Indonesia becomes Vietnam electronics retailer Dien May Xanh’s only overseas market

Its EraBlue chain had 283 stores in Indonesia as of the end of July, up by 157 stores year on year.

Between January and July, its revenue totaled over 2.2 trillion Indonesian rupiah (US$125.6 million), jumping 89 percent year on year.

EraBlue aims to reach 500 stores by 2027 and 1,000 by 2030.

Dien May Xanh ends Cambodia venture

The Foreign Investment Agency under the Ministry of Finance issued a decision terminating the validity of the overseas investment registration certificate of Dien May Xanh Investment JSC (DMX) on August 17.

The certificate, first issued on January 13, 2017, covered the investment in MWG’s household electronic appliance chain in Cambodia.

The agency issued the termination decision based on an application submitted by Dien May Xanh, initially filed in February 2025.

According to Dien May Xanh, the decision marks the completion of the legal procedures for terminating its overseas investment project.

In practice, MWG (Cambodia) had already ceased operations in January 2025 and completed its dissolution procedures, meaning the latest decision does not affect the company’s current business activities.

Under the decision, the company must repatriate all remaining lawful capital and assets from Cambodia.

It must also fulfill all financial obligations to the state and its responsibilities toward employees.

From BigPhone to Bluetronics and closure

The Cambodia project marked Dien May Xanh’s first overseas expansion.

The company opened its first phone store, BigPhone, in Phnom Penh in June 2017.

At the end of 2019, the chain was renamed Bluetronics and expanded its product range to include consumer electronics.

Bluetronics reached its peak at 55 stores in mid-2021.

However, only two stores remained in Phnom Penh in February 2023, and the chain shut down completely in the first quarter of that year.

“After six years of operations, we decided to stop doing business in Cambodia and focus on other business models,” a Dien May Xanh representative said at the time.

He said the Cambodian market was too small, while a complicated tax regime made it difficult for Bluetronics to compete on price with local retailers.