local market at 4KFarm. Photo: 4KFarm

Vietnamese mobile retail giant Mobile World Investment Corporation (MWG), or The Gioi Di Dong, has announced the dissolution of two subsidiaries as it seeks to optimize its operations.

Nguyen Duc Tai, chairman of MWG’s board of directors, signed a resolution on behalf of the board to dissolve the two subsidiaries, including Fully Trusted Logistics Joint Stock Company in Ho Chi Minh City and 4KFarm Joint Stock Company in Ba Ria - Vung Tau Province.

Established in 2021, Fully Trusted Logistics JSC provided warehouse and logistics services, and goods for supermarket chains under the The Gioi Di Dong retail system; Bach Hoa Xanh, a local minimart chain under MWG; and pharmaceutical retailer An Khang.

Meanwhile, 4KFarm was established in 2020 as part of an effort to foster tech-based farming.

The firm operated under a model which featured no pesticides, no genetically modified foods, no gibberellins, and no preservatives.

4KFarm ceased operations in late 2023 after its business performance fell short of expectations, according to a recent report by The Gioi Di Dong.

The dissolution lowered the number of subsidiaries owned by the Vietnamese retail giant to nine.

MWG consistently works to streamline its operations. During the third quarter of 2023, the retailer shut down some 200 unprofitable stores.

In addition, MWG also said that it had sold a five-percent stake in Bach Hoa Xanh Technology and Investment JSC to China’s CDH Investment.

According to MWG’s recent financial report, the firm made nearly VND31.7 trillion (US$1.2 billion) in revenue in the first quarter of 2024, up 16 percent year on year.

It earned VND903 billion ($35.5 million) in after-tax profit during the period.

As of the end of the first quarter of this year, MWG’s total asset had reached over VND63.5 trillion ($2.5 billion), while its debt amounted to more than VND37.5 trillion ($1.4 billion).

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Tieu Bac - Bong Mai / Tuoi Tre News


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