MWG Annual Report 2021 1

ANNUAL
REPORT
2021
Mobile World Investment Corporation

TABLE OF CONTENTS
I. MESSAGE FROM THE CHAIRMAN 4
II. GENERAL INFORMATION ABOUT MWG 11
1. Overview 12
2. Establishment and development process 13
3. Business lines and locations 18
4. Information about governance model, business organization and management structure 24
5. Development orientation 27
6. Risks 35
III. OPERATIONS IN THE YEAR 42

1. Business operation 43
2. Organization and personnel 52
3. Investment activities and project implementation 56
4. Financial status 61
5. Shareholder structure and change in owner’s equity 62
IV. SUSTAINABILITY REPORT 66

1. Person in charge of sustainable development strategies 67
2. Core values of MWG 68
3. Sustainability commitments of the Company 71
4. Engagement with stakeholders 73
5. Sustainability-related priorities of MWG 75
6. Corporate governance 97
V. BOARD MANAGEMENT’S REPORT AND ASSESSMENT 122

1. Assessment of operating results 123
2. Financial status 131
3. Improvements in organizational structure, policies, and management 135
4. Development plans 137
5. Assessment report related to the environmental and social responsibilities of the Company 139
VI. ASSESSMENT OF THE BOARD OF DIRECTORS REGARDING THE 140

COMPANY’S OPERATIONS
1. Assessment of the Board of Directors regarding the Company’s operations 141
2. Assessment of the Board of Directors regarding the Board of Management’s performance 144
3. Action plans and directions of the Board of Directors 146
VII. FINANCIAL STATEMENTS 148
ANNUAL REPORT
Mobile World Investment Corporation 03
MESSAGE
FROM
THE
CHAIRMAN
I.
04
Chairman of the Board of Directors
ANNUAL REPORT
Dear Valued Customers, Shareholders and Employees,
2021 started with optimistic forecasts about Vietnam’s economic outlook,

thanks to the success of the Government in achieving the “dual goals” of
maintaining a positive GDP growth rate and keeping the Covid-19 pandemic
under control. However, the emergence of the Delta variant has further turned
the world upside down. At the end of April 2021, the 4th wave of the pandemic
broke out in Vietnam drastically beyond measure, leaving the country devas-
tated both economically and socially. Vietnam’s 2021 GDP growth rate hit rock
bottom in the last 30 years. According to the General Statistics Office, on
average, nearly 10,000 businesses went bankrupt and were forced to quit the
market every month.
To MWG, 2021 was a year of unforgettable challenges. I would like to express
my deepest appreciation and gratitude to the frontline staff for your bravery,
resilience, and sacrifices during the peak of the pandemic. When everybody
was trying to minimize social contacts to protect themselves and their
families, you relentlessly continued working and stayed at the frontier - our
stores - to serve our customers, despite the constant threats on your own
health and the risks of transmission to your beloved ones.
For the first time, MWG had to tackle several knotty problems concurrently,
when
Nearly 2,000 Thegioididong.com and Dien May Xanh stores had to
temporarily close or limit the customers in stores during the pandemic
outbreak, causing revenue and cash flow to be severely affected;
Bach Hoa Xanh and An Khang became the main distribution chains
for food, medicine, and essential goods for Covid-19 hotspots, but the
supply chain (production - purchasing - goods supply) was severely
disrupted, and inter-provincial traffic was heavily congested;
Consumer demand suddenly surged but there were not enough human
resources to handle such demands, due to staff being overworked for
a prolonged period and an increasing number in F0 cases among staff.
Despite the accumulated difficulties, Bach Hoa Xanh strived to seek
sufficient supply with reasonable prices and made every effort to
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ANNUALREPORT2021
meet the peak demand of more than 31,000 tons of fresh produce in
July 2021, serving over 27 million customers with less than 50% of the
frontline staff.
That wasn’t all. While other corporations were struggling to resume business
operations in early October, the management board of thegioididong.com
and Dien May Xanh accurately anticipated the global supply shortage and
actively worked with suppliers to increase the order volume, even when the
stores in these two chains were not yet allowed to return to normal operations.
When the social distancing restriction was eased out, thegioididong.com and
Dien May Xanh were fully prepared in terms of goods, human resources, and
sales process. New business ideas were quickly rolled out to seize the
opportunity for a strong recovery. Such correct directions and strong actions
helped MWG achieve record results in quarter 4 and exceed the whole year
net profit target set out at the beginning of 2021.
I am extremely proud of and truly respect all employees for the mutual
affection, willingness to share and relentless support towards our goal of
protecting jobs for over 70,000 MWGers. My heart is deeply imprinted with
the sacrificial spirit of senior and middle managers, who willingly worked
without pay or voluntarily took pay cuts during the business disruption
period due to the pandemic.
MWG’s employees had gone through the toughest times together, and we
had jointly turned the tide to reach the shore with our unwavering faith and
solid actions. We strongly believe that if we do our best to serve and spread
out kindness, in return we will receive the love and support from the
customers. We are convinced that our persistence, unified spirit, and
burning passion to work towards the common goal will help steer the MWG
“ship” through all the storms. Once again, we had transcended ourselves to
extend the 17-year streak of revenue and profit growth.
Besides constant efforts for growth, MWG is also committed to sustainable
business development. We ensure that our business practices do not have
negative impacts on the environment, the community, and society. To
protect the environment, we prioritize the use of clean energy and renewable
materials, and waste reduction in natural resources usage. To our labor force,
we provide a diversified structure and fair working environment, attractive
salary and benefits in accordance with employees’ contributions; we
ANNUAL REPORT
emphasize on the importance of various talent development programs and
bonding activities to strengthen employee engagement and loyalty to MWG.
Towards customers, we place utmost priority in ensuring product quality and
high standards of customer service. To partners, we collaborate on the
principle of mutual respect towards stable and enduring win-win
partnerships. To investors, MWG is committed to transparent corporate
governance, and to increasing long-term values to our shareholders. To the
community, MWG has actively participated in charitable and social responsibility
activities, such as: the “With millions of love - Share tons of rice” campaign - in
coordination with reputable brands, which has delivered more than 2,000
tons of rice to over 100,000 households in need in Vietnam and Cambodia;
the Mai Am The Gioi Di Dong Charity Fund, which sponsored over VND 45
billion for pandemic prevention and control activities in Ho Chi Minh City and
in Binh Duong Province. The Fund has also granted nearly VND 30 billion in
scholarships to 4,500 impoverished and orphaned students due to the
pandemic in Ho Chi Minh City and neighboring provinces. MWG always aims
to operate the businesses with integrity and humanity wherever the group
has a presence.
In early 2022, when the Delta surge of Covid-19 just receded, the emergence
of the Omicron variant with its staggering spreading rate rapidly pushed the
number of daily reported Covid cases to new records. This emergence
shows that uncertainty and unpredictability will continue. However, after two
years fighting the global pandemic, each nation, their citizens, and
businesses have learned to adapt and become more experienced in dealing
with the pandemic. In Vietnam, the Government has quickly redirected from
achieving the “Zero Covid” goal to implementing policies to adapt to the
pandemic, i.e. focusing on large-scale vaccination coverage, research and
global collaborations to produce therapeutic drugs from domestic resources,
deploying the largest - scale comprehensive socio - economic recovery
support packages in history.
I sincerely thank the Government and the State management agencies,
namely the Department of Industry and Trade, Department of Health, the
Vietnamese Fatherland Front, and the regional People’s Committees in all
regions for their timely and valuable support to enterprises in general, and to
MWG in particular, in delivering vaccination doses, facilitating goods
circulation during social distancing periods, and at the same time giving us
the opportunity to contribute to fighting the pandemic and volunteering
activities.
08
BÁOCÁOTHƯỜNGNIÊN2021
Perhaps, the darkest hours have passed, and a bright

future awaits. With a positive macro foundation, in 2022,
MWG is determined to conquer the target of VND 140,000
billion in revenue and VND 6,350 billion in profit after tax, an
increase of 14% and 30% respectively compared to the
strong performance of the Group in 2021. The business
plan is based on the assumption that the pandemic will
continue with complications, but without further severe
impacts on production and business activities compared
to the past two years. The major moves are built on a flexible
approach, ready to be adapted to real life situations. The
Covid-19 pandemic has created unprecedented challenges,
yet is also the driving force for breakthrough innovations for
businesses to survive and continue to thrive in the future.
Last but not least, I would like to thank our Customers and Shareholders for your
faith in MWG. We are deeply grateful for your trust and support when you
choose to shop at MWG’s retail chains or to invest in MWG’s stocks. We are
constantly striving to repay such trust and support.
May you and your families welcome a new year

filled with health, prosperity, and happiness!
ANNUAL REPORT
10
GENERAL
INFORMATION
ABOUT
MWG
II.
ANNUAL REPORT
1. OVERVIEW
Trading name
MOBILE WORLD INVESTMENT CORPORATION
Business Registration Certificate No.:
0306731335 issued by the Binh Duong Department
of Planning and Investment on 16th January, 2009.
Charter capital (as of 31st December, 2021)
VND 7,130,654,950,000
Owner’s capital (as of 31st December, 2021)
VND 20,378,358,941,080
Headquarter
222 Yersin, Phu Cuong Ward, Thu Dau Mot City,
Binh Duong Province, Vietnam.
Operation office
MWG Building, Suite T2-1.2, D1 Street, Saigon Hi-tech Park,
Tan Phu Ward, Thu Duc City, Ho Chi Minh City, Vietnam.
Tel
(84.28) 38 125 960
Fax
(84.28) 38 125 961
Website
www.mwg.vn
Stock ticker
MWG
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ANNUALREPORT2021
2. ESTABLISHMENT AND
DEVELOPMENT PROCESS
• March 2004 - Mobile World Co. • March 2012, with the launch
Ltd. was established. • MWG aggressively expanded of its mobile store in Bac
their thegioididong.com Giang Province,
• October 2004 - The first
stores network nationwide. thegioididong.com became
thegioididong.com mobile
By the end of 2010, the the first and only mobile
store was launched at 89A
consumer electronics retail phone retailer in Vietnam
Nguyen Dinh Chieu St., HCMC.
chain was launched under with a nationwide network.
• Since its early stages of the name of Dienmay.com.
operation, MWG has • Dien May Xanh expanded to
focused on customer 9 provinces and cities with 12
service and its website stores.
www.thegioididong.com.
2007 2011
2004 2010 2012
• By the end of 2011, MWG had

200 stores, a 5x increase
• With the investment from
compared to the store count
Mekong Capital, MWG was
at the end of 2009.
transformed into a joint
stock company, increasing
chances for development.
ANNUAL REPORT
• Thegioididong.com
maintained its market-leading
position and continued to
improve its customer
service quality.
• Dien May Xanh had a
remarkable year with
aggressive expansion,
• New record growth in store ending 2017 with nearly 640
count, with average 5 new stores nationwide.
store openings per week.
Dien May Xanh became the • Bach Hoa Xanh geared up its
largest consumer electronics expansion with nearly 300
retailer in Vietnam, covering 43 stores by year-end.
over 63 provinces and cities. • The first Bigphone store was
• At the end of 2015, MWG launched in Cambodia.
started a pilot phase for the
Bach Hoa Xanh grocery store
chain.
2014 2016
2015 2017
• The thegioididong.com chain continued to dominate the mobile
phone retail market with nearly 900 stores.
• On 14th July, 2014, MWG • Dien May Xanh became the first and only consumer electronics
successfully listed retailer in Vietnam with nationwide coverage in July 2016, with
62,723,171 shares on the Ho over 250 stores.
Chi Minh City Stock
Exchange (HOSE). • Bach Hoa Xanh had 40 stores by the end of the first pilot phase.
• Store count increased by 60% • Business results were remarkable as NPAT increased 47% YoY.
and NPAT increased by 160% • MWG’s value reached USD 1 billion at the end of the year.
compared to 2013.
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ANNUALREPORT2021
• Even under the effects of the Covid-19

pandemic, MWG maintained healthy
• Mobile phone and consumer revenue growth, exceeding USD 5 billion in
electronics retail segments 2021.
retain positive growth. The Gioi • Continued to be the market leader in
Di Dong had 996 stores and technical consumer goods retail, with an
Dien May Xanh had 1,018 estimated 60% share of the mobile
stores at year-end. phone market and 50% share of the
• Fashion watches and laptops consumer electronics market.
were added to The Gioi Di Dong • Bach Hoa Xanh’s revenue exceeded USD 1
and Dien May Xanh stores to billion. The chain made it to the Top 3 largest
boost market share. grocery and consumer goods retailers in
• Bach Hoa Xanh successfully Vietnam, with over 2,000 stores, officially
opened 600 new stores, adding reaching break-even EBITDA at the
up to a total of 1,008 stores. company-wide level.
• At year-end, the first consumer • An Khang Retail Stock Company was
electronics retail store was officially merged with MWG at year-end,
piloted in Cambodia. ready for breakthrough in the following years.
2018 2020 2021

2019
• The Gioi Di Dong and Dien May Xanh continued to
• thegioididong.com and reinforce their No. 1 positions in Vietnam’s technical
dienmayxanh.com dominated Vietnam’s consumer goods retail market while widening the
technical consumer goods retail market gap with other retailers.
with respective market shares of 45% in • The supermini store model - Dien May Xanh Supermini
mobile phones and 35% in consumer (DMS) - was piloted in the middle of 2020 and
electronics. snowballed with 302 stores in 61/63 provinces and
• Bach Hoa Xanh expanded its store cities to cater to the demands of rural Vietnam.
network to all districts in HCMC and • Bluetronics became the No. 1 mobile phone and
nearby regions. The chain officially electronics goods retailer in Cambodia, with 37 stores.
reached EBITDA break-even at the • Bach Hoa Xanh became one of top three biggest retail
store level. chains in the food and FMCG segments with 1,719 stores.
• MWG completed its acquisition to • MWG experimented with the 4KFarm model
become a major shareholder of Tran (transferring technology and supporting farmers in
Anh Digital. implementing safe farming under the “4 No’s” policy: no
• MWG was responsible for operating and pesticides, non-GMO seeds, no preservatives, and no
then acquired minority shares of An growth substances.)
Khang Retail JSC.
ANNUAL REPORT
5-YEAR PERFORMANCE
NET REVENUE AND NET PROFIT AFTER TAX 2017 - 2021
(VND Trillion)
140.0
123.0
108.5 6.35
102.2
4.90
86.5 3.92
66.3 3.84
2.88
2.21
2017 2018 2019 2020 2021 2022 Plan
Net revenue NPAT
CONTINOUS GROWTH OF STORES OVER THE YEAR
5306
/ year
tores
s 4165
0 new
+ 80 3058
2197
1997
2017 2018 2019 2020 2021

Note: Store counts of 2020 and 2021 including Bluetronics and An Khang JSC
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ANNUALREPORT2021
ICT and consumer ICT and consumer

electronics retail chains in Vietnam electronics retail chains in Cambodia
2000 1992
1500 1427 50 50
1072 1032 1018 996 40 38
1000 913 970
750 30
642 19
20
500
10
10
10
0 0
2017 2018 2019 2020 2021 2018 2019 2020 2021
Dien May Xanh The Gioi Di Dong Topzone Bluetronics
Grocery & FMCG retail chains Pharmacy chain
2500 200
2106 178
2000
1719 150
1500
100
1008
1000 68
50
500 283 405 17
7
0 0
2017 2018 2019 2020 2021 2018 2019 2020 2021
Bach Hoa Xanh An Khang
ANNUAL REPORT
3. BUSINESS LINES
AND LOCATIONS
The current principal activities of

MWG and its subsidiaries (“the
Group”) are trading and providing
repair and maintenance services of IT
equipment, mobile phones and related
accessories under the brand of The
Gioi Di Dong, consumer electronics
under the brand of Dien May Xanh,
and grocery and FMCGs with Bach
Hoa Xanh.
MWG is currently operating multiple
retail chains, including The Gioi Di Dong
(thegioididong.com), Dien May Xanh
(dienmayxanh.com), Bach Hoa Xanh
(bachhoaxanh.com), Bluetronics, and
An Khang.
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ANNUALREPORT2021
Thegioididong.com
From its humble beginning in 2004 as a preliminary

e-commerce model with a simple website featuring
product information, The Gioi Di Dong has grown into
the No. 1 mobile phone retailer in Vietnam with an
extensive nationwide network.
• The stores (about 100 – 200 sqm) are

equipped with modern facilities, specializing
in selling mobile phones, tablets, laptops,
accessories, mobile SIM cards, and internet
970
services…
• By the end of 2021, The Gioi Di Dong reinforced
its market-leading position with 970 stores
nationwide. stores
• Ranked the No. 1 mobile phone retail website, nationwide
according to Iprice.
ANNUAL REPORT
Dienmayxanh.com
• In May 2015, dienmay.com was officially renamed Dien May Xanh.

Stores were typically 500 - 1,000 sqm, mainly selling consumer
electronics goods: TVs, refrigerators, washing machines, air-conditioners,
microwaves, home appliances, mobile phones, tablets, laptops,
accessories, SIM cards, and internet services…
At the end of 2010, the

consumer electronics
retail chain was launched
under the name
dienmay.com.
• In July 2016, Dien May Xanh ultimately appeared in all

63 provinces and cities. The launch of the Dien May Xanh
mini model with store sizes of 300 - 400 sqm also aided
Dien May Xanh in connecting closer to customers and
accelerating growth in its expansion.
• In June 2020, the Dien May Xanh Supermini model
(DMS) was launched with 120 - to 150-sqm stores,
supplying about 60% of SKUs for basic phones and
consumer electronics goods with complete after-sales
services. DMS aimed to serve customers in rural areas,
where mobile phone and electronics goods modern
retailers were unavailable.
• Ranked the No. 1 consumer electronics retail website,
according to Iprice.
1,992
• As of 2021, Dien May Xanh had 1,992
stores nationwide, of which 800 were
supermini stores.
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ANNUALREPORT2021
Bachhoaxanh.com
• The first Bach Hoa Xanh store was

officially launched at the end of 2015,
focusing on selling vegetables, fresh
foods, and FMCGs.
• By the end of 2016, Bach Hoa Xanh
completed its first pilot phase with
2,stores
106
over 40 stores, mainly in Tan Phu and
Binh Tan districts (in HCMC). The
chain generated promising revenue
and received positive reviews from
customers.
• Bach Hoa Xanh closed the 2021
year with 2,106 stores, mainly in
HCMC and 24 provinces in Vietnam's
southern and south-central regions.
• Ranked the No. 1 food and FMCG
retail website, according to Iprice.
ANNUAL REPORT
Bluetronics
• Formerly known as Bigphone, the

retail chain of mobile devices, accessories,
and telecom services was established in
Cambodia in 2017. After 3 years of
establishment, the chain had 18 stores
located in Phnom Penh and had gained
growing interests from local customers.
• In December 2019, the first consumer
electronics store, Bigphone+, was launched
in Cambodia. The store was also later
renamed to Bluetronics.
50
stores
22
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An Khang
• An Khang Retail Joint Stock Company,

formerly Phuc An Khang, was acquired by
MWG with a 49% share at the end of 2018.
• By the end of 2021, An Khang had 178
pharmacies in 25 provinces and cities in
the southern and Mekong Delta regions.
MWG has increased its shares in An
Khang to 99.99%.
178
pharmacies
ANNUAL REPORT
4. INFORMATION ABOUT GOVERNANCE
MODEL, BUSINESS ORGANIZATION
AND MANAGEMENT STRUCTURE
A | GOVERNANCE MODEL
The corporate
GENERAL
governance model of MEETING OF
SHAREHOLDERS
MWG is under Point b,
Article 37 of the Law on
Enterprises, including BOARD OF AUDIT
General Meeting of DIRECTORS COMMITTEE
Shareholders, Board of
Directors, General
Director / Board of GENERAL
DIRECTOR
Management, and Audit
Committee under
Board of Directors.
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ANNUALREPORT2021
B | MANAGEMENT STRUCTURE
GENERAL MEETINGS
OF SHAREHOLDERS
AUDIT BOARD OF
COMMITTEE DIRECTORS
BOARD OF
MANAGEMENT
SALES PURCHASING BACK OFFICE
BACH HOA CONSUMER FINANCE & LOGISTICS

TGDD - DMX ICT
XANH ELECTRONICS ACCOUNTING (TOAN TIN)
BACH HOA HOME

TGDD - DMX LAPTOP IT HR & ADMIN
XANH APPLIANCES
ONLINE
ONLINE
MULTICAT CONSTRUCTION
ACCESSORIES
& AFTER SALES CUSTOMER
AN KHANG SERVICE EXPERIENCES
(TAN TAM)
AVA WATCHES
BLUETRONICS
MARKETING BUSINESS
BACH HOA PHARMA- PREMISES
XANH CEUTICAL DEVELOPMENT
AVA
LEGAL
INVESTOR
4K FARM RELATIONS
& INVESTMENT
ANNUAL REPORT
C | SUBSIDIARIES & ASSOCIATE COMPANIES
As of 31st December, 2021, MWG had 10 subsidiaries
which are consolidated into the financial statements
of the Group:
The Gioi Di Dong Joint Stock Company 01

Address: 128 Tran Quang Khai, Tan Dinh Ward, District 1,
02 Bach Hoa Xanh Trading
HCMC, Vietnam Joint Stock Company
Core business: Thương mại sản phẩm điện tử Address: 128 Tran Quang Khai, Tan Dinh Ward,
Paid-in charter capital (VND billion): 3,626 District 1, HCMC, Vietnam
Ownership: 99.95% Core business: Trading of food
Paid-in charter capital (VND billion): 12,825
Ownership: 99.95%
Tran Anh Digital World Joint Stock Company 03
Address: 1174 Duong Lang, Lang Thuong Ward, Dong Da
District, Hanoi, Vietnam
04 The Gioi Di Dong Information
Core business: Trading of electronic equipment Technology Limited Company
Paid-in charter capital (VND billion): 861 Address: Suite T2-1.2, D1 Street, Saigon Hi-Tech Park,
Ownership: 99.33% Tan Phu Ward, District 9, HCMC, Vietnam
Core business: Information technology
Paid-in charter capital (VND billion): 538
MWG (Cambodia) Co., Ltd. 05 Ownership: 100%
Address: 8, 245, Phum 13, Tonle Basak, Chamkar Mon,

Phnom Penh, 12301, Cambodia 06 Conscientious Installation - Repair - Maintanance
Core business: Trading of electronic equipment Service Joint Stock Company (Tan Tam)
Paid-in charter capital (VND billion): Indirect investment
Ownership: 99.95% Address: 128 Tran Quang Khai, Tan Dinh Ward, District 1,
HCMC, Vietnam
Core business: Repair of machinery & equipment
An Khang Retail Joint Stock Company 07 Paid-in charter capital (VND billion): Indirect investment
Ownership: 99.99%
HCMC, Vietnam
Core business: Pharmaceutical retail 08 4K Farm Joint Stock Company
Paid-in charter capital (VND billion): Indirect investment
Ownership: 99.99% Address: 17G2 Nguyen Thai Hoc, Ward 7, Vung Tau City,
Ba Ria - Vung Tau Province, Vietnam
Core business: Farming & processing agricultural products
Vui Vui Co., Ltd. 09 Ownership: 99.99%

HCMC, Vietnam
Core business: E-commerce
10 Fully Trusted Logistics Joint
Paid-in charter capital (VND billion): Indirect investment Stock Company
Ownership: 100% Address: 128 Tran Quang Khai, Tan Dinh Ward, District 1,
HCMC, Vietnam
Core business: Logistics
Ownership: 99.99%
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5. DEVELOPMENT ORIENTATION
A | 2022 AND MID-TERM

DEVELOPMENT STRATEGIES
MWG sets a challenging goal for 2022: VND 140,000

billion in revenue and VND 6,350 billion in NPAT,
with respective growth rates of 14% and 30% vs.
2021. The 2022 business plan is based on the
assumption that the pandemic still sees complicated
developments but will not cause serious business
disruptions or more severe impacts on the econo-
my than what happened in Vietnam over the past 2
years. To accomplish this goal, MWG plans to deploy
the following actions
ANNUAL REPORT
The main strategy of MWG in 2022 is to
optimize procurement competence, invest
in sales activities & customer services,
and enhance shopping experiences for
customers. Accordingly, the Company
can accomplish the growth of revenue
and profit via expanding customer base,
increasing traffic and sales volume, and
not targeting to increase gross profit
margin.
• With omni-channel retailing strategy, MWG will utilize our existing technology strengths,
continue to innovate, and create point of difference, simplify the shopping experience
in online channels to be more friendly and convenient for customers as well as increase
the customer brand stickiness.
• Thegioididong.com (TGDD) and Dien May Xanh (DMX) will remain the Cash Cow business
of MWG by:
(i) Adding new products and services to boost sales in existing stores.
(ii) Increasing market share by opening new DMX Supermini stores (aiming at 1,000
stores in operation by year-end), Topzone (200 stores in operation by year-end),
and developing the freelancer model.”
(iii) Growing the consumer electronics retail chain overseas.
(iv) Experimenting new categories to prepare for future growth.
• Bach Hoa Xanh (BHX) will pause new store opening and put effort on:
(i) Fine-tuning the backend foundation.
(ii) Optimizing purchasing competence.
(iii) Developing customer service programs.
(iv) Increasing revenue and improving the operational efficiency at each store.
(v) Boosting revenue and market share of BHX online.
(vi) Building a successor team to continue growing BHX’s network nationwide
from 2023.
• After gaining positive performance at the bottom-line with 178 stores by the end of 2021 and
being officially consolidated to MWG’s business performance, An Khang pharmacy chain
will be invested significantly in terms of both money and dedicated leadership to develop
aggressively.
• New chains piloted in January 2022 including AVAKids, AVASport, AVAFashion, AVAJi,
and AVACycle have shown encouraging initial results. These initiatives are expected to
contribute considerably to the Group’s business performance since 2023 if their
experiments are successful.
• MWG will continue to invest in new “seed” businesses: Conscientious Installation –
Repair – Maintenance Services Company, Fully Trusted Logistics Services Company
and safe agriculture 4KFarm Company.
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ANNUALREPORT2021
B | MWG VISION 2030
MWG
SISION
2030
To be the No. 1 To attain To provide our To make To demonstrate
company customers’ trust employees significant integrity and
in retail, and love by with kindness, impacts on humanity
e-commerce, serving them happiness, corporate wherever MWG
and related wholeheartedly wealthiness social operates
services in with outstanding and pride responsibility
Southeast Asia products and
services
We are MWG - The pride of Vietnam!
ANNUAL REPORT
C | MWG’S GROWTH POTENTIAL
LARGE POPULATION AND IMPROVING PER CAPITA INCOME
According to the General Statistics

Office, Vietnam’s population in
2021 was over 98.5 million; 37.1%
37.1%
IS AN URBAN
is an urban population, maintaining POPULATION
positive growth compared to
previous years, mainly due to
migration from rural areas to urban
areas to study and work. From 2016
to 2020, the average per capita
income also increased by over 8%
per year. The urbanization rate and
per capita income were forecasted
to continue growing in the future
and become a driving force to
increase the retail market’s value in
Vietnam.
98.5 MILLION
PHONES
Understanding the psychology of consumers,

major phone companies constantly innovate and
launch new products. The application of the 5G
network and the removal of the 2G network will
stimulate demand for new phones shortly. Flexible
and straightforward installment policies will also
help customers purchase their desired products.
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CONSUMER ELECTRONICS
There is potential for growth

due to low penetration of
household electronics.
Besides, the demand for
modern, highly functional,
convenient, and time-saving
devices is upward, driving
customers to replace older
household products.
ANNUAL REPORT
FOOD AND FMCGS:
In recent years, the shift in consumers'

food and FMCGs purchasing patterns
from traditional markets to modern
70
retailers has become more visible.
According to Euromonitor, the
traditional retail market share in
2021 decreased to 88.6% compared
to 90% in 2020. Meanwhile, the
total count of modern retail stores
is currently 6,700 - a mere 1% share billion
The Food & FMCGs market
compared to the total count of
traditional retail outlets. This in Vietnam
number shows potential for modern
retail businesses, e.g. Bach Hoa
Xanh, to enter the market and claim
market share soon.
The Food & FMCGs market in

Vietnam is currently estimated
at USD 70 billion; it is still growing
with new products being added
to cater to consumer
demand. The business
decision to focus
on the segment
with enormous
market value is
expected to help
MWG maintain
double-digit
growth in the
following years.
32
ANNUALREPORT2021
PHARMACEUTICAL
5
According to BMI’s estimation,
Vietnam’s pharmaceutical
market in 2021 grew 10% vs. 2020,
reaching over USD 5 billion value.
The market value is forecasted to
billion
increase steadily, reaching USD
7.8 billion in 2025, thanks to the
growing population and fast
urbanization rate. Besides
medicinal products, there is more The market value is
demand for other healthcare forecasted to increase
products such as supplements steadily, reaching
and health-monitoring devices USD 7.8 billion
with better per capita income. in 2025
Meanwhile, the pharmacy market

in Vietnam is rather fragmented,
with more than 60,000 outlets,
most of which are household
stores. Some major brands have
launched into the market in recent
years yet are still outnumbered
by smaller chain stores. New
modern retail chains - with the
advantages of scale, better service
quality, and diversified products -
are expected to gain more
market share.
ANNUAL REPORT
ONLINE RETAIL
The high rate of internet and mobile

device users in Vietnam and the
significant growth of online payment
methods provide MWG with a solid
base to develop the online retail
market. Leveraging the advantage
of the vast existing retail network,
MWG shall seize the opportunity for
online growth with its Omni-channel
strategy.
34
ANNUALREPORT2021
6. RISKS
With its core

business in
retail sales,
MWG faces the
following risks:
A | STRATEGIC RISKS
RISK OF INDUSTRY SATURATION
• The slowing growth rate of the domestic phones and consumer electronics retail
industries has been a significant challenge for MWG in maintaining its double-digit
growth rate, especially when MWG has already gained high market shares in the
respective segments.
• To counter this risk, MWG has been active in diversifying phones and electronics product
ranges to provide more options to customers. MWG also leverages available space for
other merchandise, such as watches and bicycles. Besides, MWG has invested more
into different potential business segments, ie. Food & FMCGs, and pharmaceuticals.
ANNUAL REPORT
• Since the beginning of 2022, brand-new product lines have been introduced in trials,
such as mom-and-baby care products, ready-to-wear and sportswear, and fashion
accessories in order to identify opportunities for future growth.
• In addition to the domestic market and Cambodia, MWG also plans to develop its retail
chain in Indonesia from 2022.
RISK OF COMPETITION WITH OTHER RETAILERS
• As Vietnam joins more global

economic agreements, barriers of
limitations on investment for
foreign retailers are gradually
removed. Thus, more reputable
international retailers are entering
the Vietnam market, putting more
competitive pressures on MWG,
especially when the mogul
competitors are willing to bear
short-term losses to create
unequal price competition.
• MWG continues to place our
customers first, maintaining the
best customer service quality to
retain existing customers’ loyalty
and reach new customers. On the
other hand, MWG is putting more
effort into improving the user
interface on websites and mobile
apps for customers’ convenience.
Sales policies for each product
are also adjusted to meet the
actual market demand.
36
ANNUALREPORT2021
RISK OF FORCE MAJEURE
• In 2020 and 2021, the world faced the emergence and devastating spread of the
Covid-19 pandemic, which affected the entire global economy and MWG was no
exception. TGDD and DMX chains were severely affected due to a supply disruption,
store closure, and labor force issues. BHX and An Khang were among the rare chains
allowed to operate.
• When the 4th wave of the pandemic surged in HCMC, leading to nearly 2,000 TGDD/DMX
stores closing down or limiting sales during the pandemic outbreaks, MWG and its
employees bore severe losses. During this period, MWG made flexible changes in operations
to adapt to the Covid-driven situations in the city and nationwide.
» Applying new methods and processes to ensure safety for employees and customers.
» Rotating the human resources of other chains into BHX to reduce BHX's overcrowding
due to a sudden surge in demand during social distancing.
» Applying methods to reduce costs of rental fee, operations, and others.
» Strictly adhering to the Government’s regulations on pandemic prevention and control.
Although force majeure occurrences

are unforeseen and beyond MWG's
control, the company has developed a
robust risk-management approach to
prevent human resource and asset
losses. MWG also has natural catastrophe
insurance in place to protect assets in
the event of a calamity.
ANNUAL REPORT
B | OPERATIONAL RISKS
INVENTORY RISK
• At MWG's scale, inventory control

is crucial to the operational process,
business activities, and risk control
of MWG.
• The Audit Committee has re-evaluated
inventory issues, as well as the
inventory management systems of
TGDD, DMX, and BHX in 2021, and
concluded that:
» MWG’ inventory status in 2021
was at a low-risk level, as daily
sales are stable and suitable for
market demand.
» When a severe pandemic epidemic broke out in Vietnam in mid-2021, a global chip
supply crisis impacted domestic supplies. MWG has handled timely inventories to
avoid shortfalls in order to fight this issue.
» The alarming inventory rate was low; MWG had a full provisional plan for these products.
RISK OF CORRUPTION, GOODS LOSS AND WASTAGE
“
• To prevent goods loss,
MWG has put a proper
Emphasizing inventory process in place.
Within the year, there were
creating no significant losses or
damages in inventory.
a workforce Besides, MWG also has its
inventory management
with high system and tools to minimize
integrity related risks.
”
38
ANNUALREPORT2021
• To prevent corruption, MWG prioritizes building a strong corporate culture with 6 core
values, emphasizing creating a workforce with high integrity. Moreover, MWG has a
Supplier assessment process and a risk control system for corruption in goods sales.
• Location expansion activities are also closely watched due to their high ratio in operational
costs. The Audit Committee reviewed and assessed the lease-related risks by performing
physical inspections (via market surveys, direct contact with landowners) and assessing
abnormalities. In 2021, MWG did not have any unusual cases in premises leasing, lease
fees, or employee corruption. MWG also has a complete procedure for premises development
and the control and prevention of lease-related corruption.
RISK OF FIRE AND EXPLOSION AND LABOR SAFETY
• With a 70,000-strong labor force, MWG's utmost priority is to supervise and maintain a
safe working environment. MWG always abides by the Government's regulations on fire
and explosion safety and labor safety.
• MWG performs periodic infrastructure inspections and maintenance at the stores,
warehouses, offices and other areas to ensure safe operations.
• MWG purchases total assets insurance and labor insurance for employees. Labor safety
and insurance procedures are implemented and trained for employees at all levels.
MWG always abides

by the Government's
regulations on fire
and explosion safety
and labor safety
ANNUAL REPORT
RISK RELATED TO NETWORK SECURITY OF THE IT DIVISION
• MWG's operations are 100% dependent on the in-house-developed ERP system. Thus,
any IT or technological equipment risk will significantly affect MWG.
• The Audit Committee worked closely with the IT division to assess risks related to MWG’s
IT system, information security, and network security.
» In 2021, the IT division had re-checked the entire server system and equipment and
performed testing every 6 months with their partners.
» The software development procedure was revised to strengthen control, clarify levels
of authorizations, and clearly define responsibilities in receiving inquiries from other
departments.
» Any system abnormality was promptly handled. During the peak sales period and
throughout the pandemic, the system was stable.
» In 2021, there was no business incident related to the IT system nor any information
leakage.
MWG's operations are

100% dependent on the
in-house-developed
ERP system
40
ANNUALREPORT2021
In 2021, the cash

flow planning was
strictly controlled
to ensure MWG's
purchasing and
business activities
liquidity
RISK OF FINANCE AND ACCOUNTING
• As a large corporation in retail sales, MWG constantly needs a healthy cash flow for
operations. In 2021, the cash flow planning was strictly controlled to ensure MWG's
purchasing and business activities liquidity.
» MWG has financial investments in short-term deposits and bonds, thus exposed to
the risk of the market’s interest rate fluctuations. These investments are closely
monitored and assessed by the Audit Committee. The Committee concluded that
there were no cases affecting MWG’s operations and financial health in 2021.
» The risk of bad debts related to receivables from partners and the risk of pre-payment
for imported goods was monitored and controlled. In 2021, there were no cases where
provisions were needed; payments and goods were received in full.
» The receipt and payment procedures were re-examined and assessed as free of
significant risk. The steps in the procedures are clearly specified for ease of transaction
tracking. The approval steps are decentralized to relevant departments and divisions
to avoid loss, wastage, or overspending.
ANNUAL REPORT
OPERATIONS
IN THE YEAR
III.
42
ANNUALREPORT2021
1. BUSINESS OPERATION
ANNUAL REPORT
A | BUSINESS OVERVIEW
Number 1
retailer in Vietnam and the only
Vietnamese company in the
Top 100 Retailers in Asia - Pacific 9th
position in
VNR500’s
Top 50 Vietnam’s Top 10 Largest
Best Performing Enterprises
in Vietnam
Companies by
Nhip Cau Dau Tu Magazine
Ranked the No. 1

mobile phone,
consumer electronics,
food & FMCG retail websites,
according to Iprice
44
ANNUALREPORT2021
Over
71,000
employees by
the end of 2021
MWG’s Top 3 Brands
are all listed in
Brand Finance Vietnam 50
(Top 50 Most Valuable Brands in Vietnam),
with Dien May Xanh at the 20th position,
The Gioi Di Dong at 26th, and Bach Hoa Xanh at 35th
A retail network
of more than
Forbes’
5,300 stores
an increase of 1,140 50best
stores compared to 2020 listed Vietnamese
companies
ANNUAL REPORT
B | FULL-YEAR BUSINESS RESULTS
a. OVERVIEW
Due to the enormous impacts of COVID-19 waves, 2021

became an unprecedentedly challenging year in MWG's
history. Despite such circumstances, MWG surpassed the
milestone of USD 5 billion in revenue and successfully
accomplished the annual profit target. The business
results have exceeded all expectations of the Company
as follows:
• Consolidated net revenue reached VND 122,958 billion (YoY increase
of 13%) and achieved 98% of the 2021 plan.
• Online revenue reached VND 14,370 billion (YoY increase of 53%), which
claimed MWG the largest sales in the online retail market in Vietnam.
• Profit after tax gained VND 4,901 billion (YoY increase of 25%), achieving
103% of the annual target.
NET REVENUE NET PROFIT AFTER TAX ONLINE

(VND billion) (VND billion) BUSINESS
+13%
122,958 12%
108,456
+25% +53%
COMPARED
TO 2020
4,901
3,920
2021 ONLINE REVENUE

2020 2021 2020 2021 VND 14,370 BILLION
MWG had 5,306 stores by the end of (+1,140 stores compared to the same period of 2020)
46
ANNUALREPORT2021
REVENUE BREAKDOWN
BY CHAIN
22.9% Dien May Xanh

0.4%
25.7%
The Gioi Di Dong
Bach Hoa Xanh

51.0%
Bluetronics
REVENUE BREAKDOWN
BY PRODUCT
Phones, accessories
and other mobile devices Others(*)
40.4% 5.0%
22.9%
Food & FMCGs
31.7%
Consumer
Electronics
(*): Other services include SIM, prepaid card, installment payment, cash collection services, used devices etc.
ANNUAL REPORT
b. THE GIOI DI DONG, DIEN MAY XANH AND BLUETRONICS
REVENUE AND YOY GROWTHS
NET REVENUE 2021 (*) GROWTH BY
94,742
MAIN PRODUCT
Positive YoY value growth
VND BILLION
Contribute 77% + 9% Phones Laptops
total revenue of MWG vs. 2020
GROWTH BY CHAIN + White goods Small appliances

The Gioi Di Dong 7% _
Dien May Xanh 9%
Bluetronics 135% Electronics
(*): Net revenue includes sales of Bluetronics Negative YoY value growth
STORE NETWORK ONLINE SALES

ONLINE REVENUE
13,405
17%
1,992 40% 1,992
DMX
970 43% VND BILLION
+47% vs. 2020

50 Large (DML)
Mini (DMM)
10 Supermini (DMS)
ONLINE REVENUE CONTRIBUTION
by
Stores selling phones, accessories IN TGDD & DMX

and other mobile devices 2,972 14%
Stores selling consumer electronics 1,992
Stores selling laptops and other
office equipment 1,420
48
ANNUALREPORT2021
NON-STOP PILOTING NEW INITIATIVES

TO FIND NEW GROWTH DRIVERS…
JANUARY/2022
MAY/2021 a. Experimented stand-alone
MARCH/2019 DECEMBER/2019 stores selling sportswear
a. Piloted freelancer
Piloted Launched the model - cooperation (AVASports), mom & baby
shop-in-shop first CE with mom & shop products (AVAKids),
model selling store - Bluetronics shops fashion (AVAFashion)
watches in Cambodia b. Launched shop-in-shop
b. Piloted selling bicycles
selling jewelry (AVAJi) and
bicycle (AVACycle)
SEPTEMBER/2019 JULY/2020 OCTOBER/2021

Launched laptop centers Experimented Launched high-end
and increased points of DMX Supermini mono-brand store chain
sale of laptops inside (DMS) selling Apple’s
TGDD/DMX products - Topzone
NEW CHAINS/ CATEGORIES CONTRIBUTED TO TGDĐ & ĐMX
OVER VND15,000 BILLION IN 2021

800 DMS nationwide,
Revenue:
VND 6,800 billion
Sales volume: Sales volume:
No.1 phones & CE retailer 1.2 million watches 350,000 laptops
in Cambodia Revenue: Revenue:
Revenue: VND 1,500 billion VND 5,500 billion
VND450billion
Sales volume:
25,000 products 4,400 Point of sale:
Revenue: freelancers 150 (December-end)
VND280 billion Revenue: Sales volume:
by
(since Oct 22nd, 2021) VND 550 billion 30,000 bicycles
ANNUAL REPORT
c. BACH HOA XANH
REVENUE AND YOY GROWTH
Contribute23%
total revenue of MWG
17%
38%
Revenue
28,216 +33% vs.2020
VNDbillion
45% 2,106 stores
by December-end 2021
Fresh, chilled & frozen foods

Average monthly sales
1.2
Other foods & beverages
Home-care, Personal-care & other products >VND BILLION/store
STORE-COUNT ONLINE SALES

BREAKDOWN
17%
2.7 MILLION
fulfilled online orders
29%
>7,500
online orders/ day
33% GIỎ HÀNG
21%
ONLINE REVENUE
HCMC
CONTRIBUTION IN BHX
Southeast
Mekong River Delta 3%
Central & Central Highlands
50
ANNUALREPORT2021
C | ACTUAL RESULTS VS. TARGETS
Actual Target Actual Actual Growth

Items
2020 2020 VS Target 2020 rate
Net Revenue 122,958 125,000 98.4% 108,546 13.3%
Profit after tax 4,901 4,750 103.2% 3,920 25.0%
ANNUAL REPORT
2. ORGANIZATION AND PERSONNEL
A | TOP EXECUTIVES
a. GENERAL INFORMATION
52
ANNUALREPORT2021
Mr. | TRAN KINH DOANH Mr. | DOAN VAN HIEU EM Mr. | NONG VAN DUNG
General Director of Mobile World General Director of The Gioi Di Dong General Director of Bach Hoa Xanh
Investment Corporation Joint Stock Company Trading Joint Stock Company
Mr. | DOAN TRUNG HIEU Mr. | DO TUAN ANH Mr. | TRAN VAN HOANG
General Director of Conscientious General Director of Fully Trusted General Director of An Khang Retail
Installation - Repair - Maintenance Logistics Joint Stock Company Joint Stock Company
Service Joint Stock Company
Mr. | PHAM VAN TRONG Mr. | BUI NGOC TIN Mr. | CAO NHAT ANH TU
General Director of Vuivui Director of The Gioi Di Dong General Director of 4K Farm
Company Limited Information Technology Limited Joint Stock Company
Company
ANNUAL REPORT
b. BACKGROUND SUMMARY AND SHARE OWNERSHIP RATIO
OF MEMBERS OF THE BOARD OF MANAGEMENT (*)
• Mr. TRAN KINH DOANH

General Director of Mobile World Investment Corporation
• Year of birth: 1973
• Bachelor of Economics - University of Economics
Ho Chi Minh City
• Used to hold various key positions in Business
Development Division since 2007
• Successfully led the thegioididong.com and
Dien May Xanh store chain expansion in 63 provinces
• 2013: Member of the Board of Directors
• 2014 - 09/2018: General Director of The Gioi Di Dong
Joint Stock Company
• 2018 - present: General Director of Mobile World
Investment Corporation
• Number of voting shares by 2021: 7,728,080 shares,
equivalent to 1,084% ownership rate
• Mr. DOAN VAN HIEU EM

General Director of The Gioi Di Dong Joint Stock Company
• Year of Birth: 1984
• Bachelor of Accounting - University of Finance - Marketing
• Joined MWG in 2007, he has more than 10 years working
in Business Development Division in Electronics -
Telecommunication before being appointed as
General Director of Mobile World Joint Stock Company
in September 2018
• Member of the Board of Directors since March 2019
• Number of voting shares by 2021: 1,789,429 shares,
equivalent to 0,251% ownership rate
(*) A member of the Executive Board is an insider listed in information disclosure
54
ANNUALREPORT2021
• Mr. DANG MINH LUOM

Human Resources Director
• Bachelor of Economics - University of Economics Ho Chi Minh City
• Human Resources Director of Mobile World Joint Stock Company
since 2007
• Member of the Board of Directors since May 2014
• Number of voting shares by 2021: 1,709,490 shares, equivalent to
0,240% ownership rate
• Mr. VU DANG LINH

CFO
• Master of Economics - University of Economics Ho Chi Minh City
• Joined MWG in April 2008, he has more than 13 years working at
the company as the Chief Financial Officer
• Number of voting shares by 2021: 606,841 shares, equivalent to
• Ms. LY TRAN KIM NGAN

Chief Accountant
• Master of Accounting - University of Economics Ho Chi Minh City
• Joined MWG in March 2012 and is holding the position of
Chief Accountant
• Ms. LE THI THU TRANG

Investment & IR Director
• Master of Financial Analysis at University of New South Wales, Australia
• Authorized person to disclose information and Person in charge of
Corporate Governance
• Joined MWG in April 2017 and is holding the position of Director of
Investment and Investor Relations
“ In 2021, MWG has no organizational
“
change in the Executive Board
ANNUAL REPORT
3. INVESTMENT ACTIVITIES
AND PROJECT IMPLEMENTATION
A | RESTRUCTURING SUBSIDIARIES,
ASSOCIATES
a. THE CONSCIENTIOUS INSTALLATION - REPAIR -
MAINTENANCE SERVICE COMPANY LIMITED (TAN TAM)
Was changed into a Joint

Stock Company and is currently a
subsidiary of MWG. This
restructuring allows the Company to
provide optimal and diversifying
services to external partners and
have opportunity to raise funds for
expanding delivery business
in the future (including app-based
and e-commerce delivery).
56
ANNUALREPORT2021
• In 2021, Tan Tam provided

services in delivery, installation,
warranty, repair and construction
to subsidiaries of MWG, and
brought a small revenue from
external customers. Its business
activities were also affected by
the COVID-19 lockdown. Revenue
of Tan Tam in 2021 gained a YoY
increase of 5%.
• The stability of financial
status and solvency were
maintained.
• From2022,TanTamwillcontinue
to offer external customers
warranty services for electrical
appliances and repair services
for electricity and water.
• Tan Tam's long-term vision is to
become the number 1 company
in Installation - Warranty &
Repair services for consumer
electronics - Repair services for
electrical & water equipment in
Vietnam.
ANNUAL REPORT
b. 4KFARM JOINT STOCK COMPANY
Was converted into a joint stock

company and is currently a subsidiary of
MWG.This restructuring allows the company
to provide a variety of safety-grown
agricultural products for supermarkets,
convenience stores, restaurants, etc and
have opportunity to raise funds in the future.
• By the end of 2021, 4KFarm

has cooperated with 100
farmer households to build
215 greenhouses with an
area of 21.5 hectares. This
helped provide the market
with 250 tons of various
vegetables every month.
• In addition, 4KFarm also
worked side by side with
three farms to supply poultry
eggs to the market with a
monthly output of up to 1
million eggs.
• 4K Farm's long-term vision is to
become the biggest company
providing safely-grown
agricultural products and
semi-processed foods for
consumers.
58
ANNUALREPORT2021
c. AN KHANG RETAIL JOINT STOCK COMPANY
MWG raised the

ownership ratio
from 49% to
99.99% by the
end of 2021.
• An Khang focuses on pharmacy retail
business, therefore its business had
more advantages than other industries
in 2021 amid people have paid more
attention on their health during the
Covid pandemic. The opening of new
stores helped raise 2021 revenue of
An Khang, making a YoY increase of 356%.
• The financial status and solvency were
maintained stable.
• An Khang continues to receive investment
and to expand with an alignment to its
core values: All the medicine you need -
Transparent source - Dedicated consultation
- Peace of mind pricing.
Revenue surged by
356% YoY
ANNUAL REPORT
b. OTHER SUBSIDIARIES
NAME SUMMARY OF 2021 OPERATIONS

NO. OF SUBSIDIARY AND FINANCIAL STATUS
- Due to the impacts of the COVID-19 pandemic, business activities were
severely affected from June to September of 2021. However, thanks to the
breakthrough in the fourth quarter, the company's annual revenue
1. The Gioi Di Dong increased by 10% compared to 2020.
Joint Stock Company
- The financial status was stable due to the advanced preparation of reserved
resources, as well as an effective financial plan to maintain cash payment for
the Company's activities.
- As traditional markets were closed during the pandemic lock down, BHX’s
business took its advantages, although it was still under great pressure
regarding distribution ability to meet customers’ needs. After the lock down,
Bach Hoa Xanh the traditional markets were re-opened while BHX’s key customer base of
2. Trading Joint Stock workers and students were still staying in their hometown. This plus the
Company complicated situation of the pandemic had affected the customer quantity
of BHX. The company is still under the expansion stage, with the 2021
revenue increased by 33% compared to 2020.
- The stability of financial status and solvency were maintained.
- The company only leases its venues to The Gioi Di Dong Joint Stock Company,
3. Tran Anh Digital World therefore its business activities remain the same as in 2020.
Joint Stock Company
- The financial status and solvency were maintained stable.
The Gioi Di Dong - The company provides software and other information technology
Information services to MGW's subsidiaries. Business activities remained stable.
4.
Technology - The stability of financial status and solvency were maintained.
Limited Company
- The company operates the Bluetronics chain in Cambodia. Despite the

effect of COVID-19 pandemic, Bluetronics revenue in 2021 still made a YoY
MWG (Cambodia) increase of 135%. This was partly attributed to the increase in the store
5. Co., Ltd quantity, from 38 stores by the end of 2020 to 50 stores by the end of 2021.
Bluetronics is the No.1 consumer electronics retailer in Cambodia in terms
of store network and market share.
- The stability of financial status and solvency were maintained.
- As the company was established at the end of 2021, it had no significant

6. Vui Vui Co., Ltd activities.
7. Fully Trusted Logistics - As the company was established at the end of 2021, it had no significant
Joint Stock Company activities.
60
ANNUALREPORT2021
4. FINANCIAL STATUS
A | FINANCIAL STATUS
INDICATORS 2020 2021 % GROWTH
Total asset (VND bn) 46,031 62,971 36.8%
Net revenue (VND bn) 108,546 122,958 13.3%
Profit from operating activities (VND bn) 5,971 7,105 19.0%
Other profits (VND bn) -3 6
Profit before tax (VND bn) 5,410 6,472 19.6%
Profit after tax (VND bn) 3,920 4,901 25.0%
Payout ratio 17.3% 4.8%
B | KEY FINANCIAL INDICATORS

INDICATORS 2020 2021
1. SOLVENCY RATIO
+ Current ratio 1.3 1.2
+ Quick ratio 0.6 0.5
+ Net debt/EBITDA 1.2 1.5
+ Inventory days 97.4 93.0
+ Receivable collection period 0.8 0.9
+ Payable payment period 44.7 40.0
+ Cash conversion cycle 53.5 53.9
ANNUAL REPORT
INDICATORS 2020 2021
2.CAPITAL STRUCTURE RATIO
+ Total liabilities/ Total asets 0.7 0.7
+ Total liabilities/ Owners’ equity 2.0 2.1
+ Debt/ Equity 1.1 1.2
3. OPERATIONAL CAPABILITY RATIO
+ Inventory turnover 3.7 3.9
+ Total asset turnover 2.5 2.3
4. PROFITABILITY RATIO
+ Gross profit margin 22.1% 22.5%
+ Operating margin 5.5% 5.8%
+ Selling expenses/ Net revenue 14.1% 14.6%
+ Administration expenses/ Net revenue 3.1% 3.1%
+ Net profit margin 3.6% 4.0%
+ ROE 28.4% 27.3%
+ ROA 8.9% 9.0%
+ ROIC 14.9% 14.0%
5. SHAREHOLDER STRUCTURE AND

CHANGE IN OWNER’S EQUITY
A | STOCK INFORMATION AS OF
DECEMBER 31, 2021
62
ANNUALREPORT2021
Ticker symbol listed on HOSE MWG

Total number of listed shares 713,065,495 shares
Number of treasury shares 232,000 shares
Number of outstanding 712,833,495 shares
voting shares
Independent auditor
Ernst & Young Vietnam
Co., Ltd
MWG’S PRICE AND TRADING VOLUME

160 12000
140
10000
120
8000
100
80 6000
60
4000
40
2000
20
0 0
Trading volume (‘000 shares) Closing price (‘000 VND)
MWG‘S SHARE PRICE

160
PERFORMANCE VS VN-INDEX 1900
140 1700
1500
120
1300
100 MWG 70%
1100
VNINDEX 36%
80 900
60 700
500
40
300
20 100
0 -100
MWG (‘000 VND) VN-Index
ANNUAL REPORT
B | SHAREHOLDER STRUCTURE
NO. OF PROPORTION NO. OF SHAREHOLDER STRUCTURE
NO. SHAREHOLDERS OF
SHARES OWNERSHIP (%)
SHAREHODLERS
Institutional Individuals
1. Founders 28,095,237 3.94% 3 3
Domestic 28,095,237 3.94% 3 3
Foreign 0 0
Major shareholders
2. 263,681,752 36.98% 14 14
(above 5%)
Domestic 134,357,167 18.84% 2 2
Group of 11
affiliated
Foreign 129,324,585 18.14% investors and 1 12
other investor.
3. MWG’s Managers
61,974,492 8.69% 5,706 5,706
and Employees
Domestic 61,974,492 8.69% 5,706 5,706
Foreign
4. Othe 359,082,014 50.36% 14,905 310 14,595

shareholders
Domestic 139,004,507 19.49% 14,696 131 14,564
Foreign
5. Treasury shares 232,000
TOTAL 713,065,495 20,628 324 20,304
64
ANNUALREPORT2021
C | CHANGES IN OWNER’S EQUITY

Owner’s equity by the end of 2021 increased by 31.6%
YoY, which was mainly attributed to retained earnings
from 2021. In 2021, MWG issued 237,634,298 shares
to pay dividends to existing shareholders (2:1 ratio)
with its capital built from retained earnings.
In 2021, MWG issued 9,306,970

shares at the
price of VND 10,000/share under the ESOP program for
MWG and its subsidiaries.
D | TRANSACTION OF TREASURY SHARES

NUMBER OF PURCHASED
TRANSACTION TIME AVERAGE PRICE/SHARE COUNTERPARTIES
TREASURY SHARES
June 2021 120,698 Price specified in ESOP regulation Employees
July 2021 39,035 Price specified in ESOP regulation Employees
July 2021 72,267 Price specified in ESOP regulation Employees
By the end of 2021, the Company had 232,000 treasury shares.
E | Other securities
Not available.
ANNUAL REPORT
SUSTAINABILITY
REPORT
IV.
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1. PERSON IN CHARGE OF SUSTAINABLE

DEVELOPMENT STRATEGIES
(ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE)
MemberoftheBOD
DANGMINHLUOM
and the personnel in
relevant departments
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2. CORE VALUES OF MWG
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1. BEING WHOLE-HEARTED TO CUSTOMERS

• Always give the highest priority over CUSTOMER SATISFACTION in all
thoughts and action.
• Sincerely apologizing and not arguing are indicative of gratitude for
customers’ trust and support.
• Always Take initiative - Smile - Welcome - Thank you and treat customers
like family.
2. INTEGRITY
• INTEGRITY means Respecting your own words, including fulfilling
commitment, following the right design, right process, not lying, not
cutting steps.
• If you fail to KEEP YOUR PROMISE, NO MATTER HOW HARD YOU TRY, do
ALL OF THE 3 THINGS:
» Inform related people of what happened, evidenced by data as soon
as possible.
» Take the "I am the root cause" stance and self-reflect on what you
have done and have not done to keep your promise. Take responsibility,
do not blame others.
» Propose new actions and commitments in agreement with related
people to recover INTEGRITY of your own and the trust of others.
3. MUTUAL AFFECTION and TEAMWORK

• Sincerely caring for teammates means being willing to support, guide
and motivate them to fulfill their work well, do not cover and conceal
for them.
• Listen and say straightforwardly and powerfully:
» LISTEN: Stand in the speaker’s shoes for adequate and unbiased
listening.
» SAY: Straightforwardly, constructively, always acknowledge others’
achievements or efforts even not yet bringing about results.
ANNUAL REPORT
4. BEING HONEST ABOUT MONEY
ISSUES and RELATIONSHIPS
• Be honest about money issues: Do not take, use and think about
possessing money, goods, or property that are not yours.
• Be honest in relationships: Do not speak out, do not express what
contradicts your thoughts.
5. PASSION FOR WORK

• Always say “YES”
• Do the work quickly
• Be not afraid of challenges
6. QUALITY IS VITAL
• DO NOT BUY - DO NOT SELL poor-quality products.
• Root out poor-quality products in BHX.
• Do not give customers any products you are unwilling to use for yourself
due to quality concerns.
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3. SUSTAINABILITY COMMITMENTS
OF THE COMPANY
ANNUAL REPORT
We commit to put our customers at
CUSTOMER the center of all thoughts and actions.
We commit to offer all employees with

a FRIENDLY, HAPPY, PROFESSIONAL,
STABLE working environment and EMPLOYEES
equal opportunities for promotion.
We commit to provide our managers equitable

opportunities so that they can fully devote their
MANAGERS talents to the company and realize prosperous
personal life with respectful social status.
We commit to honor our

business partners. PARTNERS
We commit to increase the return on

INVESTORS investment for long-term shareholders.
We commit to create jobs for the

community and fully comply with
the tax responsibilities.
COMMUNITY
We commit to minimize the negative impact of all

activities from MWG on the environment (anti-waste).
ENVIRONMENT Aim to optimize natural resources (water, trees, etc.).
Restore and renew natural resources.
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4. ENGAGEMENT
WITH THE STAKEHOLDERS
ANNUAL REPORT
MWGtakestheinitiative
toconsultstakeholders
aboutsolutionsto
harmonizestakeholder
interests
Consultingmethod:
• Customers: MWG proactively carries out surveys to capture customer feedback and
expectation through 24/7 communication channels, including SMS, cold calls, customer
support hotline, and website.
• Employees: Through an annual survey of employee engagement index, 24h-response
internal Hotline, questions/concerns sent through in-house MWG app.
• Partners: Via direct communication.
• Shareholders and investors: Via direct communication in online and offline meetings,
or via email.
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5. SUSTAINABILITY-RELATED
PRIORITIES OF MWG
ANNUAL REPORT
• Diversity
• Training and talent development
EMPLOYEES • Policies on incentives and benefits
for employees
• Inclusion and engagement
• Product safety
• Policies on ensuring customer
CUSTOMERS benefits
• Customer information security
• Packaging
PRIORITIES ENVIRONMENT • Waste and wastewater
• Electricity
• Actively do charitable works

COMMUNITY and share social responsibility
• Ensure information
SHAREHOLDERS transparency and timely
disclosure to investors
AND INVESTORS • Ensure shareholders' benefits
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DETAILS OF PRIORITIES
A. EMPLOYEES
DIVERSITY
By the end of 2021, MWG had a total
of 74,111 employees with a diversity 38.9%
of qualifications, age, seniority, and
gender. MWG did not employ minors.
61.1%
TOTAL NUMBER TOTAL NUMBER
OF MALE OF FEMALE
45,307 28,804 MALE FEMALE
34.9% 39.4% 38.9%

37.1%
20%
18.6% 16.3%
13.2%
12.8% 12.9% 12.8%
9.1% 9.7%
6.7% 7% 5.6%
3,7%
1,3% 0.02%
SENIORITY AGE QUALIFICATION

<2 months 41 - 45 Secondary school College
<6 months 36 - 40 Technical school High school
6 months - 1 year > 45 University Postgraduate
>5 years 31 - 35 N/A
1 - 2 years < 26
2 - 5 years 26 - 30
ANNUAL REPORT
SUBSIDIARIES NO. OF EMPLOYEES
The Gioi Di Dong Joint Stock Company (excluding An Khang's employees) 41,866
TOTAL Bach Hoa Xanh Trading Joint Stock Company 21,274
74,111 The Gioi Di Dong Information Technology Limited Company

Conscientious Installation - Repair - Maintenance Service Company Limited
1,551
8,599
EMPLOYEES
An Khang Retail Joint Stock Company 756
4KFARM Joint Stock Company 65
DIVISION 2020 2021
Online sales 908 1,416
IT 652 982
Logistics 12,156 14,041
Administration and HR 170 188
Business Development 1,526 1,812
Stores 54,979 54,941
Finance and Accounting 680 731
71,071 74,111
2020 2021
Note: The total number of employees of MWG

by the end of 2021 included over 3,600 part-timers.
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TRAINING AND TALENT

DEVELOPMENT
- TRAINING STATISTICS IN 2021
“ Various training
programs have been
implemented to
meet the needs
“
of employees
29.5hours: average number of learning hours per employee

97.4% employee satisfaction from courses
4.56: rating score for trainers in terms of Knowledge,
Enthusiasm, Teaching methods
44 trainers of the Training Department serving 70,000
MWG employees
ANNUAL REPORT
Training courses
on soft skills 142,757 Sessions
Training courses on products 2,527 Courses
for the sales division
Training courses on expertise

21,591 training hours
for back-office division
Training courses
for managers
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SALARY, BONUS AND BENEFITS OF EMPLOYEES

- ALL EMPLOYEES ARE PAID SALARY, BONUS AND
WELFARE COMMENSURATE WITH THEIR CONTRIBUTIONS
• MWG complies with region-based minimum wage

and employs a competitive remuneration policy
for each department considering market salary.
• In addition to a fixed monthly salary, employees
in the Sales division receive bonuses based on
sales performance, service bonuses, and spot
rewards for competitive sales programs.
Therewere
4,183
• In recognition of the efforts of all employees in
maintaining positive business results despite the
negative impact of the pandemic, MWG continues
to maintain an attractive 2021 year-end bonus for
employees.
• The well-defined internal promotion policy has
motivated employees. Since 2020, MWG has employee
applied a data-driven “automatic promotion
system” to present the most objective assessment
of employees. There were 4,183 employee
promotions
promotions in 2021, compared to 3,153 in 2020.
• MWG always fulfilled obligations on tax and
in2021
compulsory insurance for all employees. In
addition to mandatory social insurance, health
insurance under the State's regulations, employees
are entitled to health insurance for themselves
and family members and Accident insurance.
• Trade union members receive gifts on such
occasions as lunar new year, birthday, mid-autumn
festival and other activities.
• In addition, MWG employs specific policies for
such events as weddings, funerals, etc.
• MWG implements the principle of gender equality
in remuneration, bonus and welfare policies.
ANNUAL REPORT
- POLICIES TO ENSURE THE HEALTH AND WELLBEING
OF EMPLOYEES DURING THE COVID-19 PANDEMIC
support
6,1 81
employees
toalleviate
thefinancial
burden
• Maintain salary payment to employees during the

period that stores were closed and during the period
employees contract Covid-19 and have to be quarantined.
• Pay visitation and wire transfer to 28,444 employees
who contracted or were in close contact with the
contracted during the outbreak between April 27,
2021 and December 31, 2021.
• “Covid living expense loan package”: support
6,181 employees to alleviate the financial burden.
• “Pandemic fighting Insurance package” since
August 2021 for a total of 51,658 people (31,984
employees and 19,674 family members).
• “20 days of vitamin C supplementation” program:
Boost the immunity of 35,094 employees in divisions:
Sales of TGDD/BHX/AK, Logistics, Delivery and
installation, BHXonline, etc. who were working in the
pandemic hotspot.
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“ Pandemic
fighting
Insurance
“
package
“Pandemic fighting
Insurance package”
since August 2021 for a
total of 51,658people
(31,984 employees and
19,674 family members)
ANNUAL REPORT
INCLUSION AND ENGAGEMENT
The Employee Relations

Department has been
active in 2021 to increase
the inclusion and engagement
of the MWG employees.
- CONSULTATION HUB
In 2021, via the Hotline and the internal

MWG application, the Consultation hub
received and resolved 6,014 questions
from employees (501 questions per month),
ensuring that 100% of questions are
responded to within 24 hours.
Trong năm 2021, thông qua Hotline và MWG

app nội bộ, Trung tâm gỡ rối đã tiếp nhận và
giải đáp 6.014 thắc mắc từ nhân viên tập
đoàn (501 câu/ tháng) đảm bảo 100% thắc
mắc nhận được phản hồi trong vòng 24h.
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- COMPETITIONS TO PROMOTE EMPLOYEE ENGAGEMENT
Throughout 2021, 16 competitions of varying scales

were organized and participated by 9,928 employees
nationwide. The most notable ones are:
• Miss Ao Dai Online Queen MWG

2021 - 1100 entries
• Virtual race: MWG Racing

Season 5 - Running with Integrity
with 506 participants
• Capture the Moment

Mini-game 14/7: 452 participants
• 17th anniversary race with 771

participants
• Golden hour - abundant joy

mini-game - 1539 participants
• Christmas mini-game Christmas

puzzle - 1564 participants
• Christmas fair: 3,500

participants
ANNUAL REPORT
- MAINTAIN AND SPREAD THE CULTURE OF RECOGNITION
60,000 4,228 1000 139,231

On their work Award gifts with Produce 1000 Produce 139,231 Tet
anniversary, more thank-you messages MWG gifts with sweet boxes for the
than 60,000 for customer service brand color 2022 Prosperous
employees have to 4,288 employees New Year edition,
received of the Customer of which 64,986
appreciation Reception boxes were gifted to
cards from the department of employees and
Company and the TGDD/DMX and part-timers
management 2,040 employees
of the Parking
Attendance
department
of BHX nationwide
- CORPORATE CHARITABLE ACTIVITIES
Raised
2.4BILLION
01 SCHOOLING ASSISTANCE:
VND Raised over VND 656 million for

608 students (children of 464
(contributed by disadvantaged employees) with
an average of VND 1 million
16,657 members) per student.
to support
disadvantaged 02 SUPPORT BLUETRONICS
COLLEAGUES TO OVER
employees. COME COVID-19
The two most Raised VND 757 million from
prominent 5,408 employees nationwide.
programs are
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HUMAN RESOURCES AWARDS IN 2021
Top 100 Best

Places to Work
in Vietnam 2021
(Anphabe)
Rank8th
(11thin2020)
inTop100
Employer
ofChoices
regardless
oftheindustry
in2021
(CareerBuilder)
Top 50 Rank 1st
Vietnamese in the top 10
Enterprises with favorite
attractive employers in the
employer brands wholesale -
(Anphabe) retail industry
in 2021
(Career Builder)
ANNUAL REPORT
B. CUSTOMERS
PRODUCT SAFETY
THE INTERNAL QUALITY MANAGEMENT

ALL ICT AND CONSUMER
DEPARTMENT GUARANTEES THAT THE
ELECTRONICS SOLD BY MWG
CONSUMER GOODS OF BACH HOA XANH
ARE GUARANTEED
STORES MEET THE FOOD SAFETY STANDARDS
TO BE 100% AUTHENTIC
OF THE MINISTRY OF HEALTH
THE PRODUCT QUALITY CONTROL PROCESS OF BACH HOA XANH (INCLUDING

CATTLE, POULTRY, SEAFOOD, VEGETABLES, CHILLED FOOD) INCLUDES:
• Incoming inspection: products are checked for quality records, samples and
labels in observance of current regulations before being marketed in
Bach Hoa Xanh chain.
• Periodic check:
» All food products are inspected internally at least once a month with a rapid
test kit or at an internal laboratory in compliance with quality regulations of the
Ministry of Health. Bach Hoa Xanh's internal lab has been granted ISO 17025
accreditation by AOSC (a science and technology organization). The lab's testing
procedure follows the "one-way flow" principle to prevent cross-contamination
and ensure food safety until products reach consumers.
» In addition, products are sent to a third-party center for
inspection once every 6 months or 1 year, depending on
the product to ensure objectivity. The third-party center
meets the VILAS/ ISO 17025 standard.
POLICIES RELATED TO CUSTOMER INTERESTS

(warranty, product return)
Are published in details on the sales websites of MWG.
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CUSTOMER INFORMATION SECURITY
- Commitment to protect customer data is published in details on sales

websites on MWG in the following links:
https://www.dienmayxanh.com/dieu-khoan-su-dung
https://www.bachhoaxanh.com/quy-che-hoat-dong
https://www.thegioididong.com/tos
- MWG is committed to guaranteeing absolute confidentiality of the personal
data of users. User information on websites is collected and used only with
customers' consent unless otherwise stipulated by the law.
- MWG is committed to implementing appropriate technical and organizational
measures in line with technical requirements to ensure data security.
ANNUAL REPORT
C. ENVIRONMENT
PACKAGING
STATUS
• Currently, 100 percent of the packaging • The inventory at the end of each
consumed at TGDD-DMX is environ- period is also used as a basis to adjust
mentally-friendly PP plastic packaging. the number of packaging for the next
This is a product line that can be period.
collected and recycled, decreas-
ing environmental waste.
FUTURE ORIENTATION
• Meanwhile, the packaging
at BHX is bioplastic, which • Find new packaging
decomposes on its own in solutions to minimize
6 months. environmental impact.
• For the new AVA • Carry out customer

ecosystem chains, the surveys on packaging
company is experimenting needs before packing.
with paper packaging in • Encourage customers to
addition to eco-friendly PP use reusable bags when
plastic packaging. shopping at BHX.
• To ensure economical and efficient
use of packaging, the number of packaging
distributed to supermarkets is calculated
based on the expected number of orders
and the group of goods.
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WASTE AND SEWAGE
DOMESTIC WASTES ELECTRONIC WASTES

MWG is a retail business, therefore, Electronic wastes (accessories,
the majority of wastes are domestic batteries, watches) are properly
wastes. Wastes are collected in sorted and disposed of to reduce
garbage containers in warehouses, environmental damage. E-waste
shops, and offices and disposed of once deemed to make the best
following national regulations. use of the team's disposal
plans will be transferred to a
licensed third party. MWG is
WASTEWATER currently working with Viet
Most of the wastewater Australia Environment Joint
from stores is domestic Stock Company to deal with
wastewater, but it is e-waste.
treated more thoroughly
than domestic waste-
water in typical homes.
The wastewater is
treated through the
sedimentation
tanks and
filtered
before being
discharged at
septic tanks.
The sediment
tanks in stores
were usually
designed to be larger
than those in the typical
households to meet the
needs of the large number
of people who work in the
store.
ANNUAL REPORT
ELECTRICITY
The increasing demand for

opening of new stores and
expanding existing ones leads
to an upward trend in the
system-wide electricity
expenses
YEAR TOTALNUMBEROF AMOUNT ESTIMATEDCONVERTEDMWHBASED TONS

STORESATYEAR-END (BILLIONVND) ONTHEAVERAGEELECTRICITYPRICEIN2019 OFCO2
2020 4059 994.9 533,594 451,314
2021 5306 1,275.0 683,842 578,393
The average cost of The emission factor of the

most recent Vietnamese grid
electricity in 2019
according to the 1,864 (2019) according to the 0.8458
Ministry of Industry VND/kWh Ministry of Natural Resources (tCO2/MWh)
and Trade and Environment
The Company proactively takes many measures to minimize

electricity consumption to minimize environmental impacts.
Adjust the air conditioning, and lighting at the store at each
time frame.
• LED backlight utilization rate has increased from 95% in 2020 to 100% in 2021.
• The utilization rate of inverter air conditioners increased from 50% in 2020 to 70% in 2021.
100% of newly opened stores use inverter air conditioners, while existing stores will gradually
replace old ones with inverter air conditioners according to the roadmap.
• In 2021, 68 stores use solar energy with a total production capacity of 4.2 million Kwh, helping
to save VND 2.2 billion per year. The company plans to have 200 more stores using solar
power by 2022.
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D. COMMUNITY
MWG was actively involved in

a variety of charitable activities
and shared social responsibility
in 2021.
ANNUAL REPORT
The "Building Loves - Giving Tons of Rice" campaign
with the support of 21 relevant brands has delivered
over 2,000 tons of rice costing well over
VND 20 billion to over 100,000 poor households
in Vietnam and Cambodia, helping them to settle during
the pandemic. The Company had 2 months of preparation
with local authorities to ensure that donations reach those
in need and has taken advantage of a network of 400
stores in 23 southern provinces as a "bridge" to facilitate
the delivery of the rice to the people.
"Building Loves - Giving Tons of Rice"
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39,707 KM
DONATE
10 billion
TO CHARITY FUND
VND
744
11,918 KM 2040
RUNNERS
RUNNERS
In 2021, MWG donated 10 billion 2020 2021

VND to the Mai Am The Gioi Di TOP 23 TOP 8
Dong Charity Fund. With the
contribution from benefactors,
the Mai Am The Gioi Di Dong
Charity Fund has funded over
VND 45 billion for pandemic
prevention and control in Ho
Chi Minh City and Binh Duong.
The fund has also provided
nearly VND 30 billion in schol-
arships to 4,500 poor and or phan
students due to the pandemic in Ho
Chi Minh city and neighboring
provinces.
MWG & UPRACE
running
tournament
Top 8 UPRACE running tournaments
2021 amongst enterprises, contributing
39,707 km to the community. Each
kilometer of registered runners will
contribute at least VND 1,000 to social
charity funds.
ANNUAL REPORT
E. SHAREHOLDERS AND INVESTORS
• ENSURING TRANSPARENCY OF INFORMATION

AND TIMELY DISCLOSURE TO INVESTORS
The Investor Relations Division

Comply with the was established and the email Bilingual
information disclosure contact of this division information
regulations of the (investor@thegioididong.com) disclosure
listed companies. was publicly announced so ensures that
investors with issues and/or domestic and
questions can be supported in a foreign
timely manner. shareholders are
informed in an
In 2021, the Investor adequate and
Relation Division met and On a quarterly basis, the timely manner.
spoke directly with Company organizes
shareholders and investors meetings with investors
through private meetings with the participation of MWG is one of the few
and conferences organized the Board of Directors to companies in the market
by the leading domestic clarify doubts related to that makes monthly report
and international financial the Company's direction on business performance
institutions. and tactics. available to shareholders
and investors.
ENSURING SHAREHOLDER RIGHTS
Due to the limitations of the meeting

during the pandemic and the
convenienceofforeignshareholders
MWG's Annual General Meeting of Complete the business
the Shareholders was held online plan and pay dividends to
to make it easier for domestic and shareholders on time. In 2021,
foreign shareholders to attend the MWG paid a cash dividend of
meeting and vote. VND 500 per share and paid
stock dividends at a 2:1 ratio.
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MANAGEMENT’S
REPORT AND
ASSESSMENT
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1 ASSESSMENT OF OPERATING RESULTS
ANNUAL REPORT
The Covid pandemic has significantly impacted business activities, making 2021 an
A. extremely challenging year for Vietnamese businesses and MWG in particular. With the
Board of Management's ingenuity and flexibility, as well as the staff's great execution
abilities and relentless efforts, the Company successfully weathered the storm,
achieving USD 5 billion in revenue and completing 103% of the year's net profit target.
This business result has exceeded expectations and reinforced MWG's continuous
growth trend since its establishment.
The consolidated net revenue was

Net profit after tax was VND 4,901 billion
VND 122,958 billion
Up 25% year-on-year
Increased by 13% year-on-year
MWG has opened 1,142 new points of sale, bringing the total store-count to 5,306 by the
B. end of 2021. In details:
THE DIEN MAY XANH (ĐMX) chain In comparison to the end of 2020, the
has 1,992 stores (565 more than at TGDD network has 970 stores, an net
the end of the previous year). increase of 57 stores.
THE BLUETRONICS AN KHANG chain owned a total of 178

chain in Cambodia has 50 stores. pharmacies, including 110 new ones in 2021.
THE BACH HOA XANH (BHX) chain TOPZONE - is a chain of authorized

added 387 new points of sale, Apple stores in Vietnam that sells a
raising its total to 2106. wide selection of high-end Apple
products, including the iPhone, iPad,
Apple Watch, MacBook, and Apple
accessories. Since MWG began
piloting this chain in October 2021,
Topzone has grown to ten locations
by the end of the year.
REVENUE
C. from online transactions reached VND 14,370 billion,
increased by 53% on a year-on-year basis and accounted
for more than 12% of the total revenue
In particular, online revenue increased by 47% year over year, accounting for 14% of
TGDD/DMX's total revenue. Meanwhile, BHX posted a growth of 240% in online revenue,
which made up 3 % of its total revenue.
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D. Thegioididong.com and Dien May Xanh

(TGDD/DMX):
The Management proactively worked with suppliers and closely monitored the coordination
and circulation of goods after anticipating the risks of global supply chain disruptions.
Admid the supply shortage of ICT and consumer electronics products, ensuring sufficient
stocks was critical, enabling MWG to earn considerable revenue even though total demand
did not grow strongly. Regarding access to retail sales and secure supplies, MWG offers
remarkable advantages of strong market analysis capabilities, long-term strategic
partnerships with suppliers, and stable cash flow compared to other retailers.
Quarter 4
Although TGDD/DMX had nearly 2000 stores temporarily closed or limited sales during
most time of the third quarter, the Company has (i) made every effort to reopen safely and
uniformly as soon as possible and (ii) created appealing promotions to successfully
exploit the need to acquire new/replace items as soon as the social distancing restriction
was relaxed in early October. Hence, the business results impressively recovered in the
fourth quarter, outweighing the severe impacts in the third quarter. As a result, TGDD and
DMX recorded significant revenue growth for 2021.
ANNUAL REPORT
Despite The Covid-19 pandemic having disrupted
business operations and supply chains and adversely
impacting people's incomes, it also creates market
CHANCE gap due to the withdrawal of many players without
concrete operational and financial base. In danger lies
opportunity. The Management took bold steps to help
TGDD/DMX achieve a remarkable breakthrough and
sustain market share growth.
In 2021, mobile devices - the category that directly benefited from the robust
demand of remote working and studying during the pandemic - were the
main growth driver for TGDD/DMX. In details:
Sales value of laptops Sales value of tablets &

mobile phones jumped by
climbed by 58% YoY.
40% YoY and 17% YoY
respectively.
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In 2021 total sales of

Supermini
6,800Billion
Following the experiment's success, the DMX Supermini chain grew from 300 to 800
stores, contributing VND 850 billion to total sales of VND 6,800 billion in 2021.
The Company's freelancer model, in which it partners with small-scale retail stores,
became fully operational in May 2021. Given the simplified and quick application
process, this model has drawn attention and cooperation from about 4500 agents
countrywide, contributing around VND 550 billion to MWG. Revenues contributed by
this model mainly coming from new customers.
In October 2021
Topzone officially entered the Vietnamese
market right at the time of the iPhone 13
launch. This is an authorized retail chain of
Apple in Vietnam
iPhone iPad Apple Watch Macbook

and Apple accessories
• After only three months of piloting, Topzone had generated VND 280 billion
in revenue for the Company.
• When Topzone is fully operational in 2022, it is envisioned as a new growth engine,
with expected monthly sales of VND 8-10 billion per store.
ANNUAL REPORT
With 50 stores, Bluetronics has become the No. 1 retail chain of
mobile devices and consumer electronics products in Cambodia.
Bluetronics has not fulfilled its profit target for 2021 due to the
E. Bluetronics severe impacts of the Covid-19 outbreaks. However, consumer
electronics retailing business in Cambodia has made headway,
with Bluetronics reporting total sales of around
VND 450 billion, up 135% from 2020.
F. Bach Hoa Xanh (BHX)
BHX recorded sales of more than

VND 28,200 billion,
an increase of 33% year-on-year.
BHX successfully surpassed the USD 1 billion mark in sales and became
the Top 3 largest grocery retailers in Vietnam with 2106 points of sale as of
December 31, 2021.
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BHX made strenuous efforts to resolve the accumulated

challenges related to the severe shortage of supply
during the stressful period of the pandemic, particularly
in July 2021, to meet the peak demand of more than
31,000 tons of fresh foods for consumers. Furthermore,
BHX still served more than 27 million consumers BHX online
despite operating with 50% fewer employees than
served more than
2.7 Million
normal due to staff’s infections of Covid-19 and the
warehouse system split, which ran on alternating days
to reduce the risk of business disruption.
Online BHX channel successfully fulfilled more than 2.7

million orders and contributed approximately VND
1,000 billion to the Company. An average of 7,500 orders
ORDER
contributed approximately
were served daily to customers in 25 provinces in the
South and South Central regions through BHX'S online
VND 1,000 billion to the Company
system. For the first time in 2021, bachhoaxanh.com
entered the Top 10 leading e-commerce sites in Vietnam,
becoming the only dedicated online food and consumer
goods retailing website.
The average monthly sales per store was VND 1.2 billion. Fresh,
chilled and frozen foods accounted for around 45% of revenue,
while dry and home goods were the rest.
Due to expanding revenue scale and the increasing share of

private label items, exclusive products, and direct imports, BHX
received better commercial terms with FMCG suppliers in 2021,
resulting in a considerable rise in gross profit over 2020.
Along with continued scaling and sales growth, BHX optimized

operational efficiency to generate a sustainable positive
company-wide EBITDA (profit before tax, interest, and
depreciation) in 3 consecutive quaters and for the whole
year of 2021.
ANNUAL REPORT
G. An Khang
TOP 3
Largest pharmacy chain in Vietnam
After An Khang pharmacy chain

achieved positive business results at a
stand-alone basis, MWG increased its
share ownership to consolidate An
Khang into the Group's business
performance. With 178 locations in 25
provinces in the South and South
Central regions, An Khang is currently
the Top 3 largest pharmacy chain
in Vietnam
130
ANNUALREPORT2021
2 FINANCIAL STATUS
ANNUAL REPORT
A. ASSETS (VND BILLION)
ITEMS ENDING BEGINNING % OF CHANGE NOTE

BALANCE BALANCE
ASSETS 62,971 46,031 36.8%
Current assets 51,955 37,317 39.2%
Cash and Cash kept on premises and
4,142 7,348 -43.6%
cash equivalents cash stored in bank accounts
Short-term financial investment

increased sharply YoY. Short-term
financial investments include
Short-term financial short-term deposits and
14,237 8,057 76.7%
investments
investments in bonds, certificates
of deposit, and short-term loans.
Current account receivables

include the discounts from
suppliers and installment sales
Current account through the consumer finance
3,162 1,595 98.2% companies. MWG assesses that
receivables
there is no risk in recovering
these funds.
Since MWG proactively

increased the inventory to meet
the shopping demand for the
Tet holiday in January 2022,
especially in light of the global
supply shortage caused by the
Inventory Covid-19 outbreak, the inventory
29,167 19,422 50.2%
value rose substantially YoY.
MWG has made provision for
devaluation of inventory in
accordance with the Government's
regulations and MWG's policies.
These are short-term prepaid

Other expenses and deductible taxes.
1,247 895 39.4%
currentassets
132
ANNUALREPORT2021
Non-current assets 11,016 8,714 26.4%

These are deposits for office and
Non-current store lease contracts.
account 482 439 9.8%
receivables
Fixed assets include tangible

and intangible fixed assets. The
continual investment in
Fixed assets expanding the store chain
9,647 7,295 32.2%
mainly increased the value of
fixed assets at the end of 2021
by 32% YoY.
Long-term assets
80 133 -39.9% Construction in progress.
in progress
Long-term No long-term financial

financial 0 53 -100.0% investments as of
investments December 31, 2021.
Long-term prepaid expenses,

Other
807 794 1.6% deferred tax assets and
long-term assets
goodwill.
ANNUAL REPORT
B. LIABILITIES (VND BILLION)
ENDING BEGINNING
ITEMS BALANCE BALANCE % OF CHANGE NOTE
I. LIABILITIES 42,593 30,549 39.4%

Current liabilities 42,593 29,423 44.8%
Short-term
trade payable 12,180 8,728 39.5%
Short-term
deferred revenue 98 87 13.2%
Taxes and other

government 697 635 9.7%
payables
Payable to
employees 532 534 -0.3%
Short-term
accrued expenses 3,885 3,191 21.8%
Short-term
unearned revenue 0 0 -100.0%
Other short-term
payables 476 546 -12.8%
Short-term loans 24,647 15,625 57.7% Short-term loans, bonds to

maturity must be paid in VND
and USD. The accrued expenses
in USD were revalued, considering
the Bank exchange rate in
USD/VND at the end of the term.
Provision for short These are provisions relating to

77 76 1.2%
term payables warranty for goods.
Reward and
0 0 0.0%
welfare fund
Bonds due in November 2022
II. NON-CURRENT
0 1,127 -100.0% have been converted into
LIABILITIES
short-term loans.
134
ANNUALREPORT2021
3 IMPROVEMENTS IN ORGANIZATIONAL
STRUCTURE, POLICIES
AND MANAGEMENT
ANNUAL REPORT
2021
Although there weren't any significant changes in its organizational structure, MWG
proactively improved its policies for employees and business management to increase
adaptability to uncertain and unpredictable conditions as follows:
Implement the working from home and Change the criteria in evaluating the
working odd shifts to minimize the risk effectiveness of revenue and profit,
of business interruption due to disease enhance the crossed-department
outbreaks. connection to align with the current
situation, and ensure that the
year-end rewards policy is closely
linked with the business performance
of each chain.
Focus Mode
Tasks
Twitter
Doc
Gmail
Whatsapp
YouTube
Offer a flexible weekly payment

method for urgently-recruited and
seasonal workers working at retail
chains or distribution centers.
Digitize MWG's management and operations based on digital

technology by deploying electronic labor contracts, authorizing
electronic tax finalization, and storing electronic forms.
Furthermore, tools for customer service and system administration
were developed and fine-tuned to quickly adapt to changes in the
actual business situation while ensuring operational efficiency.
136
ANNUALREPORT2021
4 DEVELOPMENT PLANS
DE
VE
LOP
ANNUAL REPORT
TARGET 2022 ACTUAL 2021 TARGET 2022
ITEMS
(VNDBN) (VNDBN) VS ACTUAL 2021
Net Revenue 140,000 122,958 114%
Net Profit After Tax 6,350 4,901 130%
net revenue of NPAT of

VND140 Trillion VND6,350 Billion
MWG
SET CHALLENGING Increasing by 14%YoY and 30%YoY respectively.
TARGETS IN
2022
MWG still target to grow its online sales by 50% YoY
and estimate the online penetration in the company’s
total revenue of 15%.
138
ANNUALREPORT2021
5 ASSESSMENT OF MWG'S
ENVIRONMENTAL AND
SOCIAL RESPONSIBILITIES
MWG's environmental and social responsibility activities were carried

out and evaluated seriously to form a basis for further improvement
in the future. The relevant contents are detailed in the Sustainable
Development Report in chapter IV of the Annual Report.
ANNUAL REPORT
ASSESSMENT OF
THE BOARD OF
DIRECTORS
REGARDING THE
COMPANY’S
OPERATIONS
VI
140
ANNUALREPORT2021
1 ASSESSMENT OF THE BOARD OF

DIRECTORS REGARDING
THE COMPANY’S OPERATIONS
ANNUAL REPORT
A. MWG ACHIEVED
98%
Although 2021 was a year of difficulties and
Of its
challenges for MWG’s operations due to the
severe impacts of Covid-19 outbreaks, the revenue target
Company still experienced an incredible
AND 103%
growth with net revenue of VND 122,958 billion
and VND 4,901 billion in profit after tax (NPAT),
increasing by 13% and 25% YoY, respectively.
Net profit after tax target
for the FY2021
MWG now has more than Online revenue in 2021 reached Gross margin reached
5,300 Stores VND 14,370 Billion 22.5%, 0.4%
(including 1,140 new increasing by 53% YoY and higher than that in 2020.
points of sale in 2021). accounting for more than 12% of Net margin increased to
the Group’s total revenue. approximately 4% from
3.6% in 2020
B.
In November 2021, MWG adopted a resolution on establishing and restructuring its

subsidiaries, including: Conscientious Installation - Repair - Maintenance Service
Joint Stock Company, Fully Trusted Logistics Joint Stock Company and 4KFarm Joint
Stock Company. MWG also increased its share ownership in An Khang Retail Joint
Stock Company and officially consolidated An Khang’s business results into MWG’s
from the end of 2021.
142
ANNUALREPORT2021
C.
MWG
is honoured to receive acknowledgment of
many prestigious domestic and foreign
organizations, including:
9TH
TOP 50 BEST TOP 50 BEST
PLACE IN TOP 10
Largest enterprises in Performing Companies in listed enterprises in
Vietnam according to Vietnam honored by The Vietnam by Forbes.
VNR500 ranking. Business Review (Nhip Cau
Dau Tu) magazine.
THE NO. 1 MWG is the only Vietnamese company in the Top

100 retailers in Asia-Pacific region and the No. 1
RETAILER IN VIET NAM retailer in Vietnam.
D. Details of the Governance Report 2021 were attached in the AGM

documents and posted on the Company’s website: www.mwg.vn
ANNUAL REPORT
2 ASSESSMENT OF THE BOARD OF
DIRECTORS REGARDING THE BOARD
OF MANAGEMENT’S PERFORMANCE
144
ANNUALREPORT2021
THE COMPANY'S BOARD OF DIRECTORS

Oriented, directed and supervised the work of the General Director and other
executives as follows:
A B
Monitor and capture the The Board of Directors'
Company's business direction and supervision
operation process through adequately informed the
regular/extraordinary Board of Management to
reports and meetings of the make sensible, prudent,
Board of Management with and transparent business
the Board of Directors. decisions to accomplish
the Board of Directors'
targets and the General
Meeting of Shareholders.
C
The Board of Directors appreciated the excellent leadership of the Board of
Management through difficulties and turned the tide to the finish line with
the right vision and drastic action. The Board of Management conducted
thorough market analysis, precisely anticipated worldwide supply
constraints, and worked proactively with suppliers to enhance inputs to
distribution centers. It was a careful preparation in goods, personnel, sale
processes to quickly fulfil the customers as soon as stores were allowed to
reopen after quarantine months. Meanwhile, The Board of Management
also proactively put forward new ideas and seized remarkable recovery
and growth.
ANNUAL REPORT
3 ACTION PLANS AND DIRECTIONS
OF THE BOARD OF DIRECTORS
146
ANNUALREPORT2021
A.
In 2022, the general action plan of the Board of Directors is as follows:
Focus on urging and supervising Liaise with the Audit Committee to enhance
the implementation of business capability of monitoring and inspecting the
plan to fulfil 2022 targets. Board of Management’s operating activities,
managing risks, ensuring the compliance with
the Laws, regulations and the company’s Charter.
Continue to hold regular and extraordinary meetings of the Board of Directors in

accordance with the provisions of law and the company’s charter to get timely
feedback from the Board of Management and executive members so that Board of
Directors will give appropriate and practical recommendations for the Board of
Management’s execution.
B.
Regarding sustainable development commitments:
The Board of Directors appoints Mr. Dang Minh Luom – BOD member cum Head of Human
Capital of MWG to be the person in charge of leading sustainable development activities
of the company.
The Board of Directors develops strategies, action plans to ensure (i) the company’s business
does not bring negative impacts on the benefits of environment – society – community, and
(ii) MWG create new values and share positive value with stakeholders.
MWG discloses information about strategies, implemented actions and specific results
relating to sustainable development in the company’s annual reports.
ANNUAL REPORT

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ANNUAL

Mobile World Investment Corporation

III. OPERATIONS IN THE YEAR 42

IV. SUSTAINABILITY REPORT 66

V. BOARD MANAGEMENT’S REPORT AND ASSESSMENT 122

VI. ASSESSMENT OF THE BOARD OF DIRECTORS REGARDING THE 140

VII. FINANCIAL STATEMENTS 148

2021 started with optimistic forecasts about Vietnam’s economic outlook,

Perhaps, the darkest hours have passed, and a bright

May you and your families welcome a new year

• By the end of 2011, MWG had

• Even under the effects of the Covid-19

2018 2020 2021

2017 2018 2019 2020 2021 2022 Plan

Net revenue NPAT

CONTINOUS GROWTH OF STORES OVER THE YEAR

2017 2018 2019 2020 2021

ICT and consumer ICT and consumer

Grocery & FMCG retail chains Pharmacy chain

The current principal activities of

From its humble beginning in 2004 as a preliminary

• The stores (about 100 – 200 sqm) are

• In May 2015, dienmay.com was officially renamed Dien May Xanh.

At the end of 2010, the

• In July 2016, Dien May Xanh ultimately appeared in all

• The first Bach Hoa Xanh store was

• Formerly known as Bigphone, the

• An Khang Retail Joint Stock Company,

SALES PURCHASING BACK OFFICE

BACH HOA CONSUMER FINANCE & LOGISTICS

BACH HOA HOME

The Gioi Di Dong Joint Stock Company 01

Address: 8, 245, Phum 13, Tonle Basak, Chamkar Mon,

Address: 128 Tran Quang Khai, Tan Dinh Ward, District 1,

A | 2022 AND MID-TERM

MWG sets a challenging goal for 2022: VND 140,000

B | MWG VISION 2030

We are MWG - The pride of Vietnam!

According to the General Statistics

Understanding the psychology of consumers,

There is potential for growth

In recent years, the shift in consumers'

The Food & FMCGs market in

Meanwhile, the pharmacy market

The high rate of internet and mobile

With its core

RISK OF COMPETITION WITH OTHER RETAILERS

• As Vietnam joins more global

RISK OF FORCE MAJEURE

Although force majeure occurrences

• At MWG's scale, inventory control

RISK OF CORRUPTION, GOODS LOSS AND WASTAGE

RISK OF FIRE AND EXPLOSION AND LABOR SAFETY

MWG always abides

MWG's operations are

In 2021, the cash

RISK OF FINANCE AND ACCOUNTING

Ranked the No. 1