Vietnam’s An Khang pharmacy chain posts over $38mn in losses since 2020

Mobile World Investment Corp’s latest financial report shows An Khang lost more than VND31 billion ($1.2 million) in the first quarter alone.

An Khang’s losses have steadily increased over the years, from VND6.4 billion ($247,000) in 2020 to over VND306 billion ($11.8 million) in 2022.

For the past three years, An Khang has lost more than VND300 billion ($11.6 million) annually.

Originally founded as Phuc An Khang in 2006, the chain was acquired by Mobile World Investment in 2017 to diversify beyond electronics and phone retail.

An Khang saw rapid expansion during the 2021–22 period, tripling store numbers to 500 by late 2022.

However, its growth slowed in 2023, with only 27 new locations added, and by the end of that year, underperforming outlets had been closed, reducing the network to 326 stores.

Despite the financial losses, its revenue improved from VND1.5 trillion ($58 million) in 2022 to nearly VND2.3 trillion ($89 million) in 2023.

In 2025’s first quarter, An Khang generated VND515 billion ($20 million) in revenue and is aiming to break even this year.

At the 2025 annual general meeting held in late April, Mobile World Investment’s board member Doan Van Hieu Em said that the company had found a formula for profitability and would expand at the right time.

He revealed that An Khang’s average monthly revenue per store now exceeds VND500 million ($19,400), with some outlets earning VND700 million ($27,100) to over VND1 billion ($38,700).

In response to shareholder concerns about the lack of vaccination services, MWG’s board chairman Nguyen Duc Tai confirmed that An Khang will not enter the immunization segment, instead focusing solely on pharmaceutical retail.

An Khang is not Mobile World Investment's only underperforming investment.

Several other ventures, including Tran Anh Digital World JSC, MWG Cambodia Co., Ltd., Fully Trusted Logistics JSC, and 4K Farm JSC, are either being dissolved or reassessed for viability.

Fully Trusted Logistics, launched to tackle inefficiencies in Vietnam’s logistics sector, and 4K Farm, aimed at promoting pesticide-free agriculture through technology, were once seen as strategic solutions.

Chairman Tai previously called 4K Farm his "dream" to empower farmers via safe and sustainable practices through the Bach Hoa Xanh grocery chain—but those ambitions remain unrealized.

Earlier this week, the MWG management board approved a conditional stock option issuance for key management personnel at Bach Hoa Xanh Technology and Investment JSC.

Chairman Tai will retain his position for the 2025-28 term, while Golden Gate CEO Dao The Vinh has stepped down from the audit committee.