MWG Annual Report Highlights Strong Growth and Nationwide Expansion

Annual Report 2014
Mobile World Investment

Corporation
ANNUAL REPORT 2014
CONTENTS
Vision and Core values.......................3
Message from the Chairman ............4
Five-year operation summary...........5
MOBILE WORLD INVESTMENT CORPORATION ("MWG") OPERATES UNDER TWO RETAIL DISTRIBUTION
FORMATS, I.E. THEGIOIDIDONG.COM AND DIENMAYXANH.COM. OVER THE PAST YEARS, MWG HAS BEEN
CONTINUOUSLY GROWING REGARDLESS OF UPS AND DOWNS IN MACROECONOMIC CONDITIONS.
GENERAL INTRODUCTION
BUSINESS PERFORMANCE
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
OPERATION NETWORK
Corporate highlights.........................7
Business lines and locations......................7
Development history.................................8
Outstanding events and awards........9
Structure of Mobile World Investment
Corporation..................................... 10
Overview on retail distribution chain ... 11
Development plan .......................... 14
Board of Directors (BOD)................. 16
Board of Management (BOM)......... 18
Board of Supervision (BOS)............. 19
Risks ............................................... 20
Labor policies ................................. 22

Shareholder structure and changes in
owners equity................................ 24
BOD assessment on business
performance................................... 26
Report of BOD................................. 29
Board of Supervision....................... 33
General information........................ 37
Report of Management ................. 40
Independent auditors report ......... 42
Consolidated balance sheet ............ 44
Consolidated income statement ..... 47
Consolidated cash flow statement.... 49
Notes to the consolidated financial
statements ..................................... 51
Operation network ......................... 87
VISION
The Gioi Di Dong (Mobile World) is the leading
and most creative retailer in Vietnam, bringing
to our CUSTOMERS the most exciting,
friendly, trustworthy experience; and is an
example of business with INTEGRITY in every
market where we have presence and make a
difference in Vietnam.
This is who we are. This is what you can trust.
CORE VALUES
Be whole-hearted to customers
Honest
Integrity
Being responsible
Team-work
Passion in work
www.mwg.vn
ANNUAL REPORT 2014
MESSAGE
FROM THE CHAIRMAN
Dear honorable shareholders and investors,
CULTURE OF PUTTING CUSTOMER AS CENTER

IN EVERYDAY ACTIONS LIVES VIVIDLY AND
SPREAD THOROUGHLY IN MWG, FROM THE
LEADERS TO THE STORE EMPLOYEES.
MWG HAS ITS SHARES LISTED ON STOCK
EXCHANGE AFTER 10 YEARS OF DEVOTING
ENDURING EFFORTS BY OUR WHOLE TEAM OF
NEARLY 10,000 EMPLOYEES TO DEVELOP OUR
COMPANY POWERFULLY IN ALL RESPECTS.
2014 is another successful year of MWG. Our

revenues hit VND 15,757 billion while profit after
tax reached VND 674 billion and accumulated
online revenues was VND 925 billion, growing by
66%, 61% and 105% respectively against these
results of 2013.
MWG continues set a high growth target. i.e. 50%

growth in revenues and 30% growth in profit
for the year 2015 regardless of the challenging
context where new local and foreign retailers are
entering the market and the fiercer competition
from current rivals.
thegioididong.com, the mobile phone retail

system with 344 mobile stores and DienmayXANH.
com, the consumer electronics retail system
with 20 stores nationwide of MWG are keeping
its strong and fast expansion and maintained its
position as a leading telecommunication and
electronics retailer in Vietnam.
MWG commits to bring constant growing addedvalues to our investors.
2014 placed a milestone on 10-year development

journey of MWG as its shares were officially listed
on Ho Chi Minh Stock Exchange ("HOSE") on 14
July at reference price of VND 68,000/share.
In September 2014, MWG issued bonus shares at
rate of 1000:700 to increase its charter capital up to
over VND 1,000 billion.
Wish you all good health, happiness and successes.

Chairman.
Nguyen Duc Tai
www.mwg.vn
ANNUAL REPORT 2014
15,757
FIVE-YEAR OPERATION
SUMMARY
BILLION VND
Million USD
Million USD
1,200
50
45
40
35
30
25
20
15
10
5
1,000
800
600
400
200
2011
2012
2013
2014 2015LE
2011
Revenues
REVENUES
2012
2013
2014 2015LE
Profit after tax
Million USD
Million USD
600
80
70
500
60
400
50
300
40
674
30
200
20
100
10
2011
2012
2013
2014 2015LE
Number of stores
thegioididong.com and DienmayXANH.com
2011
2012
2013
2014 2015LE
BILLION VND
PROFIT AFTER TAX
Online revenues
www.mwg.vn
BAO CAO THUONG NIEN 2014
BUSINESS
CORPORATE HIGHLIGHTS
Companys name :
CONG TY CO PHN DU TU THE GIOI DI DONG
Business name:
MOBILE WORLD INVESTMENT CORPORATION
Stock ticker:
MWG
Business registration
certificate no. :

0306731335, issued by the Department of

Planning and Investment of Binh Duong Province.
Charter capital:
VND 1,119,567,790,000
Investment capital:
VND 1,474,956,147,637
Registered address:

No. 222 Yersin, Phu Cuong Ward, Thu Dau Mot Town,
Binh Duong Province, Vietnam
Tel./Fax:
(+84 8) 8125960 - Fax: (+84 8) 8125962
Website:
www.mwg.vn
LINES AND LOCATIONS
Key business lines of MWG is trading mobile

phones, tablets, laptops, and accessories, simcards,
network services, televisions, refrigerators, washing
machines, air-conditioners, microwaves and other
digital and electronic products.
MWG owns two retail distribution systems, which
are thegioididong.com with 344 stores located in
63 cities and provinces and DienmayXANH.com with
20 stores spreading to the Eastern, Western, Central
regions and Ho Chi Minh City.
MWGs plan in 2015 is to continue extending its systems
of thegioididong.com and DienmayXANH .com
to better serve customers nationwide with higher
quality products and ideal services.
www.mwg.vn
ANNUAL REPORT 2014
DEVELOPMENT
HISTORY
2004
2007
2010-2011
2012
Mobile World Co. Ltd. was

established in March 2004. Its
principal business activities
included distribution and
repair of mobile phones, digital
devices, e-commercial related
activities. In October 2004, the
Company launched the first
store at 89A Nguyen Dinh Chieu
Street, Ho Chi Minh City. Since
the beginning, the customer
service and the website were
set as essential driver for the
Companys development.
In 2007, Mobile World

Co. Ltd. welcomed the
investment capital from
Mekong Enterprise Fund II
("MEF II"), its first institutional
investor and transformed
to a joint stock company
to enable expansion
opportunities for further
growth.
2010 and 2011 marked

the turning-point in fast
expansion of thegioididong.
com store network
nationwide. At the end of
2011, the total number of
stores was 200, increasing
five times comparing to
those in 2009. Especially, by
the end of 2010, another
concept of consumer
electronics distribution
network was launched under
the name of DienmayXanh.
The opening of the store

in Bac Giang in March 2012
enabled the thegioididong.
com store network to reach
all cities and provinces
in Vietnam, making
thegioididong.com the first
and only mobile phone
distributor currently present
in all 63 cities and provinces.
In this year, DienmayXanh
also expanded to 9 cities and
provinces with 12 stores.
2014
On 14th July 2014, MWG
successfully listed its
62,723,171 shares on HOSE.
MWG stock was one of the
most attractive tickers on
HOSE after its listing.
The year 2014 also saw the
extraordinary growth of MWG
with 60% increase in number
of stores, 65% surge in
revenues and 160% increment
in profit after tax against those
of 2013.
www.mwg.vn
ANNUAL REPORT 2014
OUTSTANDING
EVENTS AND AWARDS
ON 14TH JULY 2014, 10 YEARS AFTER ITS ESTABLISHMENT, MOBILE WORLD

INVESTMENT CORPORATION SUCCESSFULLY LISTED ITS 62,723,171 SHARES
ON HOSE AT THE OFFERING PRICE OF VND 68,000/SHARE ON THE FIRST
TRANSACTION DAY. AFTER LISTING, PRICE OF MWG SHARE HAD HIT THE CEILING
FOR MANY CONSECUTIVE TRANSACTION SECTIONS AND BECOME ONE OF THE
MOST APPEALING STOCKS TO INVESTORS ON HOSE.
THE YEAR 2014 ALSO SAW THE EXTRAORDINARY GROWTH OF MWG WITH
60% INCREASE IN NUMBER OF STORES, 65% SURGE IN REVENUES AND 160%
INCREMENT IN PROFIT AFTER TAX AGAINST THOSE OF 2013.
The only retailer of Vietnam named in the list of

Global Growth Companies announced at 2014
World Economic Forum.
Top 500 Asia Pacific Leading Retailers for 5

consecutive years from 2010 to 2014.
Ranked 33th in Top 500 Largest Private Companies in

Vietnam in 2014.
www.mwg.vn
ANNUAL REPORT 2014
STRUCTURE OF
Mobile World
Investment Corporation
Store area: 100-200 m2

Number of stores: 344
Coverage: 63/63 cities and provinces
Product and service distribution:
mobile phones, tablets, laptops,
accessories, SIM cards, network
services
(MWG)
BY THE END OF 2014, MWG ACCELERATED ITS PRESENCE TO 364

STORES, IN WHICH 344 THEGIOIDIDONG.COM STORES COVERED ALL 63
CITIES AND PROVINCES ACROSS THE COUNTRY AND 20 DIENMAYXANH.
COM STORES LOCATED IN 10 PROVINCES AND CITIES IN THE SOUTH.
MOBILE WORLD INVESTMENT CORPORATION OPERATES UNDER TWO RETAIL

DISTRIBUTION FORMATS, I.E. THEGIOIDIDONG.COM AND DIEN MAY XANH
(FORMERLY WAS DIENMAY.COM).
Store area: 800-1200 m
Number of stores: 20
Coverage: 10/63 cities and provinces
Product and service distribution:
Televisions, refrigerators, washing
machines, air-conditioners,
microwaves, home appliances
2
Mobile phones, tablets, laptop,

accessories, SIM cards, network
services
The thegioididong.com was firstly launched in 2004 and specialized in

distributing digital mobile devices, including mobile phones, tablets, laptops,
and accessories. Its presence now is affirmed in all 63 cities and provinces of
Vietnam, through a network of more than 344 stores and the area of each
store is ranging from 100m2 to 200m2.
The DienmayXanh, formerly is dienmay.com, which was formed at the
end of 2010, and specialized in the distribution of consumer electronics,
including televisions, karaoke machines, refrigerators, washing machines,
rice cookers, blenders, irons, electromagnetic stoves, microwaves, vacuum
cleaners, etc., and digital products, such as mobile phones, tablets, laptops,
and accessories. Dien May Xanhs presence is made of 20 stores located in
over 10 provinces and cities in the South.
www.mwg.vn
ANNUAL REPORT 2014
10
OVERVIEW ON
DISTRIBUTION CHAIN
MARKET OUTLOOK IN DECEMBER 2014
Market share of
branded mobile
phones
Other retail
chains
Small retail stores
25%
7%
18%
50%
Market share
of branded
consumer electronics
Other retail
chains
Small retail stores
12%
6%
2%
15%
65%
www.mwg.vn
ANNUAL REPORT 2014
11
INFORMATION ON RETAIL SYSTEM (CONTINUED)
MWG DIFFERS ITSELF

BY ITS SUPERIOR CUSTOMER SERVICES
AND HIGH TRUST FROM CUSTOMERS
CUSTOMERS
MWG
positions
CUSTOMERS
as
CENTER
in every
thought
and action.
INTEGRITY
MWG
respects
every
commitment
and word
we make.
THE DIFFERENCE OF MWG IS ORIGINATED FROM OUR CULTURE OF

POSITIONING CUSTOMERS AT THE CENTER OF OUR EVERY THINKING AND ACTION
VISIBLE FACTORS
PRODUCTS/SERVICES
Store arrangement and

display are attractive and
convenient to customers.
MWG selects to
distribute high-quality
branded products.
Stores are always neat

and well-organized
regardless of their
locations in big cities or
small towns.
MWG always introduces

new services and
customer care policy.
INVISIBLE FACTORS
Staff are enthusiastic,
friendly, smiling and ready
to help customers with their
needs.
Stores have exclusive rights
to handle complaints from
customers to ensure their
satisfaction.
Measure of customer
satisfaction is carried out
constantly. Systematic
solutions are worked out to
minimize complaints from
customers.
Staff of stores are recognized
and promoted on the basis
of customer satisfaction
instead of sales target.
www.mwg.vn
ANNUAL REPORT 2014
12
INFORMATION ON RETAIL SYSTEM (CONTINUED)
MWG
is always the
pioneer and
the leader on
the market
Leading retailer
Firmly holding the leadership in retailing sector, MWG has revenues tripled
and profit grown by eight times against its second competitor.
Huge opportunities for

growth
Mobile phone market share expands from 30% to 40% thanks to area
enlargement of old stores and new stores.
DienmayXANH chain is set to grow strongly to become the leading
consumer electronics by the end of 2017.
Exceptional customer
experience and customer care
Constant upgrades are made to store arrangement and displays, new

customer care policies and website design every 6 to 12 months.
Outstanding team of
managers and employees
We have a talented, highly competent, trustworthy team who are highly

responsible and have passion in work.
Team of store employees are enthusiastic, friendly and always ready to help
customers with their needs.
Excellent IT System
The outstanding ERP system that has been applied for 10 years is one of the
competitive strengths of MWG that helps us to grow further.
Remarkable team of online sales, who have very good capacity in grasping
customers needs and therefore, enabling the leadership of MWG in online market.
www.mwg.vn
ANNUAL REPORT 2014
13
DEVELOPMENT
PLAN
MWG REALIZES MANY OPPORTUNITIES FOR FUTURE GROWTH
OPPORTUNITIES FOR FUTURE GROWTH
LE
SA
Crowded population are willing

to spend
Customers trends are now

moving from popular mobile
phones to smart phones.
Bigger chances for new store

openning at market segments
where customers are served by
small retail stores.
Non-stop changing technology

has been creating new
demands for consumption.
Business efficiency is intensified

thanks to economies of scale.
Market of consumer electronics: This

market is still segmented. This creates
a big chance for a few companies to
command the market.
Retailers who have large number of

offline customers are catching huge
opportunities for growth of online
business through omni channel.
Great potential for developing

advanced retail chain for other
business lines.
www.mwg.vn
ANNUAL REPORT 2014
14
DEVELOPMENT PLAN (CONTINUED)
2014
thegioididong.com opened
more new stores and increased
revenues from current stores
With a population of 90 millions, Vietnam has a crowded population with a strong willingness to
spend. From 2013 to 2014, number of smartphone users at the ages ranging from 16 to 24 grows by
31% while the number of users at ages from 25 to 34 sees an increase of 13%.
In 2014, MWG experienced a strong growth in mobile phone segment from 20% to 25%, which can
2015
be attributed to the expansion of thegioididong.com system. Capturing this driving up trend, MWG
continues to lead the mobile phone market and creates bigger gap with its rivals. Significant potential
opportunities for expanding market share is still ahead for MWG as 50% market share is still held by
small stores.
Currently, the market for consumer electronics at rural areas, where take up 70% of local market, is still
largely unoccupied. MWG will focus to significantly enhance its presence in this market in 2015.
Revenues in 2014 mainly came from rapid expansion and strong growth of retail distribution system,
thegioididong.com.
Focus on growth of online

business
2016
DienmayXANH.com is expected to
open more stores and accelerate
revenues from current stores
2017
2018
A new retail chain is planned to

launch
2015: Revenues of MWG will come from three sources, including thegioididong.com, Online sales
and Dien May Xanh, which started to expand larger. The goal of revenues MWG sets for 2015 is
USD 1 billion.
Online sales will be set as a driver for upcoming growth of MWG. Rely on its current stable
technological infrastructure, well-invested website, MWG works forward an omni channel model that
target retailers which have large offline customers. Online sales in 2016 and early 2017 are expected
to generate a greater share of values while DienmayXanh is expected to make a bigger contribution
to MWGs revenues from its current stores and newly opened stores.
Revenues after 2017 is expected to come from new retail system.
www.mwg.vn
ANNUAL REPORT 2014
15
BOARD OF DIRECTORS (BOD) INTRODUCTION

Four executive BOM members
Mr.
NGUYEN DUC TAI
Co-founder
Member of BOD
Mr. Nguyen Duc Tai was born in 1969. He

earned his MBA Degree from the Centre
Franco-Vietnamien de formation a la Gestion
CFVG (The French - Vietnamese Center for
Management Education) and his BA degree in
Finance and Accounting from the University
of Economics in Ho Chi Minh City. He has held
various key positions in different functions in
the Company as in Finance and Accounting,
Marketing, Logistics, Store Network
Development, and Executive Management.
Mr. Tai has fully devoted to the development
of the Company since its inception;
leading and guiding the Company with his
Righteous (meaning Duc in Vietnamese)
and his Talent (meaning Tai in Vietnamese).
Being the captain of the Mobile World
crew, he has always strived for bringing to all
employees a happy life, prosperity, and pride
as being a member of Mobile World.
Mr.
TRAN KINH DOANH
Member of BOD
Mr. Tran Kinh Doanh, born in 1973,

graduated from the University of
Economics of Ho Chi Minh City,
majoring in Economics. Having
experienced a number of key positions
in the Business Development Division
since 2007, Mr. Doanh and his associates
have made tremendous contributions
to the Company at different stages.
He was directly responsible for
the excellent fulfillment of the
thegioididong.com store network
expansion plan in all 63 cities and
provinces in Vietnam. In April 2013, Mr.
Doanh was elected Board Director, and
later he was appointed CEO of Mobile
World Joint Stock Company in June
2014.
Mr.
DANG MINH LUOM
Member of BOD
Mr. Dang Minh Luom, born in 1975,

holds a bachelor degree in Business
Administration, majoring in Human
Resource Management. Being the
Human Resources Director of Mobile
World Joint Stock Company since 2007,
Mr. Luom has led and inspired the
most valuable asset of the Company
the crew of 6,000 staff nation-wide
who are wholehearted to drive the
Mobile World ship steadily forward. Mr.
Luom has been elected Board Director
since May 2014. He is currently the HR
Director of the Company.
Mr.
DIEU CHINH HAI TRIEU
Co-founder
Member of BOD
Mr. Dieu Chinh Hai Trieu, born in 1980,

graduated from the University of Natural
Sciences, majoring in Information
Technology. As one of the founding
members, Mr. Trieu has set up the initial
platform for the information system of
the Company. Mr. Trieu is currently the
IT Director.
www.mwg.vn
ANNUAL REPORT 2014
16
BOARD OF DIRECTORS (BOD) INTRODUCTION (CONTINUED)
Four non-executive BOM members
Mr.
TRAN LE QUAN
Co-founder
Member of BOD
Mr. Tran Le Quan was born in

1960, he holds his BSc. degree in
telecommunications engineering.
Mr. Quan was responsible for layingout of the Company foundations as
not only an electronic retailer but
also as the retailer that devotes to
customer satisfactions. Mr. Quan
served as CEO of Mobile World Joint
Stock Company in the period 2004
2007. While not currently holding
an executive role, Mr. Quan, as a
non-executive Director, continues to
make enormous contribution to the
strategic guidance of the Company
operations.
Mr.
CHRIS FREUND
Member of BOD
Mr. Christopher E. Freund, a U.S.

nationality born in 1972, is the Partner
of Mekong Capital, managing MEF
II. Having been associated with
Mobile World from the early days
of cooperation in 2007, Mr. Freund
and his staff at Mekong Capital have
added great value to the Company,
particularly in contributing to build
an empowering corporate culture
characterized with strong commitment
and humanity. Mr. Freund was
appointed Board Director of Mobile
World Investment Corporation
in January 2013, continuing his
commitments, supports, and
contributions to the development of
the Company.
Ph.D.
THOMAS LANYI
Member of BOD
Mr. Thomas Lanyi, born in 1977,

Austrian nationality, is Director of
CDH Investment Advisory Pte. Ltd.
Being appointed Board Director
of Mobile World Investment
Corporation in April 2013, Mr.
Thomas always supports, assists and
adds great value to the Company.
Mr.
ROBERT WILLETT
Member of BOD
Mr. Robert Willett, born in 1947, a

British citizen, was a former CEO
of Best Buy International. As a
Board Director and Senior Advisor
to the Company since April 2013,
he has connected Mobile Worlds
management team with the leading
international companies in the retail
of electronic devices to share the
industry's best practices and success
factors. He was the one who have
inspired and brought the confidence
in the customer centric culture to the
Company, contributing to bringing
the Company to new heights in
customer service culture.
www.mwg.vn
ANNUAL REPORT 2014
17
BOARD OF MANAGEMENT (BOM) INTRODUCTION
Mr. TRAN KINH DOANH

CEO
Mr. DANG MINH LUOM

Admin & HR Director
Mr. DO TUAN ANH

Logistics Director
Ms. LE THAO TRANG

Marketing Director
Mr. DIEU CHINH HAI TRIEU

IT Director
Mr. VU DANG LINH

CFO
Ms. HOANG KHANH CHI

Customer Care Director
www.mwg.vn
ANNUAL REPORT 2014
18
BOARD OF SUPERVISION (BOS) INTRODUCTION
Mr.
TRAN HUY THANH TUNG
Chief of BOS
Mr. Tran Huy Thanh Tung used to work as Chief

Accountant and CFO of the Company from 2007
to 2013. At the end of 2013, he was appointed
Chief of BOS.
Mr.
HOANG XUAN THANG
Member of BOS
Mr. Hoang Xuan Thang graduated from Economic

University of Ho Chi Minh City with major in
Accounting and Auditing. He used to work
at Internal Control Department and Logistics
Department of the Company since 2008. In 2013,
he was appointed to be Member of BOS by the
General Meeting of Shareholders.
Ms.
NGUYEN KHANH VAN
Member of BOS
Ms. Nguyen Khanh Van, a representative of

MEFII, was elected by the General Meeting of
Shareholders as a Member of BOS to increase
the transparency and publicity in supervision on
operations of BOD and Management.
www.mwg.vn
ANNUAL REPORT 2014
19
RISKS
OPERATING IN THE RETAIL DISTRIBUTION OF MOBILE PHONES AND CONSUMER ELECTRONICS,
MWG IS EXPOSED TO THE FOLLOWING RISKS:
RISK OF INVENTORY DEVALUATION:

Launching a new product model to the market
normally leads to a decline in selling price of the
older model produced by the same manufacturer.
If inventory control is not executed well,
manufacturers will not provide the price shield
for the obsolete inventories of these old models.
MWG applies the advanced enterprise recourse
planning (EPR) that enables effective track of each
mobile phone in line with its International Mobile
Equipment Identity (IMEI) to ensure consistent
application of first-in first-out (FIFO) method
to inventories to ensure all inventories of MWG
receives price shield from manufacturers.
someone, who can be an individual or the whole

store. There is no concept like acceptable loss in
the way MWG doing its business.
RISK OF MOBILE PHONE SUBSIDIES FROM

NETWORK OPERATORS :
It is almost impossible for this kind of risk to arise
when network charges payable to operators are
ranging from VND 80,000 to VND 100,000/month
and it will takes them 100 months to get VND 10
million from a mobile phone subscriber to offer
such subscriber some millions if they want to cut
down selling prices of a specific mobile phone
product.
It is expected to lead the market soon.
RISK OF MERCHANDISE LOSS:
COMPETITION AGAINST OTHER RETAIL RIVALS :
RISKS OF MACRO-ECONOMY:
Consistent application of FIFO will send warning

signals immediately if there are any first-in received
mobile phones but do not first-out sold. With
this control method in place, periodical or nonperiodical inventory counts can detect any loss
at stores at the earliest. Any loss, regardless of
how small values of loss, must be responsible by
Other mobile phone retailers are suffering from loss

or making little profit and none of them can be a hard
challenge for MWG. In term of operation efficiency
and effectiveness, MWG has been dominant in
comparison with its retail rivals. DienmayXanh.com
also has been experiencing a powerful growth in
both revenues and number of newly opened stores.
Unstable exchange rate, high unemployment rate

and inflation rate, declined trust from consumers
are the risks arising at macro level. This kind of risk
is almost uncontrollable to MWG but it is trying
to minimize the possible effects of exchange rate
risk on MWGs business performance by utilizing
financial measures and risk provisions.
www.mwg.vn
ANNUAL REPORT 2014
20
LABOR
NUMBER OF EMPLOYEES
Number of employees by the end of 2014 is 9,491.
Details of labor segment are as follows:
1
2
3
4
5
6
7
Total
Stores
IT Division
Financial and Accounting
Division
Business Development Division
Logistics Division
Administration and HR Division
Online Sales Division
BENEFITS AND WELFARE
TALENT ATTRACTION AND RETAINING
During the year 2014, MWG successfully achieved

the significant milestone on its development
journey. The business performance in 2014 also was
so excellent that went beyond the expectation. In
this year, MWG also started to apply many special
benefits and welfares to employees to help them
Recruitment
2014 SALARY, BONUS AND BENEFITS
POLICIES
No. Divisions
The Company issued regulations on salary and

bonus to its employees in line with the Resolutions
of the Board of Directors. In addition to contractual
salary payable to employees, in 2014, MWG
applied a flexible salary policy which can timely
recognize performance of employees, motivate
loyal stay with the Company, their higher working
efficiency and enthusiasm.
The average salary at MWG during the last
years always keeps increasing 10% against that
of the prior year.
recharge their energy after hard working days and

offer them timely support and assistance.
The consistent goal in labor policies of MWG
is to offer all employees a comfortable life. So,
its policies are not only aimed at motivating
employees in performance improvement but
also at increasing income and life quality for them
through:
Annual travel trip is 100% covered by the
Company and each employee receives VND 2
million allowance each.
Gifts from Trade Union on occasions like Lunar
New Year (Tet), Mid-autumn, birthday, etc.
Sales discount from 5% to 30% to employees
Purchases of devices with payments on
installment to employees
Allowance on occasions like wedding or funeral
at VND 500,000/case
Training course on soft skills at no costs
Insurance policies (social insurance, health
insurance, unemployment insurance)
Maternity, sick and accident benefits
Number of
employees
8,225
151
173
130
124
215
473
9,491
Personnel recruitment is done on annual basis to

meet the development strategy of the Company
and in line with the recruitment process of MWG.
Job requirements for each position or each
stage of recruitment are publicly posted on mass
www.mwg.vn
ANNUAL REPORT 2014
22
media so every potential candidate can access

the information.
Only in 2014, MWG provided jobs to 9,000
people in 63 provinces and cities of Vietnam.
MWG recruited its personnel through diversified
channels, from intranet, website vieclam.
thegioididong.com or directly at system of
350 stores nationwide. In addition to current
recruitment channels, MWG also finds its
personnel through other sources, including:
Career Start with The Gioi Di Dong (Mobile
World), attracting 1,297 students with good
or excellent studying results from universities
across the country, such as Foreign Trade
University, Economic University, Open
University, Hoa Sen University, Duy Tan
University.
Organizing Talkshow "STRONG START" in
collaboration with universities to inspire
students to look for their dream jobs.
Direct interview at culture centers or
universities to look for good candidates.
Promotion
MWG offers various promotion opportunities to
its employees. Every employee working with the
Company for over 6 months can propose themselves
to the certain positions they wants or move to other
departments or other business locations or regions
of MWG, where they find better positions. MWG
also makes three to six performance evaluation for
promotions to store managers annually.
MWG commits to create a FRIENDLY,

PROFESSIONAL AND STABLE working environment
and ensuring EQUAL promotion OPPORTUNITIES
for every employee.
new products.
Seminars on corporate cultures, and business
orientation.
Training courses targeting store employees are

done logically and practical to ensure no dull
lessons and highest training efficiency. Training
courses done in 2014:
Training courses for new store employees

combines concise academics and interesting
practices to ensure the highest training efficiency.
TRAINING
Training combined with outdoor activities to

create new and effective learning environment
that facilities both learning and playing.
Training program for managers are designed
with practical contents, stick with required
capacity standards and integrated with real
practices and experiences to enhance their
social experiences.
Special coaches for office managers to provide
them with tools to understand themselves
and motive them uphold their potentials
for exceptional movement forward to the
landmark of true, the good and the beautiful.
Specific skill training for employees of call
center, customer care and TCC.
CEO Talk Program

HR Director
Sales Director
Accessories Director
System Operation and Control Director
Training courses provided by reputable
education and training professional
organizations:
Management Capacity Improvement
Training Program with Business Breakthrough
Technology (BBT) from Singapore on three
principles to make results.
Course on Breakthrough Leadership by Dale
Carnegie.
Course on Professional Project Management
by SMARTPRO.
Internal training courses
Positive Thinking
Team Communication
Application of E-learning in training that enable
employees to easily learn knowledge on
products, procedures and process. Additionally,
MWG also applies online test and online survey.
I-Phone Club
Working with Nokia, Samsung, HTC, LG, Sony, Dell,

Lenovo, Asus, Sharp, Hitachi, Sanyo and other
suppliers to train employees with information on
www.mwg.vn
ANNUAL REPORT 2014
23
SHAREHOLDER STRUCTURE
CHANGE IN OWNERS EQUITY
No. Investors
1
Founding shareholders
Local
Foreign
Investment funds before listing
Local
Foreign
Major investors (holding over 5% of share capital)
after listing
Local
Foreign
Managers and staff of MWG
Local
Foreign
Other investors
Local
Foreign
Shareholder structure (*)

Organization
Individual
5
5
2
2
-
Number of
shares
45,731,491
45,731,491
28,957,845
28,957,845
Percentage of
ownership (%)
40.85%
40.85%
25.87%
25.87%
Number of
shareholders
5
5
2
2
17,861,508
15.95%
17,861,508
8,837,373
8,837,373
10,568,562
5,690,421
4,878,141
15.95%
7.89%
7.89%
9.44%
5.08%
4.36%
2
1,110
1,110
803
710
93
2
61
12
49
1,110
1,110
742
698
44
Note:
Business Registration Certificate. No. 4103012275, which was registered for the first time on 16 January 2009, granted by the Department of Planning and
Investment of HCMC and the Business Registration Certificate No. 0306731335, which was amended for 11th time, granted by the Department of Planning
and Investment of Binh Duong Province on 5 November 2014.
(*): State clearly the number of organization and individual shareholders holding each type of shares.
www.mwg.vn
ANNUAL REPORT 2014
24
SHAREHOLDER STRUCTURE (CONTINUED)
CAPITAL INCREASES DURING THE YEAR

Time
25/03/2014
09/05/2014
05/11/2014
10/12/2014
Old charter capital

109,567,040,000
116,418,160,000
627,231,710,000
1,066,256,610,000
Unit: VND
New chartered capital
116,418,160,000
627,231,710,000
1,066,256,610,000
1,119,567,790,000
STOCK

(1) Total number of shares: 111, 956, 779

(2) Treasury shares: 3,283
(3) = (1) - (2) Outstanding shares carrying voting rights: 111,953,496
(4) Number of share transfer restricted for transfer: 27,426,695
(5) = (1) - (4) Number of shares freely transferred: 84,530,084
TRANSACTIONS OF TREASURY SHARES

The Company currently has 3,283 shares and there are no transaction incurred in relation to treasury
shares in 2014.
ISSUANCE OF SHARES DURING 2014

Complete the private placement of shares to 38 individuals with number of shares successfully issued is 685,112.
Complete the issuance of bonus shares from share premiums in proportion of 1000: 669 and receive the
dividend in form of shares from the retained earnings at the rate of 1000: 3720.
Complete the issuance of shares from the equity according to the ratio of 1000: 67 and the interim
dividend 2014 in shares at the ratio of 1000: 633.
Complete the issuance of shares to 598 employees under Employee Stock Ownership Program (ESOP)
of the Company and its subsidiaries based on business performance results of 2013. A number of
5,331,118 shares was successfully issued under this program.
www.mwg.vn
ANNUAL REPORT 2014
25
BOD ASSESSMENT ON
THE COMPANYS BOARD OF MANAGEMENT
(BOM) HAS FULFILLED BEYOND
EXPECTATIONS ALL RESOLUTIONS OF THE
GENERAL MEETING OF SHAREHOLDERS
AND IMPLEMENTED BUSINESS ACTIVITIES
IN ALIGNMENT WITH THE DIRECTIONS
FROM THE BOD.
BOD ASSESSMENT ON OPERATION RESPECTS

Plan for expanding the system was excellently implemented with 142 newly opened stores
during 2014.
Revenues from online sales saw a strong growth of 105% versus that of 2013. Number of
visitors to our website also significantly increased by 400%.
Plan on revenues and profits committed to shareholders exceeds the plan.
Items
Net revenues
Profit after tax
2014
performance
Unit: Billion VND

2014
Rate of
2013
Growth
plan completion performance
rate
15,756,726 13,020,977
673,744
435,008
121.0%
9,498,849
165.8%
154.8%
258,468
260.6%
BOD ASSESSMENT ON OPERATION OF BOM

The Companys BOM all have excellent professional capacities and qualifications, well trained
and have profound understanding of their fields. They are also very rich in experiences in
managing and operating their assigned duties at the Company.
CEO assigns clearly the duties and authorities to Division Managers and Regional Managers.
They make decisions and take responsibilities for themselves and report directly to the CEO.
This mechanism has enabled the smooth and timely handle every operation respect of the
Company.
The Companys BOM has done business in line with the resolutions of the General Meeting of
Shareholders, the directions of the BOD and in compliance with the Companys charter and laws.
www.mwg.vn
ANNUAL REPORT 2014
26
BOD ASSESSMENT ON BUSINESS PERFORMANCE (CONTINUED)

The BOM and all employees live fullest with the corporate culture that
position customers as center in every thought and action we take to ensure
bringing customer the experience of exceptional quality services.
We have a dedicated team of the BOM and senior managers who are talents
and sensitive to seize and take potential opportunities from the market
movements to deliver excellent results to profit targets and expansion plans
set for year 2014.
BOD PLAN AND ORIENTATION

In 2015, the BOD has the following plans for its overall operation:
Focus is given to enhancing and monitoring plan implementation to
successfully deliver the business targets for 2015 assigned by the General
Meeting of Shareholders.
Working with the Board of Supervision is to strengthen the supervision
and inspection on operation of the BOM to develop MWG and make MWG
become a model for standard public company.
Regular and irregular meetings of BOD will continue being held to get
recommendations from the CEO and other executive officers as bases to make
right and effective decisions for the BOM to implement.
Working with the BOM to get an inside look of M & A activities in retail sector
and provide optimal consultancy and policy to try the new retail models
within the approved budget.
www.mwg.vn
ANNUAL REPORT 2014
27
REPORT OF THE BOD
BOD OPERATION
During 2014, there were following changes in
personnel of BOD:
BOD MONITORS AND FOLLOWS UP THE BUSINESS OPERATION PROGRESS OF THE COMPANY
THROUGH THE REPORTS AND RECORDS SUBMITTED BY THE BOM AT THE REGULAR AND
IRREGULAR BOD MEETINGS SO AS TO SUGGEST EFFECTIVE SOLUTIONS AND STRATEGIES TO
DRIVE ITS BUSINESS FORWARDS.
BOD MEMBERS AND STRUCTURE
No.
1
2
3
4
5
6
7
8
Name of organization /
individual
Nguyen Duc Tai
Dang Minh Luom
Tran Le Quan
((non-executive BOD member)
Mekong Enterprise Fund II, Ltd
represented by Christopher E.
Freund
Robert Alan Willett
(non-executive independent BOD
member)
Tran Kinh Doanh
CDH Electric Bee Limited
represented by Thomas Lanyi
Dieu Chinh Hai Trieu
SUBCOMMITTEE UNDER BOD: (none )
Positions
Number of
Percentage
shares owned
(%) of share
at periodownership at
ending period-ending
Chairman / CEO
BOD member
2,670,966
229,360
2,39%
0,20%
BOD member
1,336,233
1,25%
BOD member
15,267,483
13,64%
BOD member
966,043
0,86%
BOD member
909,290
0,81%
BOD member
13,690,362
12,23%
BOD member
1,125,173
1,01%
Mr. Dang Minh Luom, Admin and HR Director,

became BOD member in replacement for Mr. Dinh
Anh Huan from May 2014 as approved by the General
Meeting of Shareholders. Accordingly, the Company's
BOD includes 1 Chairman, 03 executive Members,
02 Members who are authorized representatives
of shareholders with legal status, 02 non-executive
Members. All of them have been working together to
give direction to and supervision on the operation of
the Companys management as follows:
BOD monitors and follows up the business operation
progress of the Company through the reports and
records submitted by the BOM at the regular and
irregular BOD meetings so as to suggest effective
solutions and strategies to drive its business forwards.
Having profitable relationships with profound
understanding and rich experiences, foreign BOD
members are acting like an effective bridge to
connect MWG with the trustworthy international
partners. This connection enables MWGs BOM
to access various knowledgeable and advanced
standards on corporate governance as well as the
big opportunities for learning, sharing and longterm partnership.
BOD also works with Board of Supervision to get
updates of actual business performance of the
Company and raise timely directions to the BOM to
successfully complete the business targets set out.
www.mwg.vn
ANNUAL REPORT 2014
29
REPORT OF BOD (CONTINUED)
BOD MEETINGS
No.
1
2
3
4
5
6
7
8
9
BOD members
Position
Nguyen Duc Tai

Tran Le Quan
Tran Kinh Doanh
Dieu Chinh Hai Trieu
Robert Willett
Chris Freund
Thomas Lanyi
Dinh Anh Huan
Dang Minh Luom
Chairman
Member
Member
Member
Member
Member
Member
Member
Member
Frequency of
attendance
4
4
4
4
4
4
4
1
3
Rate of
attendance
100%
100%
100%
100%
100%
100%
100%
25%
75%
Reason for not attending

Resigned from May 2014
Appointed from May 2014
www.mwg.vn
ANNUAL REPORT 2014
30
Through regular and irregular meetings, and vote in writing, the BOD approved and issued 11 following resolutions:
No.
Number of Resolution/Decision
Date
Contents
02-2014/HDQT/TGDD
22/03/2014
Change in personnel of BOD.

Approval on plan to acquire 20% stock of World Electronics Trading Corporation.
Reinvestment in Mobile World Corporation.
Adjustment to target of net profit after tax of 2014.
Approval on plan to issue bonus shares from stock premiums of 2012 and pay advances for
dividends in form of share from retained earnings of 2013.
03-2014/HDQT/TGDD
26/06/2014
Approval on plan of expanding thegioididong.com and dienmay.com systems.

Approval on listing plan.
0209/NQ/HDQT-2014
16/09/2014
Approval on dossiers on issuing bonus shares from stock premiums and pay advances for
dividends in form of share from retained earnings.
0509/NQ/HDQT-2014
25/09/2014
Closing list of shareholders to issue shares for raising capital from equity source.
0810/NQ/HDQT-2014
21/10/2014
Approval on additional dossiers on share listing.
04-2014/HDQT/TGDD
24/10/2014
CEO Report for the first 9 months and the estimates for whole year 2014.
Plan on system expansion in 2015.
Policies on grant of charity funding.
0211/NQ/HDQT-2014
10/11/2014
Approval on dossiers on issuing bonus shares to key managers.
0311/NQ/HDQT-2104
10/11/2014
Approval on policies on offering bonus shares to key managers.
0511/NQ/HDQT-2014
10/11/2014
Approval on plan of issuing bonus shares to key managers.
10
05-2014/HDQT/TGDD
16/12/2014
Approval on 2015 revenue and profit targets set for Mobile World Corporation to submit to
General Meeting of Shareholders to vote at its 2015 annual meeting.
11
0212/NQ/HDQT-2014
16/12/2014
Approval on restriction placed on share transfers and conditions to take back bonus shares
issued under Employee Stock Ownership Program (ESOP).
www.mwg.vn
ANNUAL REPORT 2014
31
Thanks to the joint efforts of all employees and smart direction of the leaders,
Mobile World Corporation excellently reached all the targets and successfully
completed all duties assigned by the General Meeting of Shareholders in
2014 as follows:
Successfully organized 2014 annual General Meeting of Shareholders in May
and two irregular meetings of BOD in February 2014 and September 2014.
Realizing its commitment to shareholders that MWGs shares were officially
listed on Ho Chi Minh City Stock Exchange (HOSE) on 14 July 2014 at the
offering price of VND 68,000 per share and so far, after over 07 months
following the listing, our share price has kept increasing over 130% against
the listing price.
Successfully completing the issuance of shares as approved by Resolution of
General Meeting of Shareholders.
ACTIVITIES OF THE NON-EXECUTIVE INDEPENDENT BOD MEMBER

Mr. Robert Willett was appointed non-executive independent BOD
Member since April 2013. Smartly observing movements of the
Company, he always makes profitable and valuable recommendations to
the growth of MWG in 2014.
Taking the role as BOD member and Senior Consultant to MWG, he
attends all the regular BOD meetings on quarterly basis. He also spends
his time to have survey and real experiences at stores in order to give
MWG his best practicable and constructive comments.
LIST OF BOD MEMBERS WHO HAVE CORPORATE GOVERNANCE CERTIFICATES

List of BOD members attending corporate governance training course: None
He also acts as prestigious bridge to bring MWGs BOM access to chances to

share, learn and grasp the most effective models from leading partners in the
world.
www.mwg.vn
ANNUAL REPORT 2014
32
BOARD OF
SUPERVISION
IN CHARGE OF SUPERVISING INFORMATION DISCLOSURES IN RELATION TO SHARE TRANSACTIONS

AMONG RELATED INDIVIDUALS IN BOD, BOM, BOS AND CHIEF ACCOUNTANT OF THE COMPNAY.
BOS MEMBERS AND STRUCTURE
BOS ACTIVITIES
Name of organizations/
No.
Position at the Company
Individuals
1
2
3
Tran Huy Thanh Tung

Hoang Xuan Thang
Nguyen Khanh Van
Chief of BOS
Member of BOS
Member of BOS
Number of shares Percentage (%) of

held at share ownership
period end
at period end
1,508,522
1.35%
55,192
0.05%
0
0%
BOS OPERATION
The Board of Supervision consists of three members appointed by the General Meeting of Shareholders
and are assigned the tasks of supervisions in line with the laws and charter of the Company. Taking the
roles as representatives of shareholders and getting support from the BOD, the BOM, the BOS has well
done its duties of investigation, supervision and recommendations of necessary changes to improve risk
control efficiency and corporate governance quality. During 2014, the BOS has held regular meetings
with the following contents:
Supervising information disclosure in connection

to share transactions of the related individuals in
the BOD, the BOM, Board of Supervision and Chief
Accountant of the Company.
Supervising the Companys fulfillment to its
obligations in line with the current laws.
During 2014, the BOS also attended fully all
quarterly and irregular meetings with the BOD
and the BOM. Through these meetings, the BOS
can provide its assessment on how directions
of BOD are carried out and have transparent
understanding on business situation of the
Company at each specific period.
Checking and supervising the reasonableness in resolutions and decisions of the Board of Directors (BOD)
and the Board of Management (BOM) of the Company in the management and operation, issuance of
documents, procedures and process in compliance with the laws and Charter of the Company.
Check the quarterly and annual financial statements to assess the trueness and fairness of the financial
figures.
Work with internal auditors, and risk controllers to review the compliance with procedures for
accounting record movements at departments and subsidiaries.
www.mwg.vn
ANNUAL REPORT 2014
33
BOARD OF SUPERVISION (CONTINUED)
TRANSACTIONS, REMUNERATION AND BENEFITS TO BOD, THE BOM AND BOS

SALARY, BONUS, REMUNERATIONS AND BENEFITS
Unit: VND
Non-executive BOD members

BOS members
Remuneration approved
by 2014 General Meeting of
Shareholders
1,060,000,000
0
Remuneration actually paid

1,060,800,000
0
Reason: Exchange difference
SHARE TRANSACTIONS OF INTERNAL SHAREHOLDERS : (APPENDIX 1)

CONTRACTS OR TRANSACTIONS WITH INTERNAL SHAREHOLDERS
Mr. Nguyen Duc Tai transferred 9,090,900 shares to Retail World Investment Consultancy Co., Ltd. in
which Mr. Nguyen Duc Tai is the owner.
Mr. Tran Le Quan transferred 6,818,180 shares to Tri Tam Co., Ltd. in which Mr. Tran Le Quan is the
General Director.
Mr. Tran Huy Thanh Tung transferred 1,909,090 shares to Tran Huy Investment Consultancy, in which
Mr. Tran Huy Thanh Tung is the General Director.
Mr. Dieu Chinh Hai Trieu transferred 1,909,090 shares to Son Ban Co., Ltd., of which, Mr. Dieu Chinh Hai
Trieu is General Director.
COMPLIANCE WITH CORPORATE

GOVERNANCE REQUIREMENT
2014 was the first year MWG became a public
listed entity on HCMC Stock Exchange (HOSE).
During this year, MWG was warned of information
disclosure by HOSE for three times. This
unexpected significant shortcoming is surely fixed
in the coming years to meet the expectation from
shareholders of high transparency of MWG.
www.mwg.vn
ANNUAL REPORT 2014
34
Consolidated financial statements

31 December 2014
CONTENTS
PAGES
15,756,725,856,676
VND
NET REVENUE
GENERAL INFORMATION
37
REPORT OF MANAGEMENT

INDEPENDENT AUDITORS REPORT
40
CONSOLIDATED BALANCE SHEET
44
CONSOLIDATED INCOME STATEMENT
47
CONSOLIDATED CASH FLOW STATEMENT
49
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
51
42
www.mwg.vn
ANNUAL REPORT 2014
36
GENERAL INFORMATION
THE COMPANY
Mobile World Investment Corporation (the Company) is a shareholding company incorporated under the Law on Enterprise of Vietnam pursuant to the Business
Registration Certificate No. 4103012275 issued by the Department of Planning and Investment of Ho Chi Minh City on 16 January 2009, as amended.
The company's head office is located at 222 Yersin Street, Phu Cuong Ward, Thu Dau Mot Town, Binh Duong Province, Vietnam and operating office is located at
6th Floor, Etown 2, 364 Cong Hoa Street, Ward 13, Tan Binh District, Ho Chi Minh City, Vietnam.
The Company has two subsidiaries namely The Gioi Di Dong Joint Stock Company and Electronic World Trade Corporation (collectively referred to as the Group).
As at 31 December 2014, the Company held 99.35% equity share in The Gioi Di Dong Joint Stock Company and 99.95% equity share in Electronic World Trade
Corporation.
The current principal activities of the Group are trading, providing repair and maintenance services of phones, information technology equipment, cameras,
digital equipment, electronic equipment; household appliances and related accessories.
The Companys shares were listed on the Ho Chi Minh City Stock Exchange with symbol MWG in accordance with Decision No. 253/QD-SGDHCM issued by the
Ho Chi Minh City Stock Exchange on 7 July 2014.
www.mwg.vn
ANNUAL REPORT 2014
37
GENERAL INFORMATION (CONTINUED)
BOARD OF DIRECTORS
Members of the Board of Directors during the year and at the date of this report are:
Mr Nguyen Duc Tai
Mr Tran Le Quan
Mr Dieu Chinh Hai Trieu
Mr Chris Freund
Mr Thomas Lanyi
Mr Tran Kinh Doanh
Mr Robert Willet
Mr Dang Minh Luom
Mr Nguyen Duy Linh
Mr Dinh Anh Huan
Chairman
Member
Member
Member
Member
Member
Member
Member
Member
Member
Appointed on 17 May 2014

Resigned on 17 May 2014
BOARD OF SUPERVISION
Members of the Board of Supervision during the year and at the date of this report are:
Mr Tran Huy Thanh Tung
Mr Hoang Xuan Thang
Ms Nguyen Khanh Van
Head
Member
Member
www.mwg.vn
ANNUAL REPORT 2014
38
GENERAL INFORMATION (CONTINUED)
MANAGEMENT
Members of the Management during the year and at the date of this report are:
Mr Nguyen Duc Tai
Mr Tran Le Quan
Mr Dinh Anh Huan
Mr Dieu Chinh Hai Trieu
Mr Vu Dang Linh
General Director
General Director
Business Development Director
Technology Director
Finance Director
Appointed on 3 June 2014

Resigned on 3 June 2014
LEGAL REPRESENTATIVE
The legal representatives of the Company during the year and at the date of this report are:
Mr Nguyen Duc Tai
Mr Tran Le Quan
Appointed on 3 June 2014

Resigned on 3 June 2014
AUDITORS
The auditor of the Company is Ernst & Young Vietnam Limited.
www.mwg.vn
ANNUAL REPORT 2014
39
REPORT OF MANAGEMENT
Management of Mobile World Investment Corporation (the Company) is pleased to present its report and the consolidated financial statements of the
Company and its subsidiaries ( the Group) for the year ended 31 December 2014.
MANAGEMENTS RESPONSIBILITY IN RESPECT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Management is responsible for the consolidated financial statements of each financial year which give a true and fair view of the consolidated financial
position of the Group and of the consolidated results of its operations and its consolidated cash flows for the year. In preparing those consolidated financial
statements, management is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the consolidated financial
statements; and
prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue its business.
Management is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the consolidated
financial position of the Group and to ensure that the accounting records comply with the applied accounting system. It is also responsible for safeguarding
the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Management confirmed that it has complied with the above requirements in preparing the accompanying consolidated financial statements.
www.mwg.vn
ANNUAL REPORT 2014
40
REPORT OF MANAGEMENT (CONTINUED)
STATEMENT BY MANAGEMENT
Management does hereby state that, in its opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial
position of the Group as at 31 December 2014 and of the consolidated results of its operations and its consolidated cash flows for the year then ended in accordance
with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to preparation and presentation of
consolidated financial statements.
For and on behalf of management:

Nguyen Duc Tai
General Director
9 February 2015
www.mwg.vn
ANNUAL REPORT 2014
41
INDEPENDENT AUDITORS REPORT

Reference: 61110221/17001353/FN/HN
To:
The Shareholders and the Board of Directors of Mobile World Investment Corporation
We have audited the consolidated financial statements of Mobile World Investment Corporation (the Company) and its subsidiaries (the Group) as prepared
on 9 February 2015 and set out on pages 6 to 31, which comprise the consolidated balance sheet as at 31 December 2014, and the consolidated income
statement and consolidated cash flow statement for the year then ended and the notes thereto.
Management's responsibility
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Vietnamese Accounting
Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to preparation and presentation of consolidated financial
statements, and for such internal control as management determines is necessary to enable the preparation and presentation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
Auditors responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with
Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures
selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether
due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of
the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
www.mwg.vn
ANNUAL REPORT 2014
42
INDEPENDENT AUDITORS REPORT (CONTINUED)

Reference: 61110221/17001353/FN/HN
Opinion
In our opinion, the consolidated financial statements give a true and fair view, in all material respects, of the consolidated financial position of the Group as at
31 December 2014, and of the consolidated results of its operations and its consolidated cash flows for the year then ended in accordance with Vietnamese
Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to preparation and presentation of consolidated
financial statements.
Ernst & Young Vietnam Limited
Mai Viet Hung Tran

Deputy General Director
Audit Practicing Registration Certificate
No. 0048-2013-004-1
To Phuong Vu
Auditor
Audit Practicing Registration Certificate
No. 2267-2013-004-1
Ho Chi Minh City, Vietnam

9 February 2015
www.mwg.vn
ANNUAL REPORT 2014
43
CONSOLIDATED BALANCE SHEET

as at 31 December 2014
B01-DN/HN
VND
Code
100
110
111
112
130
131
132
135
140
141
149
150
151
152
154
158
200
220
221
222
223
227
228
ASSETS
A. CURRENT ASSETS
I. Cash and cash equivalents
1. Cash
2. Cash equivalents
II. Current accounts receivable
1. Trade receivables
2. Advances to suppliers
3. Other receivables
III. Inventories
1. Inventories
2. Provision for obsolete inventories
IV. Other current assets
1. Short-term prepaid expenses
2. Value-added tax deductible
3. Tax and other receivables from the State
4. Other current assets
B. NON-CURRENT ASSETS
I. Fixed assets
1. Tangible fixed assets
Cost
Accumulated depreciation
2. Intangible assets
Cost
Notes
4
5
6
Ending balance
Beginning balance
2,837,686,622,393
212,920,620,191
210,211,076,663
2,709,543,528
296,735,549,237
44,481,521,771
90,846,398,087
161,407,629,379
2,195,306,348,135
2,253,516,929,935
(58,210,581,800)
132,724,104,830
77,713,718,762
49,618,196,518
175,000,000
5,217,189,550
569,512,868,791
434,419,261,598
388,331,224,087
558,482,010,906
(170,150,786,819)
23,027,313,235
26,151,751,644
1,909,084,643,229
304,733,768,468
109,285,768,468
195,448,000,000
247,310,873,457
47,767,842,810
37,945,761,587
161,597,269,060
1,288,949,605,087
1,304,678,340,679
(15,728,735,592)
68,090,396,217
30,512,602,907
34,623,166,927
2,954,626,383
322,791,455,377
275,039,772,239
258,932,882,518
331,600,123,583
(72,667,241,065)
5,054,241,383
7,288,070,044
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ANNUAL REPORT 2014
44
CONSOLIDATED BALANCE SHEET (CONTINUED)

Code
229
230
260
261
262
268
269
270
300
310
311
312
313
314
315
316
319
320
323
400
410
411
412
413
414
ASSETS
Accumulated depreciation
3. Construction in progress
II. Other long-term assets
1. Long-term prepaid expenses
2. Deferred tax assets
3. Other long-term assets
III. Goodwill
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Short-term loans
2. Trade payables
3. Advances from customers
4. Statutory obligations
5. Payables to employees
6. Accrued expenses
7. Other payables
8. Short-term provision
9. Bonus and welfare fund
B. OWNERS EQUITY
I. Capital
1. Share capital
2. Share premium
3. Consolidation reserves
4. Treasury shares
B01-DN/HN
Notes
10
11
23.2
12
13
14
15
16
17
18.1
Ending balance
Beginning balance
(3,124,438,409)
23,060,724,276
112,547,057,929
25,459,480,409
12,806,327,995
74,281,249,525
22,546,549,264
3,407,199,491,184
1,923,190,326,673
1,923,190,326,673
618,690,305,273
981,794,284,232
8,353,792,068
57,948,259,321
344,502,084
191,807,973,852
48,482,430,642
10,818,779,201
4,950,000,000
1,474,956,147,637
1,474,956,147,637
1,119,567,790,000
36,717,698,286
1,130,494,084
(300,394,500)
(2,233,828,661)
11,052,648,338
47,053,250,242
5,395,418,925
3,460,321,830
38,197,509,487
698,432,896
2,231,876,098,606
1,407,239,941,555
1,407,239,941,555
513,188,993,447
693,539,029,504
1,565,912,107
84,241,128,747
4,500,364,725
91,089,223,923
16,134,307,486
2,980,981,616
800,283,880,305
800,283,880,305
109,567,040,000
151,578,368,286
1,130,494,084
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ANNUAL REPORT 2014
45
CONSOLIDATED BALANCE SHEET (CONTINUED)

Code
420
439
440
ASSETS
B01-DN/HN
Notes
5. Undistributed earnings
C. NON-CONTROLLING INTERESTS
TOTAL LIABILITIES AND OWNERS EQUITY
Ending balance
Beginning balance
317,840,559,767
9,053,016,874
3,407,199,491,184
538,007,977,935
24,352,276,746
2,231,876,098,606
Ending balance
7,660,740,041
17,725
Beginning balance
1,749,225,752
14,341
OFF BALANCE SHEET ITEMS

ITEMS
1. Goods held by the Group on consignment VND
2. Foreign currency US$
Vo Thi Phuong Thao

Preparer
9 February 2015
Vu Dang Linh
Finance Director
Nguyen Duc Tai

General Director
www.mwg.vn
ANNUAL REPORT 2014
46
CONSOLIDATED INCOME STATEMENT

for the year ended 31 December 2014
B02-DN/HN
VND
Code
01
02
10
11
20
21
22
23
24
25
30
31
32
40
50
51
52
ITEMS
1. Revenue from sale of goods and rendering of
services
2. Deductions
3. Net revenue from sale of goods and rendering of
services
4. Cost of goods sold and services rendered
5. Gross profit from sale of goods and rendering of
services
6. Finance income
7. Finance expenses
- In which: Interest expense
8. Selling expenses
9. General and administrative expenses
10. Operating profit
11. Other income
12. Other expenses
13. Other profit
14. Profit before tax
15. Current corporate income tax expense
16. Deferred income tax benefit
Notes
Current year
Previous year
19.1
19.1
15,836,649,248,254
(79,923,391,578)
9,544,540,892,171
(45,691,574,828)
19.1
20
15,756,725,856,676
(13,360,606,457,365)
9,498,849,317,343
(8,091,484,102,566)
2,396,119,399,311
71,335,314,202
(21,291,413,996)
(21,261,415,761)
(1,349,301,070,370)
(240,543,267,438)
856,318,961,709
15,118,039,591
(3,239,558,206)
11,878,481,385
868,197,443,094
(203,799,232,655)
9,346,006,165
1,407,365,214,777
29,466,115,268
(26,843,253,776)
(26,535,371,431)
(935,793,711,279)
(125,646,424,308)
348,547,940,682
10,158,134,968
(7,918,446,086)
2,239,688,882
350,787,629,564
(92,541,582,226)
222,806,148
19.2
21
20
20
22
22
22
23.1
23.2
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ANNUAL REPORT 2014
47
CONSOLIDATED INCOME STATEMENT (CONTINUED)

Code
60
61
62
70
ITEMS
17. Net profit after tax
Attributable to:
- Non-controlling interests
- Equity holders of the parent
18. Earnings per share
- Basic and diluted (VND)
Vo Thi Phuong Thao

Preparer
9 February 2015
B02-DN/HN
Notes
24
Vu Dang Linh
Finance Director
Current year
Previous year
673,744,216,604
258,468,853,486
5,638,184,772
668,106,031,832
5,975
5,975
2,867,603,062
255,601,250,424
2,306
2,306
Nguyen Duc Tai

General Director
www.mwg.vn
ANNUAL REPORT 2014
48
CONSOLIDATED CASH FLOW STATEMENT

B03-DN/HN
VND
Code
01
02
03
05
06
08
09
10
11
12
13
14
16
20
21
22
25
26
27
ITEMS
I. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax
Adjustments for:
Depreciation and amortisation
Provisions
(Profit) losses from investing activities
Interest expense
Operating profit before changes in working capital
Increase in receivables
Increase in inventories
Increase in payables
(Increase) decrease in prepaid expenses
Interest paid
Corporate income tax paid
Other cash outflows for operating activities
Net cash flows from operating activities
II. CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets
Proceeds from disposals of fixed assets
Payment for acquisition of a part of ownership in
subsidiary
Proceeds from sale of investments in other entities
Interest received
Notes
8, 9, 13
21
23.1
22
Current year
Previous year
868,197,443,094
350,787,629,564
116,388,450,156
50,319,643,793
(4,921,557,749)
21,261,415,761
1,051,245,395,055
(69,681,219,038)
(948,838,589,256)
415,275,921,603
(69,527,740,506)
(21,122,048,282)
(221,553,246,030)
(36,133,740,038)
99,664,733,508
34,254,161,373
2,778,672,865
201,097,567
26,535,371,431
414,556,932,800
(116,625,906,539)
(340,163,891,869)
129,409,197,568
104,060,905,323
(26,262,404,801)
(58,109,616,672)
(2,935,887,377)
103,929,328,433
(266,396,524,598)
1,447,928,974
(142,189,977,899)
4,573,757,305
(50,000,000,000)
6,723,644,862
19,950,000,000
3,002,270,118
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ANNUAL REPORT 2014
49
CONSOLIDATED CASH FLOW STATEMENT (CONTINUED)

Code
30
31
32
33
34
36
40
50
60
70
ITEMS
Net cash flows used in investing activities
III. CASH FLOWS FROM FINANCING ACTIVITIES
Share issuance and re-issuance of treasury shares
Capital contribution from minority interests
Shares repurchased
Drawdown of borrowings
Repayments of borrowings
Dividends paid
Net cash flows from financing activities
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Vo Thi Phuong Thao

Preparer
9 February 2015
B03-DN/HN
Notes
Vu Dang Linh
Finance Director
Current year
Previous year
(308,224,950,762)
(114,663,950,476)
11,866,630,000
2,297,033,481
(300,394,500)
3,786,869,312,765
(3,681,368,000,939)
(2,617,511,830)
116,747,068,977
(91,813,148,277)
304,733,768,468
212,920,620,191
108,850,459,021
(20,057,078,735)
3,616,870,963,398
(3,495,027,300,214)
210,637,043,470
199,902,421,427
104,831,347,041
304,733,768,468
Nguyen Duc Tai

General Director
www.mwg.vn
ANNUAL REPORT 2014
50
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

as at and for the year ended 31 December 2014
1.
B09-DN/HN
CORPORATE INFORMATION
Mobile World Investment Corporation (the Company) is a joint stock company incorporated under the Law on Enterprise of Vietnam pursuant to the Business
Registration Certificate No. 4103012275 issued by the Department of Planning and Investment of Ho Chi Minh City on 16 January 2009, as amended.
The company's head office is located at 222 Yersin Street, Phu Cuong Ward, Thu Dau Mot Town, Binh Duong Province, Vietnam and operating office is
located at 6th Floor, Etown 2, 364 Cong Hoa Street, Ward 13, Tan Binh District, Ho Chi Minh City, Vietnam.
The current principal activities of the Group are trading, providing repair and maintenance services of phones, information technology equipment,
cameras, digital equipment, electronic equipment; household appliances and related accessories.
The Companys shares were listed on the Ho Chi Minh City Stock Exchange with symbol MWG in accordance with the Decision No. 253/QD-SGDHCM
issued by the Ho Chi Minh City Stock Exchange on 7 July 2014.
The number of the Groups employees as at 31 December 2014 was 9,503 (31 December 2013: 5,486).
Corporate structure
The Company's corporate structure includes 2 subsidiaries, which are consolidated into the Company's consolidated financial statements, as follows:
The Gioi Di Dong Joint Stock Company ("TGDD") was incorporated under the Law on Enterprise of Vietnam pursuant to the Business Registration
Certificate No.4103005841, under the form of a shareholding company, issued by the Department of Planning and Investment of Ho Chi Minh City on 2
January 2007. The head office of TGDD is located at 130 Tran Quang Khai Street, Tan Dinh Ward, District 1, Ho Chi Minh City. As at 31 December 2014, the
Company holds a 99.35% equity share in this subsidiary.
Electronic World Trade Corporation ("EWT") was incorporated under the Law on Enterprise of Vietnam pursuant to the Business Registration
Certificate No.0310471746, under the form of a shareholding company, issued by the Department of Planning and Investment of Ho Chi Minh City on 23
November 2010. The head office of EWT is located at 130 Tran Quang Khai Street, Tan Dinh Ward, District 1, Ho Chi Minh City, Vietnam. As at 31 December
2014, the Company holds a 99.95% equity share in this subsidiary.
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ANNUAL REPORT 2014
51
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2.
B09-DN/HN
BASIS OF PREPARATION
2.1 Accounting standards and system

The consolidated financial statements of the Group expressed in Vietnam dong (VND), are prepared in accordance with the Vietnamese Enterprise
Accounting System and Vietnamese Accounting Standards issued by the Ministry of Finance as per the:

Decision No. 149/2001/QD-BTC dated 31 December 2001 on the Issuance and Promulgation of Four Vietnamese Accounting Standards (Series 1);
Decision No. 165/2002/QD-BTC dated 31 December 2002 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 2);
Decision No. 234/2003/QD-BTC dated 30 December 2003 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 3);
Decision No. 12/2005/QD-BTC dated 15 February 2005 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 4); and
Decision No. 100/2005/QD-BTC dated 28 December 2005 on the Issuance and Promulgation of Four Vietnamese Accounting Standards (Series 5).
Accordingly, the accompanying consolidated balance sheet, consolidated income statement, consolidated cash flow statement and related notes, including
their utilisation are not designed for those who are not informed about Vietnams accounting principles, procedures and practices and furthermore are
not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally
accepted in countries other than Vietnam.
2.2 Applied accounting documentation system

The Groups applied accounting documentation system is the Journal Voucher system.
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ANNUAL REPORT 2014
52

2.
B09-DN/HN
BASIS OF PREPARATION (continued)
2.3 Fiscal year

The Groups fiscal year applicable for the preparation of its consolidated financial statements starts on 1 January and ends on 31 December.
2.4 Accounting currency
The consolidated financial statements are prepared in VND which is also the Groups accounting currency.
2.5 Basis of consolidation
The consolidated financial statements comprise the financial statements of the parent Company and its subsidiaries for the year ended 31 December
2014.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continued to be consolidated
until the date that such control ceases.
The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies.
All intra-company balances, income and expenses and unrealised gains or losses result from intra-company transactions are eliminated in full.
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ANNUAL REPORT 2014
53

2.
B09-DN/HN
BASIS OF PREPARATION (continued)
2.5 Basis of consolidation (continued)

Minority interests represent the portion of profit or loss and net assets not held by the Group and are presented separately in the consolidated income
statement and within equity in the consolidated balance sheet, separately from parent shareholders equity.
Subsidiaries acquired under common control are accounted for under the pooling of interests method.
Acquisitions of minority interests are accounted for using the parent entity extension method, whereby, the difference between the consideration and
the book value of the share of the net assets acquired is recognised in goodwill.
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.1 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, cash in banks and short-term, highly liquid investments with an original maturity of less than three
months that are readily convertible into known amounts of cash and that are subject to an insignificant risk of change in value.
3.2 Receivables
Receivables are presented in the consolidated financial statements at the carrying amounts due from customers and other debtors, after provision for
doubtful debts.
The provision for doubtful debts represents amounts of outstanding receivables at the balance sheet date which are doubtful of being recovered.
Increases and decreases to the provision balance are recorded as general and administrative expense in the consolidated income statement.
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ANNUAL REPORT 2014
54

3.
B09-DN/HN
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
3.3 Inventories
Inventories are stated at the lower of cost which comprises all costs of purchase and other direct costs incurred in bringing each product to its present
location and condition, and net realisable value.
Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs to complete and the estimated
costs necessary to make the sale.
The perpetual method is used to record inventories, which are valued as follows:
Mobile phones and laptops
Digital and electronic equipment
Accessories
Household appliances
Others
actual cost on specific identification basis

actual cost on specific identification basis
actual cost on weighted average basis
Provision for obsolete inventories

An inventories provision is created for the estimated loss arising due to the impairment of value (through diminution, damage, obsolescence, etc.) of raw
materials, finished goods, and other inventories owned by the Group, based on appropriate evidence of impairment available at the balance sheet date.
Increases and decreases to the provision balance are recorded into the cost of goods sold account in the consolidated income statement.
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ANNUAL REPORT 2014
55

3.
B09-DN/HN
3.4 Prepaid expenses

Prepaid expenses are reported as short-term or long-term prepaid expenses on the consolidated balance sheet and amortised over the year for which
the amount are paid or the year in which economic benefits are generated in relation to these expenses.
3.5 Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation.
The cost of a tangible fixed asset comprises its purchase price and any directly attributable costs of bringing the tangible fixed asset to working condition
for its intended use.
Expenditures for additions, improvements and renewals are added to the carrying amount of the assets and expenditures for maintenance and repairs
are charged to the consolidated income statement as incurred.
When tangible fixed assets are sold or retired, their costs and accumulated depreciation are removed from the consolidated balance sheet and any gain
or loss resulting from their disposal is included in the consolidated income statement.
3.6 Intangible assets
Intangible assets are stated at cost less accumulated amortisation.
The cost of an intangible asset comprises its purchase price and any directly attributable costs of preparing the intangible fixed asset for its intended use.
Expenditures for additions, improvements are added to the carrying amount of the assets and other expenditures are charged to the consolidated
income statement as incurred.
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ANNUAL REPORT 2014
56

3.
B09-DN/HN
3.6 Intangible assets (continued)

When intangible assets are sold or retired, their costs and accumulated amortisation are removed from consolidated the balance sheet and any gain or
loss resulting from their disposal is included in the consolidated income statement.
3.7 Depreciation and amortisation
Depreciation of tangible fixed assets and amortisation of intangible assets are calculated on a straight-line basis over the estimated useful life of each
asset as follows:
Building and structures
5 years
Computer software
4 years
Means of transportation
6 years
Office equipment
3 - 8 years
Goodwill
3 - 10 years
Land use rights
indefinite useful life
3.8 Borrowing costs
Borrowing costs comprise of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs are recorded as
expense during the year in which they are incurred.
3.9 Payables and accruals
Payables and accruals are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the Group.
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ANNUAL REPORT 2014
57

3.
B09-DN/HN
3.10 Accrual for severance pay

The severance pay to employees is accrued at the end of each reporting year for all employees who have been being in service up to 31 December 2008
at the rate of one-half of the average monthly salary for each year of service up to 31 December 2008 in accordance with the Labour Code, the Law on
Social Insurance and related implementing guidance. The average monthly salary used in this calculation will be revised at the end of each reporting
year following the average monthly salary of the latest 6-month period up to the balance sheet date. Any increases to the accrued amount will be taken
to the consolidated income statement.
This accrued severance pay is used to settle the termination allowance to be paid to employee upon termination of their labour contract following
Article 48 of the Labour Code.
3.11 Foreign currency transactions
Transactions in currencies other than the Groups reporting currency of VND are recorded at the exchange rates ruling at the date of the transaction. At
the year-end, monetary assets and liabilities denominated in foreign currencies are retranslated at buying exchange rate announced by the commercial
bank where the Group maintains bank accounts at the balance sheet date. All realised and unrealised foreign exchange differences are taken to the
consolidated income statement.
3.12 Treasury shares
Own equity instruments which are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or
loss upon purchase, sale, issue or cancellation of the Groups own equity instruments.
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ANNUAL REPORT 2014
58

3.
B09-DN/HN
3.13 Appropriation of net profits

Net profit after tax (excluding unrealised exchange gains as at the balance sheet date) is available for appropriation to shareholders after getting approval
by the shareholders in the Annual General Meeting, and after making appropriation to reserve funds in accordance with the Companys Charter and
Vietnams regulatory requirements.
3.14 Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured.
Revenue is measured at the fair value of the consideration received or receivable, excluding trade discount, rebate and sales return. The following specific
recognition criteria must also be met before revenue is recognised:
Sale of goods
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually upon the delivery of the
goods.
Rendering of services
Revenues are recognized upon completion of the services provided.
Interest
Revenue is recognised as the interest accrues unless collectability is in doubt.
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ANNUAL REPORT 2014
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3.
B09-DN/HN
3.14 Revenue recognition (continued)

Dividends
Income is recognised when the Groups entitlement as an investor to receive the dividend is established.
3.15 Operating leases
Rentals paid under operating lease agreements are charged to the consolidated income statement on a straight-line basis over the term of the lease.
3.16 Taxation
Current income tax
Current income tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted as at the balance sheet date.
Current income tax is charged or credited to the consolidated income statement, except when it relates to items recognised directly to equity, in which
case the current income tax is also dealt with in equity.
Current income tax assets and liabilities are offset when there is a legally enforceable right for the Group to set off current tax assets against current tax
liabilities and when the Group intends to settle its current tax assets and liabilities on a net basis.
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60

3.
B09-DN/HN
3.16 Taxation (continued)

Deferred income tax
Deferred tax is provided using the liability method on temporary differences at the balance sheet date between the tax base of assets and liabilities and
their carrying amount for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences.
Deferred tax assets are recognised for all deductible temporary differences, carried forward unused tax credit and unused tax losses, to the extent that it
is probable that taxable profit will be available against which deductible temporary differences, carried forward unused tax credit and unused tax losses
can be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is
settled based on tax rates and tax laws that have been enacted at the balance sheet date.
Deferred tax is charged or credited to the consolidated income statement, except when it relates to items recognised directly to equity, in which case the
deferred tax is also dealt with in the equity account.
Deferred tax assets and liabilities are offset when there is a legally enforceable right for the Group to set off current tax assets against current tax liabilities
and when they relate to income taxes levied on the same taxable entity by the same taxation authority or when the Group intends either settle current
tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts
of deferred tax liabilities or assets are expected to be settled or recovered.
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ANNUAL REPORT 2014
61

3.
B09-DN/HN
3.16 Taxation (continued)

The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Previously unrecognised deferred income tax
assets are re-assessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the
deferred tax assets to be recovered.
3.17 Financial instruments
Financial instruments initial recognition and presentation
Financial assets
Financial assets within the scope of Circular No. 210/2009/TT-BTC issued by the Ministry of Finance on 6 November 2009 providing guidance for the
adoption in Vietnam of the International Financial Reporting Standards on presentation and disclosures of financial instruments (Circular 210) are
classified, for disclosures in the notes to the consolidated financial statements, as financial assets at fair value through profit or loss, held-to-maturity
investments, loans and receivables or available-for-sale financial assets as appropriate. The Group determines the classification of its financial assets at
initial recognition.
All financial assets are recognised initially at cost plus directly attributable transaction costs.
The Groups financial assets include cash and short-term deposits, trade and other receivables.
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ANNUAL REPORT 2014
62

3.
B09-DN/HN
3.17 Financial instruments (continued)

Financial liabilities
Financial liabilities within the scope of Circular 210 are classified, for disclosures in the notes to the consolidated financial statements, as financial liabilities
at fair value through profit or loss or financial liabilities measured at amortised cost as appropriate. The Group determines the classification of its financial
liabilities at initial recognition.
All financial liabilities are recognised initially at cost plus directly attributable transaction costs.
The Groups financial liabilities include trade and other payables, loans and borrowings.
Financial instrument subsequent re-measurement
There is currently no guidance in relation to subsequent re-measurement of financial instruments. Accordingly, the financial instruments are
subsequently re-measured at cost.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the consolidated balance sheet if, and only if, there is a currently enforceable
legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
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ANNUAL REPORT 2014
63

3.
B09-DN/HN
3.18 Segment information

A segment is a component determined separately by the Group which is engaged in providing products or related services (business segment), or providing
products or services in a particular economic environment (geographical segment), that is subject to risks and returns that are different from those of other
segments. As the Groups revenue and profit are derived mainly from trading, providing repair and maintenance services of phones, information technology
equipment, cameras, digital equipment, electronic equipment; household appliances and related accessories business in Vietnam while other sources of
revenue are not material as a whole, management accordingly believed that the Group operates in a sole business segment of trading, providing repair
and maintenance services of phones, information technology equipment, cameras, digital equipment, electronic equipment; household appliances and
related accessories. Geographical segment of the Company is in Vietnam only.
4.
CASH AND CASH EQUIVALENTS

VND
Cash on hand
Cash in banks
Cash in transit
Cash equivalents
TOTAL
Ending balance
82,487,162,647
121,348,089,485
6,375,824,531
2,709,543,528
212,920,620,191
Beginning balance
48,396,737,144
58,790,286,613
2,098,744,711
195,448,000,000
304,733,768,468
Cash equivalents represent term deposits with maturity terms of less than three months and earn interest at the rate ranging from 5.7% to 6.5% per annum.
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5.
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OTHER RECEIVABLES
VND
Receivables from suppliers (i)

Loans to employees
Undeclared value-added tax receivables
Others
TOTAL
Ending balance
141,101,160,525
10,084,486,253
8,629,278,856
1,592,703,745
161,407,629,379
Beginning balance
158,737,915,084
2,433,561,454
278,366,074
147,426,448
161,597,269,060
(i) Receivables from suppliers mainly comprise trade discounts, early payment discounts and price protection.
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6. INVENTORIES
Mobile phones
Tablet
Electronic equiptment
Accessories
Laptop
Goods in transit
Home appliances
Scratch card
Others
TOTAL
NET
Ending balance
1,324,418,600,272
203,533,555,982
205,802,397,137
173,190,066,337
122,408,233,954
75,525,475,680
51,304,295,501
45,212,617,095
41,087,969,545
2,253,516,929,935
(58,210,581,800)
2,195,306,348,135
VND
Beginning balance
767,860,665,425
99,466,977,586
98,688,715,529
104,197,938,573
119,128,754,977
15,842,879,722
38,313,525,531
735,590,054
60,443,293,282
1,304,678,340,679
(15,728,735,592)
1,288,949,605,087
As at 31 December 2014, inventories amounting to VND 1,578 billion were pledged as loan collateral (Note 14).
Movements of provision for obsolete inventories
VND
Beginning balance
Add: Provision created during the year
Less: Utilisation and reversal of provision during the year
Ending balance
Current year
(15,728,735,592)
(58,210,581,800)
15,728,735,592
(58,210,581,800)
Previous year
(12,950,062,727)
(15,728,735,592)
12,950,062,727
(15,728,735,592)
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7.
B09-DN/HN
SHORT-TERM PREPAID EXPENSES

Short-term prepaid expenses mainly represent rental and set up expenses of new offices and distribution centres.
8.
TANGIBLE FIXED ASSETS

VND
Cost
Beginning balance
Newly purchased
Transferred from construction in progress
Disposed
Ending balance
Accumulated depreciation:
Beginning balance
Depreciation for the year
Disposed
Ending balance
Net carrying amount:
Beginning balance
Ending balance
Buildings and
structures
Means of
transportation
Office equipment
Total
253,937,076,722
198,666,528,534
5,086,513,667
(4,078,850,423)
453,611,268,500
7,875,688,169
2,760,587,722
(1,764,743,093)
8,871,532,798
69,787,358,692
34,097,650,804
(7,885,799,888)
95,999,209,608
331,600,123,583
235,524,767,060
5,086,513,667
(13,729,393,404)
558,482,010,906
31,080,912,323
90,575,237,721
(1,367,093,556)
120,289,056,488
2,836,733,076
1,176,005,948
(1,226,483,873)
2,786,255,151
38,749,595,666
16,211,679,402
(7,885,799,888)
47,075,475,180
72,667,241,065
107,962,923,071
(10,479,377,317)
170,150,786,819
222,856,164,399
333,322,212,012
5,038,955,093
6,085,277,647
31,037,763,026
48,923,734,428
258,932,882,518
388,331,224,087
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9.
B09-DN/HN
INTANGIBLE ASSETS
VND
Cost:
Beginning balance
Newly purchased
Ending balance
Accumulated amortisation:
Beginning balance
Amortisation for the year
Ending balance
Beginning balance
Ending balance
Land use rights
Computer software
Total
3,517,500,000
17,525,000,000
21,042,500,000
3,770,570,044
1,338,681,600
5,109,251,644
7,288,070,044
18,863,681,600
26,151,751,644
2,233,828,661
890,609,748
3,124,438,409
2,233,828,661
890,609,748
3,124,438,409
3,517,500,000
21,042,500,000
1,536,741,383
1,984,813,235
5,054,241,383
23,027,313,235
10. CONSTRUCTION IN PROGRESS

Construction in progress mainly represents costs to set up new stores and distribution centres.
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11. LONG-TERM PREPAID EXPENSES

VND
New stores' layout

Stores rental fee
Low value equipment
TOTAL
31 December 2014
15,684,344,950
7,599,593,940
2,175,541,519
25,459,480,409
31 December 2013
4,993,828,149
401,590,776
5,395,418,925
12. OTHER LONG-TERM ASSETS

Other long-term assets mainly represent long-term rental deposit for offices, retail stores and distribution centres.
13. GOODWILL
VND
Cost:
Beginning balance
Increase during the year
Ending balance
Accumulated amortisation:
Beginning balance
Amortisation for the year
Ending balance
Beginning balance
Ending balance
776,036,551
29,383,033,705
30,159,070,256
77,603,655
7,534,917,337
7,612,520,992
698,432,896
22,546,549,264
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13. GOODWILL (continued)

On 1 April 2014, the Company acquired 20% ownership interest in Electronic World Trade Corporation ("EWT") from a non-controlling shareholder
of EWT at the acquisition price of VND 50,000,000,000, increasing its ownership interest in EWT from 70.95% to 99.95% and recognised a goodwill
amounting to VND 29,383,033,705.
14. SHORT-TERM LOANS
VND
Ending balance
618,690,305,273
Loans from banks
Beginning balance
513,188,993,447
The short-term loans from banks were obtained to finance the Company's working capital requirement, details were as follows:
Lender
HSBC Bank (Viet Nam) Limited
Standard Chartered Bank (Vietnam) Limited
ANZ Bank (Vietnam) Limited
Joint Stock Commercial Bank for Foreign
Trade of Vietnam
Shinhan Bank (Vietnam) Limited
Vietnam Joint Stock Commercial Bank for
Industry and Trade
TOTAL
Ending balance
Maturity date
VND
140,364,037,346
54,263,913,800
65,253,587,339
Interest
rate
Description of
collateral
from 1 to 30 January 2015

floating rate
floating rate
floating rate
Inventories
Inventories
Inventories
105,769,333,831
from 26 to 1 March 2015
floating rate
Inventories
53,276,987,500
199,762,445,457
6 January 2015
floating rate
Unsecured
floating rate
Unsecured
618,690,305,273
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15. STATUTORY OBLIGATIONS

VND
Corporate income tax (Note 23.1)

Personal income tax
Value-added tax
Others
TOTAL
Ending balance
56,194,555,201
1,558,548,324
82,901,795
112,254,001
57,948,259,321
Beginning balance
73,948,568,576
8,923,983,266
1,174,616,479
193,960,426
84,241,128,747
16. ACCRUED EXPENSES

VND
Bonus to employees
Payable to employees
Transportation expense
Utility costs
Marketing expense
Others
TOTAL
Ending balance
150,513,296,809
19,336,155,459
6,321,750,705
5,352,285,937
3,122,962,573
7,161,522,369
191,807,973,852
Beginning balance
61,279,353,928
6,279,182,436
9,044,774,958
2,232,834,955
9,628,106,087
2,624,971,559
91,089,223,923
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17. OTHER PAYABLES

VND
Instalment payments received on behalf

Received charge on behalf
Advance for display from suppliers
Social and health insurances and trade union fee
Others
TOTAL
Ending balance
16,830,373,000
16,061,873,910
9,803,827,171
2,636,452,669
3,149,903,892
48,482,430,642
Beginning balance
11,080,019,000
1,255,968,668
3,798,319,818
16,134,307,486
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18. OWNERS EQUITY

18.1 Increase and decrease in owners' equity
VND
Previous year:
Beginning balance
Share issuance under private
placement
Net Profit for the year
Shares repurchased
Re-issuance of treasury shares
Ending balance
Current year:
Beginning balance
Share issuance under private
placement
Bonus shares issuance
Dividend shares issuance
Shares issuance under ESOP
Net profit for the year
Contribution to welfare fund
Shares repurchased
Ending balance
Share capital
Share premium
Treasury shares
Undistributed
earnings
Consolidation
reserves
Total
105,026,670,000
78,485,247,000
(11,159,889,000)
282,406,727,511
1,130,494,084
455,889,249,595
4,540,370,000
37,004,015,500
41,544,385,500
109,567,040,000
36,089,105,786
151,578,368,286
(20,057,078,735)
31,216,967,735
-
255,601,250,424
538,007,977,935
1,130,494,084
255,601,250,424
(20,057,078,735)
67,306,073,521
800,283,880,305
109,567,040,000
151,578,368,286
538,007,977,935
1,130,494,084
800,283,880,305
6,851,120,000
5,015,510,000
11,866,630,000
119,876,180,000 (119,876,180,000)
829,962,270,000
53,311,180,000
1,119,567,790,000
36,717,698,286
- (829,962,270,000)
- (53,311,180,000)
- 668,106,031,832
(5,000,000,000)
(300,394,500)
(300,394,500) 317,840,559,767
- 668,106,031,832
(5,000,000,000)
(300,394,500)
1,130,494,084 1,474,956,147,637
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18. OWNERS EQUITY (continued)

18.1 Increase and decrease in owners' equity (continued)
On 14 March 2014, the Company issued 657,402 new shares at the price of VND 10,000 per share and 27,710 new shares at the price of VND 191,000
per share amounting to VND 11,866,630,000 in total. On 21 April 2014, the Company issued 7,786,077 bonus shares at par value of VND 10,000 per
share amounting to VND 77,860,770,000 in total from share premium to its existing shareholders at a ratio of 1,000:669 (i.e. issue 669 new shares for
every 1,000 shares held). In addition, on that date, the Company also issued 43,295,278 shares at par value of VND 10,000 per share amounting to VND
432,952,780,000 in total as the 2013 dividends to its existing shareholders at a ratio of 1,000:3,720 (i.e. issue 3,720 new shares for every 1,000 shares held).
The above share issuances are in accordance with the Extraordinary shareholders' meeting Resolution No. 0114/DHDCD/TGDD on 10 February 2014.
On 16 October 2014, the Company issued 4,201,541 bonus shares at par value of VND 10,000 per share amounting to VND 42,015,410,000 in total
from share premium to its existing shareholders at a ratio of 1,000:67 (i.e. issue 67 new shares for every 1,000 shares held). In addition, on that date, the
Company also issued 39,700,949 shares at par value of VND 10,000 per share amounting to VND 397,009,490,000 in total as the 2014 dividends advance
to its existing shareholders at a ratio of 1,000:633 (i.e. issue 633 new shares for every 1,000 shares held). The above share issuances are in accordance with
the shareholders' meeting Resolution No. 0241/DHDCD/TGDD on 15 May 2014.
On 10 December 2014, the Company issued 5,331,118 bonus shares to its employees under Employee Stock Ownership Plan ("ESOP") at par value VND
10,000 per share amounting to VND 53,311,180,000 in total from undistributed earnings in accordance with the Extraordinary shareholders' meeting
Resolution No. 03_2014/DHDCD/TGDD on 12 September 2014.
On 25 March 2014, 9 May 2014, 5 November 2014 and 6 January 2015, the Company received the amended Business Registration Certificates issued by
the Department of Planning and Investment of Binh Duong Province for the above shares issuances.
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18. OWNERS EQUITY (continued)

18.2 Capital transaction with owners
Number of shares
10,956,704
101,000,075
111,956,779
Beginning balance
Increase in capital
Ending balance
The holders of the ordinary shares are entitled to receive dividends as and when declared by the Company. Each ordinary share with par value of VND
10,000 carries one vote per share without restriction.
18.3 Shares - ordinary shares
Authorized shares
Issued and paid up shares
Ordinary shares
Treasury shares held by a subsidiary
Ordinary shares
Shares in circulation
Ordinary shares
Ending balance
Number of shares
111,956,779
Beginning balance
Number of shares
10,956,704
111,956,779
10,956,704
(3,283)
111,953,496
10,956,704
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19. REVENUES
19.1 Revenue from sales of goods and rendering of services
VND
Gross revenue
Of which:
Sale of goods
Rendering of services
Less
Of which:
Sale returns
Net revenue
Current year
15,836,649,248,254
Previous year
9,544,540,892,171
15,758,848,880,442
77,800,367,812
(79,923,391,578)
9,504,344,159,874
40,196,732,297
(45,691,574,828)
(79,923,391,578)
15,756,725,856,676
(45,691,574,828)
9,498,849,317,343
19.2 Finance income

VND
Income from early payments

Interest income
Foreign exchange gains
TOTAL
Current year
64,497,775,036
6,723,644,862
113,894,304
71,335,314,202
Previous year
26,336,314,722
3,002,270,118
127,530,428
29,466,115,268
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20. TRADING AND OPERATING COSTS

VND
Cost of merchandise goods sold

Labour costs
Depreciation and amortisation (Notes 8,9 and 13)
Other expenses
TOTAL
Current year
13,360,606,457,366
950,568,854,005
116,388,450,156
522,887,033,646
14,950,450,795,173
Previous year
8,091,484,102,564
558,741,670,634
34,254,161,373
468,444,303,582
9,152,924,238,153
21. FINANCE EXPENSES

VND
Interest expenses
Foreign exchange losses
Penalty due to late payments
TOTAL
Current year
21,261,415,761
29,998,235
21,291,413,996
Previous year
26,535,371,431
305,647,940
2,234,405
26,843,253,776
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22. OTHER INCOME AND EXPENSES

VND
Other income
Proceeds from disposal of fixed assets
Charge for goods exchange/return after exchange/return allowable period
Others
TOTAL
Other expenses
Net book value of disposed fixed assets
Others
TOTAL
NET
23.
Current year
Previous year
1,447,928,974
4,574,088,856
9,096,021,761
15,118,039,591
4,573,757,305
1,648,596,795
3,935,780,868
10,158,134,968
(591,204,672)
(2,648,353,534)
(3,239,558,206)
11,878,481,385
(6,090,849,564)
(1,827,596,522)
(7,918,446,086)
2,239,688,882
CORPORATE INCOME TAX

The statutory Corporate Income Tax (CIT) rate applicable to the Group are 22% of taxable profits.
The Groups tax returns are subject to examination by the tax authorities. As the application of tax laws and regulations is susceptible to varying
interpretations, the amounts reported in the consolidated financial statements could be changed at a later date upon final determination by the tax
authorities.
23.1 Current tax

The current tax payable is based on taxable profit for the current year. The taxable profit of the Group for the year differs from the profit as reported in the
consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items
that are not taxable or deductible. The Groups liability for current tax is calculated using tax rates that have been enacted by the balance sheet date.
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23. CORPORATE INCOME TAX (continued)

23.1 Current tax (continued)
A reconciliation between profit before tax in the consolidated income statement and estimated taxable profit is presented below:
VND
Current year
Previous year
Profit before tax
868,197,443,094
350,787,629,564
Adjustments
Non-deductible expenses
5,003,545,883
2,156,413,952
Goodwill allocation
7,534,917,337
77,603,655
42,481,846,208
2,778,672,865
Others
1,808,574,635
922,233,930
Adjusted net profit before tax loss carried forward and tax
925,026,327,157
356,722,553,966
Tax loss carried forward
(32,556,435)
Estimated current taxable profit
925,026,327,157
356,689,997,531
Estimated current CIT
203,505,791,975
89,172,499,383
Adjustment for under accrual of tax from prior years
293,440,680
3,369,082,843
CIT expense
203,799,232,655
92,541,582,226
CIT payables at beginning of year
73,948,568,576
27,486,901,094
Additional CIT on gain from re-issuance of treasury shares of subsidiary offset
12,029,701,928
against share premium
CIT paid during the year
(221,553,246,030)
(58,109,616,672)
CIT payable at end of year
56,194,555,201
73,948,568,576
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23. CORPORATE INCOME TAX (continued)

23.2 Deferred income tax
The following are the deferred tax assets recognized by the Group, and the movements thereon, during the current and previous years:
VND

Net deferred tax assets
Net deferred income tax benefit
Consolidated balance sheet

Ending balance
Beginning balance
12,806,327,995
3,460,321,830
12,806,327,995
3,460,321,830
Credit to consolidated income statement

Current year
Previous year
9,346,006,165
222,806,148
9,346,006,165
222,806,148
24. EARNINGS PER SHARE

Basic earnings per share amounts are calculated by dividing net profit after tax for the year attributable to ordinary shareholders of the Company by the
weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the net profit after tax attributable to ordinary equity holders of the Company by the
weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on
conversion of all the dilutive potential ordinary shares into ordinary shares.
As at 31 December 2014, there have been no dilutive potential ordinary shares.
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24. EARNINGS PER SHARE (continued)
Net profit attributable to ordinary shareholders of the Company (VND)

Weighted average number of ordinary shares (*)
Basic and diluted earnings per share (VND per share)
Current year
668,106,031,832
111,812,863
5,975
Previous year
255,601,250,424
110,836,289
2,306
(*) The weighted average number of ordinary shares in the previous year has been retrospectively adjusted for the issuance of 100,314,963 dividend
and bonus shares in total appropriated from undistributed earnings and share premium.
25. TRANSACTIONS WITH RELATED PARTIES
Remuneration to members of the Board of Directors and Management
VND
Salaries and bonus
Current year
14,759,382,380
Previous year
9,604,858,403
26. OPERATING LEASE COMITMENTS

The Group leases its office premises and distribution centres under operating lease agreements. The minimum lease commitments as at the balance sheet dates
under the operating lease agreements are as follows:
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26. OPERATING LEASE COMITMENTS (continued)

VND
Less than one year

From one to five years
More than five years
TOTAL
Ending balance
239,610,921,245
637,222,663,362
372,977,081,707
1,249,810,666,314
Beginning balance
171,482,297,576
424,162,071,473
39,678,563,873
635,322,932,922
27. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Groups principal financial liabilities comprise loans and trade and other payables. The main purpose of these financial liabilities is to finance the
Groups operations. The Group has loan and other receivables, trade and other receivables, and cash and short-term deposits that arise directly from its
operations. The Group does not hold or issue derivative financial instruments.
The Group is exposed to credit risk and liquidity risk.
Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is
exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks, and foreign
exchange transactions.
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27. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Credit risk (continued)
Trade receivables
Customer credit risk is managed by the Group based on its established policy, procedures and control relating to customer credit risk management.
Outstanding customer receivables are regularly monitored. The requirement for impairment is analysed at each reporting date on an individual basis for
major clients. The Group seeks to maintain strict control over its outstanding receivables.
Bank deposits
The Group's bank balances are mainly maintained with well-known banks in Vietnam. Credit risk from balances with banks is managed by the Groups
treasury department in accordance with the Groups policy. The Groups maximum exposure to credit risk for the components of the balance sheet at
each reporting dates are the carrying amounts as illustrated in Note 4. The Group evaluates the concentration of credit risk in respect to bank deposit is
low.
Management evaluate all financial assets are neither past due nor impaired as they related to recognized and creditworthy counterparties as at 31
December 2014.
Liquidity risk
The liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligation due to shortage of funds. The Groups exposure to
liquidity risk arises primarily from mismatches of maturities of financial assets and liabilities.
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Liquidity risk (continued)
The Group monitors its liquidity risk by maintaining a level of cash and cash equivalents deemed adequate by management to finance the Groups
operations and to mitigate the effects of fluctuations in cash flows.
The table below summarizes the maturity profile of the Groups financial liabilities based on contractual undiscounted payments:
VND
On demand
31 December 2014
Loans
Trade payables
Other payables and accrued expenses
31 December 2013
Loans
Trade payables
618,690,305,273
981,794,284,232
240,290,404,494
1,840,774,993,999
513,188,993,447
713,579,863,888
110,204,513,025
1,336,973,370,360
The Group assessed the liquidity risk is low.
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Collaterals
The Group has pledged its inventory in order to fulfil the collateral requirements for the short-term loans (Notes 14).
The Group did not hold collateral at 31 December 2014 and 31 December 2013.
28. FINANCIAL ASSETS AND FINANCIAL LIABILITIES
Set out below is a comparison by class of the carrying amounts and fair value of the Groups financial instruments that are carried in the consolidated
financial statements.
VND
Carrying amount
Ending balance
Beginning balance
Cost
Provision
Cost
Provision
Financial assets
Trade receivables
44,481,521,771
Other receivables
161,407,629,379
Cash and cash equivalent
212,920,620,191
TOTAL
418,809,771,341
Financial liabilities
Loans
618,690,305,273
Trade payables
981,794,284,232
240,290,404,494
TOTAL
1,840,774,993,999
47,767,842,810
161,597,269,060
304,733,768,468
514,098,880,338
513,188,993,447
713,579,863,888
110,204,513,025
- 1,336,973,370,360
Fair value
Ending balance Beginning balance
44,481,521,771
161,407,629,379
212,920,620,191
418,809,771,341
47,767,842,810
161,597,269,060
304,733,768,468
514,098,880,338
618,690,305,273
513,188,993,447
981,794,284,232
713,579,863,888
240,290,404,494
110,204,513,025
- 1,840,774,993,999 1,336,973,370,360
www.mwg.vn
ANNUAL REPORT 2014
85

B09-DN/HN
28. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued)

The fair values of the financial assets and financial liabilities had been assessed to approximate their carrying values as at 31 December 2014 given the
short-term nature of these financial instruments.
29. EVENTS AFTER THE BALANCE SHEET DATE
There has not been any matter or circumstance that has arisen since the balance date that has affected or may significantly affect the operations of the
Group, the results of those operations or the state of affairs of the Group.
Vo Thi Phuong Thao

Preparer
9 February 2015
Vu Dang Linh
Finance Director
Nguyen Duc Tai

General Director
www.mwg.vn
ANNUAL REPORT 2014
86
OPERATION NETWORK
OPERATION
NETWORK
OPERATION NETWORK
TO THE END OF 2014, MWG HAS A NETWORK OF 364 STORES SPREADING 63 CITIES AND PROVINCES NATIONWIDE, INCLUDING 344 THE GIOI DI DONG
STORES AND 20 DIEN MAY XANH STORES. THEGIOIDIDONG.COM HAS CONTINUED TO EXPAND ITS NETWORK PRESENCE LARGER IN THE YEAR 2015 TO
ACCESS MORE CUSTOMERS ACROSS THE COUNTRY.
MOBILE PHONES STORE SYSTEM thegioididong.com

HO CHI MINH CITY
12 Nguyen Trai St., Ward 3, Dist. 5
1302-1304-1306 Provincial road 10, Tan Tao Ward, Binh Tan Dist.
153B Phan Dang Luu, Ward 2, Phu Nhuan Dist.
1787 Huynh Tan Phat, Nha Be Town, Nha Be Dist.
222 Truong Chinh, Tan Hung Thuan Ward, Dist. 12
228-228A-230 3/2 St., Ward 12, Dist. 10
310 Truong Chinh, Ward 13, Tan Binh Dist.
311A-311B-311 Huynh Tan Phat, Tan Thuan Dong Ward, Dist. 7
532-534 Tran Hung Dao, Ward 2, Dist. 5
650-652 Truong Chinh, Ward 15, Tan Binh Dist.
692 Quang Trung, Ward 8, Go Vap Dist.
670 Au Co, Ward 10, Tan Binh Dist.
A1/9 Hamlet 2, Binh Hung commune, Binh Chanh Dist.
759-761 Cach Mang Thang Tam, Ward 6, Tan Binh Dist.
330-332 Cong Hoa, Ward 13, Tan Binh Dist.
189 Cong Quynh, Nguyen Cu Trinh Ward, Dist. 1
126/6E, Kp. 5, Tt. Cu Chi, H. Cu Chi
191 Dien Bien Phu, Ward 6, Dist. 3
246 Do Xuan Hop, Phuoc Long A Ward, Dist. 9
1077 Hau Giang St., Ward 11, Dist. 6
4/25 Nam Thoi hamlet, Thoi Tam Thon commune, Hoc
Mon Dist.
482 Hong Bang, Ward 16, Dist. 11
1024 Huong Lo 2 St., Binh Tri Dong A Ward, Binh Tan Dist.
163-165 Khanh Hoi, Ward 3, Dist. 4
848 Lac Long Quan, Ward 8, Tan Binh Dist.
644 Le Duc Tho, Ward 15, Go Vap Dist.
56A Le Quang Sung St., Ward 2, Dist. 6
451 Le Trong Tan St., Son Ky Ward, Tan Phu Dist.
32/3 Le Van Khuong, Thoi An Ward, Dist. 12
287A Le Van Quoi St., Binh Tri Dong Ward, Binh Tan Dist.
359 Le Van Sy St., Ward 1, Tan Binh Dist.
159-161 Le Van Viet, Hiep Phu Ward, Dist. 9
319-321 Intercity Road 5, Ward 5, Dist. 8
98 Minh Phung, Ward 6, Dist. 6
341-343-345 Nguyen Chi Thanh St., Ward 15, Dist. 10
Hamlet 1, Nguyen Cuu Phu St., Tan Kien commune,
Binh Chanh Dist.
89A Nguyen Dinh Chieu St., Ward 6, Dist. 3
1-1A Nguyen Kiem St., Ward 3, Go Vap Dist.
9 Nguyen Oanh St., Ward 10, Go Vap Dist.
171 Nguyen Son St., Phu Thanh Ward, Tan Phu Dist.
136 Nguyen Thai Hoc, Pham Ngu Lao Ward, Dist. 1
190B Nguyen Thi Dinh St., An Phu Ward, Dist. 2
182A Nguyen Thi Minh Khai, Ward 6, Dist. 3
468 Nguyen Thi Thap, Tan Quy Ward, Dist. 7
229 Nguyen Thi Tu St., Binh Hung Hoa Ward, Binh Tan Dist.
708 Nguyen Trai St., Ward 11, Dist. 5
176 Nguyen Tri Phuong, Ward 9, Dist. 5
362A Nguyen Van Nghi, Ward 7, Go Vap Dist.
2044 Highway 1A, Tan Thoi Hiep Ward, Dist. 12
233 No Trang Long St., Ward 11, Binh Thanh Dist.
C5/20 Pham Hung, Hamlet 4A, Binh Hung commune,
Binh Chanh Dist.
232 Pham Van Chieu St., Ward 9, Go Vap Dist.
26 Phan Dang Luu, Ward 6, Binh Thanh Dist.
20/7B Phan Huy Ich St., Ward 14, Go Vap Dist.
365 Phan Van Hon St., Tan Thoi Nhat Ward, Dist. 12
349 Highway 13, Hiep Binh Phuoc Ward, Thu Duc Dist.
787 Highway 1A, Thanh Xuan Ward, Dist. 12
32 Highway 1K, Linh Xuan Ward, Thu Duc Dist.
1036 Tan Ky Tan Quy St., Binh Hung Hoa Ward, Binh Tan Dist.
C4/21 quarter 3, Tan Tuc Town, Binh Chanh Dist.
744A Provincial road 43, Binh Chieu Ward, Thu Duc Dist.
304 To Hien Thanh St., Ward 15, Dist. 10
558 Tran Hung Dao St., Ward 2, Dist. 5
246 Tran Phu St., Ward 9, Dist. 5
130 Tran Quang Khai, Tan Dinh Ward, Dist. 1
1/1A Van Hanh St., Trung Chanh commune, Hoc Mon Dist.
121-123 Vo Van Ngan St., Linh Chieu Ward, Thu Duc Dist.
www.mwg.vn
ANNUAL REPORT 2014
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OPERATION NETWORK
HA NOI
194 Pham Van Dong St., Mai Dich Ward, Cau Giay Dist.
392-394-396 Nguyen Van Cu St., Bo De Ward, Long Bien Dist.
500 Dan commune, Nam Dong Ward, Dong Da Dist.
456-456A-458A Bach Mai St., Truong Dinh Ward, Hai Ba
Trung Dist.
Km 02, Highway 32, Phu Dien Ward, Bac Tu Liem Dist.
351 Cau Giay St., Dich Vong Ward, Cau Giay Dist.
Phan Xa hamlet, Uy No commune, Dong Anh Dist.
753 Giai Phong St., Giap Bat Ward, Hoang Mai Dist.
Km 9, Ho Tung Mau St., Mai Dich Ward, Cau Giay Dist.
146 Kim Ma St., Kim Ma Ward, Ba Dinh Dist.
199-203 Lac Long Quan St., Nghia Do Ward, Cau Giay Dist.
8 Le Dai Hanh St., Le Dai Hanh Ward, Hai Ba Trung Dist.
468-470-472 Le Duan St., Phuong Lien Ward, Dong Da Dist.
24-26 Ly Quoc Su St., Hang Trong Ward, Hoan Kiem Dist.
466 Minh Khai St., Vinh tuy Ward, Hai Ba Trung
746-752 Quang Trung St., Quang Trung Ward, Ha Dong Dist.
777-779 Ngo Gia Tu St., Duc Giang Ward, Long Bien Dist.
173 Ngo Quyen St., Ngo Quyen Ward, Son Tay Town
387-389-391 Ngoc Hoi St., Van Dien Town, Thanh Tri
58 Nguyen Khanh Toan, Quan Hoa Ward, Cau Giay Dist.
497 Nguyen Trai St., Thanh Xuan Nam Ward, Thanh Xuan Dist.
291 Nguyen Van Cu, Ngoc Lam Ward, Long Bien Dist.
336-338 Pham Van Dong St., Co Nhue 2 Ward, Bac Tu
Liem Dist.
132 Pho Nhon St., Phuong Canh Ward, Nam Tu Liem Dist.
4-6 Thanh Vy St., Son Loc Ward, Son Tay Town
Km 3, Phung Hung St., Kien Hung Ward, Ha Dong Dist.
134 Phung Khac Khoan St., Quang Trung Ward, Son Tay Town
403 Quang Trung, Quang Trung Ward, Ha Dong Dist.
No. 1&2, Bloc A, lot II-7, New Urban Area, Soc Son
Town, Soc Son Dist.
277 Tam Trinh St., Hoang Van Thu Ward, Hoang Mai Dist.
30 Tran Hung Dao St., Tay Dang Town, Ba Vi Dist.
89 Tay Son St., Phung Town, Dan Phuong Dist.
11A Thai Ha St., Trung Liet Ward, Dong Da Dist.
22F Tran Duy Hung St., Trung Hoa Ward, Cau Giay Dist.
185 Truong Dinh St., Truong Dinh Ward, Hai Ba Trung Dist.
34 Group 2, Xuan Ha area, Xuan Mai Town, Chuong My Dist.
BAC GIANG
Lot D3, New Urban Area, Cao Thuong Town, Tan Yen Dist.
1-3 Hung Vuong St., Ngo Quyen Ward, Bac Giang City
108 Xuong Giang St., Tran Phu Ward, Bac Giang City
DA NANG
325 Dien Bien Phu St., Hoa Khe Ward, Thanh Khe Dist.
320-322 Le Duan, Tan Chinh Ward, Thanh Khe Dist.
208-210 Nguyen Tri Phuong St., Thac Gian Ward, Thanh
Khe Dist.
64-66 Nguyen Van Linh St., Nam Duong Ward, Hai Chau Dist.
908 Ton Duc Thang St., Hoa Khanh Bac Ward, Lien Chieu Dist.
BAC LIEU
C1B Tran Phu St., Ward 3, Bac Lieu City
148B hamlet 2, Ho Phong Town, Gia Rai Dist.
Long Thanh hamlet, Phuoc Long Town, Phuoc Long Dist.
AN GIANG
1 Tran Hung Dao St., My Long Ward, Long Xuyen City
170 A Tran Hung Dao St., My Xuyen Ward, Long Xuyen City
613A/31 Tran Hung Dao St., Binh Khanh Ward, Long Xuyen City
Group 1, Chau Long 1 cluster, Vinh My Ward, Chau Doc City
7 Nguyen Van Linh St., Long Thanh St., Tan Chau Town,
Tan Chau Dist.
BA RIA-VUNG TAU
454-456, 30/4 St., Rach Dua Ward, Vung tau City
267A Cach Mang Thang 8, Phuoc Hiep Ward, Ba Ria City
313-315 Hung Vuong St., Ngai Giao Town, Chau Duc Dist.
Highway 51, Thi Vai hamlet, My Xuan commune, Tan Thanh Dist.
C44 Phuoc Loc hamlet, Phuoc Hung commune, Long Dien Dist.
219/6, Phuoc Hoa quarter, Phuoc Buu Ward, Xuyen Moc Dist.
290 truong Cong Dinh St., Ward 8, Vung Tau City
BAC KAN
10-12 Vo Nguyen Giap St., Song Cau Ward, Bac Kan City
BAC NINH
Mr. Nguyen Tien Ducs House, Mao Trung hamlet,
Phuong Mao commune, Que Vo Dist.
Nguyen Du St., Ninh Xa Ward, Bac Ninh City
Xuan Thu St., Dong Ngan Ward, Tu Son Town
BEN TRE
591B-592B2 Dong Khoi St., Phu Khuong Ward, Ben tre City
201-202 Highway 60, quarter 5, Mo Cay Town, Mo Cay
Nam Dist.
BINH DINH
108 Lac Long Quan St., Tran Quang Dieu Ward, Quy
Nhon City
107 Ngo May St., Nguyen Van Cu Ward, Quy Nhon City
564-566 Tran Hung Dao St., Thi Nai Ward, Quy Nhon City
160 Tran Phu St., Binh Dinh Ward, An Nhon Town
BINH DUONG
63A/1, quarter 1A, An Phu Ward, Thuan An Town
www.mwg.vn
ANNUAL REPORT 2014
89
OPERATION NETWORK
2A/1B, Binh Duc 3 quarter, Binh Hoa Ward, Thuan An Town

18 cach Mang Thang 8 St., Chanh Loc hamlet, Chanh
My commune, Thu Dau Mot City
77 Binh Duong boulevard, Phu Tho Ward, Thu Dau Mot City
6/52 Nguyen An Ninh St., Binh Minh 2 quarter, Di An
Ward, Di An Town
1/25A Thu Khoa Huan, Hoa Lan 1 quarter, Thuan Giao
Ward, Thuan An Town
171 DT 745, Long Thoi quarter, Lai Thieu Ward, Thuan An Town
2 Doc Lap St., quarter 2, Phuoc Vinh Town, Phu Giao Dist.
566 quarter 9, Phu Hoa Ward, Thu Dau Mot City
123 lot M, Uyen Hung Commercial Presidential Area,
Uyen Hung Ward, Tan Uyen Town
222 Yersin, Phu Cuong Ward, Thu Dau Mot City
Land area No. 186, the map No. 11, cluster 10, Song
Doc Town, Tran Van Thoi Dist.
2A Tran Hung Dao St., cluster 6, Ward 5, Ca Mau City
BINH PHUOC
248-250 Nguyen Hue St., Phu Hung quarter, Phu Thinh
Ward, Binh Long Town
1082-1084 Phu Rieng Do St., Tan Thien Ward, Dong
Xoai Town
112-114, Highway 14, Duc Phong Town, Bu Dang Dist.
32, DT.741 St., quarter 4, Long Phuoc Ward, Phuoc
Long Town
11, 6 thang 11 St., Long Thuy Ward, Phuoc Long Town
156 Highway 13, Ninh Thinh quarter, Loc Ninh Town
DAK LAK
242 Nguyen Tat Thanh St., Ta Lap Ward, Buon Me Thuot City
94 Nguyen Tat Thanh St., quarter 3A, Ea Kar Town, Ea Kar Dist.
304-306 Giai Phong St., block 6, Phuoc An Town, Krong Pac Dist.
154 Hung Vuong St., An Lac Ward, Buon Ho Town
390-396 Le Duan St., Eatam Ward, Buon Ma Thuot Dist.
A12 Tran Hung Dao, Thang Loi Ward, Buon Ma Thuot City
BINH THUAN
72C, 72D, 72 Le Loi St., Phuoc Hoi Ward, La Gi Town
736 Tran Hung Dao St., Duc Long Ward, Phan Thiet City
80 Tran Hung Dao St., Phu Trinh Ward, Phan Thiet City
233 Thong Nhat, Phan Ri Cua Town, Tuy Phong Dist.
CA MAU
125B-127 Nguyen Tat Thanh St., Ward 8, Ca Mau City
52 Nguyen Trai St., Ward 9, Ca Mau City
CAN THO
217, 3/2 St., Hung Loi Ward, Ninh Kieu Dist.
84-86A-86-86B. 30/4 St., An Phu Ward, Ninh Kieu Dist.
35B Cach Mang Thang 8 St., An Hoa Ward, Ninh Kieu Dist.
403-405 Nguyen Van Cu St., An Hoa Ward, Ninh Kieu Dist.
Highway 91, area 4, Chau Van Liem Ward, O Mon Dist.
384/17 Highway 91, Thot Not Ward, Thot Not Dist.
CAO BANG
1 Kim Dong, Hop Giang Ward, Cao Bang City
DAK NONG
82 Huynh Thuc Khang St., Nghia Thanh Ward, Gia Nghia Town
67 Nguyen Tat Thanh, Dak Mil Town, Dak Mil Dist.
DIEN BIEN
583 group 10, Tan Thanh Ward, Dian Bien Phu City
DONG NAI
Tran Cao Van hamlet, Bau Ham 2 commune, Thong Nhat Dist.
Shop No. 3, floor 01, Bien Hoa Market Apartment, Cach
Mang Thang 8 St., Thanh Binh Ward, Bien Hoa City
66-67 Residential Area No. 2, hamlet 114, Dinh Quan
Town, Dinh Quan Dist.

5/10-6/10 Dong Khoi St., Tan Hiep Ward, Bien Hoa City
102/3 Gia Yen hamlet, Gia Tan 3 commune, Thong Nhat Dist.
130 Ton Duc Thang, Hamlet 3, Hiep Phuoc commune,
Nhon Trach Dist.
116 Ho Thi Huong St., Xuan An Ward, Long Khanh Town
81/2-94/2-95/2-96/2, quarter 8A, Tan Bien Ward, Bien Hoa City
Hung Vuong St., Xuan An Ward, Long Khanh Town
Group 2, Phuoc Hai quarter, Long Thanh Town, Long
Thanh Dist.
217A, quarter 2, Pham Van Thuan St., Tan Tien Ward,
Bien Hoa City
54, Group 1, Phuong Lam 2 hamlet, Phu Lam
commune, Tan Phu Dist.
05/1B-06/1B Highway 1, Group 1, Tam Hoa Ward, Bien
Hoa City
16 Highway 51, Binh Duong quarter, Long Binh Ward,
Bien Hoa City
1/1 Pham van Thuan St., Tam Hiep Ward, Bien Hoa City
6C-8C-12C Dong Khoi St., Tan Phong Ward, Bien Hoa City
398 Tran Phu St., area 3, Gia Ray Town, Xuan Loc Dist.
Quarter 3, Trang Bom Town, Trang Bom Dist.
01-02 Highway 1, Nam Hoa hamlet, Bui Chu hamlet,
Bac Son commune, Trang Bom Dist.
Group 2, quarter 5, Vinh An Town, Vinh Cuu Dist.
DONG THAP
83 Nguyen Hue St., Ward 1, Cao Lanh City
280/1 Highway 80, Binh Thanh cluster, Lap Vo Town,
Lap Vo Dist.
178 Nguyen Hue St., Ward 2, Cao Lanh City
Hung Vuong St., An Thanh Ward, Hong Ngu Town
Hung Vuong St., cluster 4, My An Town, Thap Muoi Dist.
292 Highway 80, cluster 4, Ward 1. Sa Dec City
www.mwg.vn
ANNUAL REPORT 2014
90
OPERATION NETWORK
GIA LAI
811 Hung Vuong St., Chu Xe Town, Chu Xe Dist.
5 Nguyen Tat Thanh St., Hoa Lu Ward, Pleiku City
Group 2, Tay Son Ward, An Khe Town
1 Ton Duc Thang St., Yen The Ward, Pleiku City
47 Tran Phu St., Dien Hong Ward, Pleiku City
HA GIANG
94 Tran Hung Dao St., Tran Phu Ward, Ha Giang City
HA NAM
Highway 1A, Hai Ba Trung Ward, Phu Ly City
HA TINH
Highway 1A, quarter 14, Cam Xuyen Town, Cam Xuyen Dist.
Quang Trung St., Song Tri Ward, Ky Anh Town
Block 1, Ha Huy Tap Ward, Ha Tinh City
1 Quang Trung St., Nam Hong Ward, Hong Linh Town
HAI DUONG
184-186-188-190 Nguyen Luong Bang St., Pham Ngu
Lao Ward, Hai Duong City
Nguyen Thai Hoc 1 St., Sa Do Ward, Chi Linh Town
HAI PHONG
57-59-59A Bach Dang St., Ha Ly Ward, Hong Bang Dist.
282 Da Nang St., Van My Ward, Ngo Quyen Dist.
126 Trach Lay St., Trach Lay Ward, Ngo Quyen Dist.
68 Bach Dang, Nui Deo towm, Thuy Nguyen Dist.
163 Tran Nguyen Han St., Tran Nguyen Han Ward, Le Chan Dist.
1-3-5 Tran Nhan Tong, Quan Tru Ward, Kien An Dist.
HAU GIANG
31-33 Highway 61, Tan Phu A hamlet, Cai Tac Town,
Chau Thanh A Dist.

1093-1095 Hung Vuong St., Nga Bay Ward, Nga Bay Dist.
1 Ngo Quoc Tri St., Ward 5, Vi Thanh City
HOA BINH
Group 3, Dong Tien Ward, Hoa Binh City
Dai lo Thinh Lang St., Tan Thinh Ward, Hoa Binh City
HUNG YEN
222 Dien Bien St., Le Loi Ward, Hung Yen City
KHANH HOA
Hung Vuong boulevard, Loi Hoa quarter, Cam Loi Ward,
Cam Ranh City
1 Hon Chong St., Vinh Phuoc Ward, Nha Trang City
2 Lac Long Quan St., Dien Khanh Town, Dien Khanh Dist.
131 Le Hong Phong St., Phuoc Hoa Ward, Nha Trang City
105-105A Ngo Gia Tu St., Tan Lap Ward, Nha Trang City
3 Quang Trung St., Van Thanh Ward, Nha Trang City
9A Thai Nguyen, Phuoc Tan Ward, Nha Trang City
KIEN GIANG
1 Mai Thi Hong Hanh St., Vinh Loi Ward, Rach Gia City
380A Nguyen Trung Truc St., Vinh Lac Ward, Rach Gia City
65-67, cluster B, Tan Hiep Town, Tan Hiep Dist.
98 Tran Phu St., Vinh thanh Ward, Rach Gia City
KON TUM
296 Hung Vuong St., group 6, Dak Ha Town, Dak Ha Dist.
35 Hung Vuong St., Plei Kan Town, Ngoc Hoi Dist.
137A Phan Dinh Phung St., Quang Trung Ward,
Kon Tum City
375-377 Tran Hung Dao St., Quyet Thang Ward,
Kon Tum City
LAI CHAU
027-029 Tran Hung Dao St., Doan Ket Ward, Lai Chau City
LAM DONG
116, 3/2 St., Ward 5, Da Lat City
581 Tran Phu St., Blao Ward, Bao Loc City
314 -316 Bui Thi Xuan St., Ward 2, Da Lat City
261 Phan Dinh Phung St., Ward 2, Da Lat City
35-37 Thong Nhat St., Lien Nghia Town, Duc Trong Dist.
753-755 Hung Vuong St., Bo Lieng quarter, Dinh Van
Town, Lam Ha Dist.
LANG SON
29 Tran Dang Ninh St., Tam Thanh Ward, Lang Son City
LAO CAI
256 Nguyen Hue, Pho Moi Ward, Lao Cai City
LONG AN
15 Nguyen Huu Tho, quarter 3, Ben Luc Town, Ben Luc
Dist.
Ward 2, Can Giuoc Town, Can Giuoc Dist.
22-24 Chau Thi Kim St., Ward 3, Tan An City
Provincial Highway 10, Duc Hoa Ha commune, Duc
Hoa Dist.
Area 1, Dong Thanh Town, Duc Hue Dist.
173A-221B Cho hamlet, Phuoc Loi commune, Go Den
Town, Ben Luc Dist.
106 Highway 1, Ward 2, Tan An City
33-35, 30/4 St., Tan Hung Town, Tan Hung Dist.
10 Highway 62, quarter 3, Tan Thanh Town,
Tan Thanh Dist.
Quarter 3, Thanh Hoa Town, Thanh Hoa Dist.
42 Trung Trac St., Thu Thua Town, Thu Thua Dist.
www.mwg.vn
ANNUAL REPORT 2014
91
OPERATION NETWORK
NAM DINH
59 Dien Bien St., group 15, Cua Bac Ward, Nam Dinh City
157 Tran Hung Dao St., Tran Hung Dao Ward, Nam Dinh City
QUANG BINH
Hung Vuong St., TK 1, Hoan Lao Town, Bo Trach Dist.
127 Tran Hung Dao St., Dong Phu Ward, Dong Hoi City
NGHE AN
2 Dang Thai Than St., Cua Nam Ward, Vinh City
187 Le Duan St., Trung Do Ward, Vinh City
219 Le Loi St., Le Loi Ward, Vinh City
92 Nguyen Phong Sac St., Hung Dung Ward, Vinh City
78 Nguyen Thi Minh Khai St., Hung Binh Ward, Vinh City
Highway 7A, block 2, Do Luong Town, Do Luong Dist.
Kim Tan block, Hoa Hieu Ward, Thai Hoa Town
QUANG NAM
225-227 Lys Thuong Kiet St., Cam Pho Ward, Hoi An City
177 Pham van Dong St., Nui Thanh Town, Nui Thanh Dist.
212-214 Phan Chu Trinh St., An My Ward, Tam Ky City
31 Highway 1A, Group 1, Block 04, Vinh Dien Town,
Dien Ban Dist.
NINH BINH
1 Phat Diem Tay St., Phat Diem Town, Kim Son Dist.
Quan doan 1 T-junction, Highway 1A, Quyet thang St.,
Trung Son Ward, Tam Diep City
2 Tran Hung dao, Phuc Trong St., Phuc Thanh Ward,
Ninh Binh City
NINH THUAN
312-312A Thong Nhat St., Phu Ha Ward, Phan Rang
Thap Cham City
PHU THO
1462 Hung Vuong boulevard, Tien Cat Ward, Viet Tri
City
2387-2389 Hung Vuong St., group 73, area 7, Nong
Trang Ward, Viet Tri City
Tan Tien area, Lam Thao Town, Lam Thao Dist.
PHU YEN
244B Tran Hung Dao St., Ward 4, Tuy Hoa City
QUANG NGAI
75 Hung Vuong Blvd, Tran Hung Dao Ward, Quang Ngai City
600 Nguyen Nghiem St., Duc Pho Town, Duc Pho Dist.
661 Quang Trung St., Nghia Chanh Ward, Quang Ngai City
Quarter 1, Chau O Town, Binh son Dist.
QUANG NINH
Group 65, Cam Thuy Ward, Cam Pha City
Group 9, area 6, Gieng Day Ward, Ha Long City
487 Quang trung St., Quang Trung Ward, Uong Bi City
Vinh Thong area, Mao Khe Town, Dong Trieu Dist.
QUANG TRI
01 Hung Vuong St., Ward 1, Dong Ha City
SOC TRNG
50-52 Hai Ba Trung St., Ward 1, Soc Trang City
01 Provincial Highway 8, Thanh Loi hamlet, My Xuyen
Town, My Xuyen Dist.
SON LA
1 Lo Van Gia St., Chieng Le Ward, Son La City
TAY NINH
1/4 quarter 3, Hoa Thanh Town, Hoa Thanh Dist.
421 Highway 22B, Thanh Ha quarter, Go Dau Town, Go Dau Dist.
583 Cach Mang Thang 8 St., quarter 2, Ward 3, Tay Ninh City
145 Highway 22, Loc Du hamlet, Trang Bang Town,
Trang Bang Dist.
THAI BINH
Mr. Vu Duy Dongs house, Diem Dien Town, Thai Thuy Dist.
Group 2, Dong Hung Town, Dong Hung Dist.
1 Quang Trung, group 1, Quang Trung Ward, Thai Binh City
THAI NGUYEN
Sub-area 4, Ba Hang Town, Pho Yen Dist.
341 Bac Kan St., Hoang van Thu Ward, Thai Nguyen City
477 Luong Ngoc Quyen St., Phan Dinh Phung Ward,
Thai Nguyen City
1 Luong Ngoc Quyen, Hoang Van Thu Ward, Thai
Nguyen City
THANH HOA
468 Nguyen Trai, Phu Son Ward, Thanh Hoa City
1-3 Nguyen Trai, Ngoc Trao Ward, Bim Son Town
91 Le Loi St., Truong Son Ward, Sam Son Town
17B Le Thanh Tong St., Ngoc Lac Town, Ngoc Lac Dist.
355-357 Quang trung St., Dong Ve Ward, Thanh Hoa City
60 Quang Trung, sub-area 6, Tinh Gia Town, Tinh Gia Dist.
305 Tran Phu St., Ba Dinh Ward, Thanh Hoa City
342-344 Truong Thi St., Dien Bien Ward, Thanh Hoa City
THUA THIEN HUE
57 Ba Trieu St., Xuan Phu Ward, Hue City
185 Hung Vuong St., An Cuu Ward, Hue City
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ANNUAL REPORT 2014
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OPERATION NETWORK
11 Cach Mang Thang 8 St., Tu Ha Ward, Huong Tra Town

1110 Nguyen Tat Thanh, Phu Bai Ward, Huong Thuy Town
197-199 Tran Hung Dao St., Phu Hoa Ward, Hue City
CONSUMER ELECTRONICS STORE SYSTEM

DienmayXanh.com
TIEN GIANG
49/2 Bac hamlet, Ward 5, My Tho City
3/59 Highway 1A, quarter 3, Ward 1, Cai Lay Town
3/6-3/7 Dinh Bo Linh St., Ward 8, My Tho City
313 Nguyen Hue St., quarter III, Ward 2, Go Cong Town
57/6-57/8A Le Thi Hong Gam St., Ward 6, My Tho City
4B/4 Ray hamlet, Tan Hiep Town, Chau Thanh Dist.
HO CHI MINH CITY

874-874A, Highway 22, Quarter 8, Cu Chi Town, Cu
Chi Dist.
677 Huynh Tan Phat St., Phu Thuan Ward, Dist. 7
265 Hoa Binh St., Hiep Tan Ward, Tan Phu disrict
33 Quang Trung St., Ward 10, Go Vap Dist.
953 Provincial Highway 10, quarter 8, Binh tan Dist.
224/1A Xo Viet Nghe Tinh St., Ward 26, Binh Thanh Dist.
TRA VINH
20 Hung Vuong St., Ward 4, Tra Vinh City
474B Nguyen Dang St., cluster 3, Ward 6, Tra Vinh City
AN GIANG
129 Tran Hung Dao St., My Phuoc Ward, Long Xuyen City
TUYEN QUANG
542-544, 17/8 St., group 15, Tan Ha Ward, Tuyen Quang City
115-117 Binh Thuan St., Tan Quang Ward, Tuyen Quang City
BA RIA - VUNG TAU

25 Nguyen Huu Tho St., Phuoc Trung Ward, Ba Ria City
155 Nguyen Thai Hoc St., Ward 7, Vung tau City
VINH LONG
Group 21, cluster 5, Cai Von Ward, Binh Minh Town
93A-93B, 2/9 St., Hung Dao Vuong Cluster, Ward 1, Vinh
Long City
BAC LIEU
37 Tran Huynh St., Ward 7, Bac Lieu City
VINH PHUC
288 Hai Ba Trung St., Hung Vuong Ward, Phuc Yen Town
99 Hung Vuong St., Tich Son Ward, Vinh Yen City
Area 5, Tien Chau Ward, Phuc Yen Town
BINH DUONG
322 Binh Duong Blvd., Phu Hoa Ward, Thu Dau Mot City
BINH THUN
241 Tran Hung Dao St., Phu Thuy Ward, Phan Thiet City
DAK LAK
37 Nguyen tat Thanh St., Tan Loi Ward, Buon Ma
Thuot City
DONG NAI
1381 quarter 2, Pham Van Thuan St., Thong Nhat
Ward, Bien Hoa City
16 Hung Vuong, quarter 1, Xuan Binh Ward, Long
Khanh Town
DONG THAP
90 Hung Vuong St., Ward 1, Sa Dec City
SOC TRANG
99 Hung Vuong St., cluster 1, Ward 6, Soc Trang City
TAY NINH
748 Cach Mang Thang 8 St., quarter 1, Ward 4, Tay
Ninh City
TRA VINH
21 Dien Bien Phu St., cluster 4, Ward 6, Tra Vinh City
VINH LONG
210 Le Thai To St., Ward 2, Vinh Long City
YEN BAI
763 Dien Bien, group 48, Minh Tan Ward, Yen Bai City
www.mwg.vn
ANNUAL REPORT 2014
93

Operation office:
5th Floor, Etown 2 Building
364 Cong Hoa, Ward 13, Tan Binh District, Ho Chi Minh City
Tel: 08 38125960
Email: investor@thegioididong.com
www.mwg.vn

MWG Annual Report Highlights Strong Growth and Nationwide Expansion

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MWG Annual Report Highlights Strong Growth and Nationwide Expansion

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Annual Report 2014

Mobile World Investment

ANNUAL REPORT 2014

Labor policies ................................. 22

Operation network ......................... 87

FROM THE CHAIRMAN

Dear honorable shareholders and investors,

CULTURE OF PUTTING CUSTOMER AS CENTER

2014 is another successful year of MWG. Our

MWG continues set a high growth target. i.e. 50%

thegioididong.com, the mobile phone retail

MWG commits to bring constant growing addedvalues to our investors.

2014 placed a milestone on 10-year development

Wish you all good health, happiness and successes.

Nguyen Duc Tai

Profit after tax

CONG TY CO PHN DU TU THE GIOI DI DONG

MOBILE WORLD INVESTMENT CORPORATION

0306731335, issued by the Department of

(+84 8) 8125960 - Fax: (+84 8) 8125962

LINES AND LOCATIONS

Key business lines of MWG is trading mobile

Mobile World Co. Ltd. was

In 2007, Mobile World

2010 and 2011 marked

The opening of the store

ON 14TH JULY 2014, 10 YEARS AFTER ITS ESTABLISHMENT, MOBILE WORLD

The only retailer of Vietnam named in the list of

Top 500 Asia Pacific Leading Retailers for 5

Ranked 33th in Top 500 Largest Private Companies in

MOBILE WORLD INVESTMENT CORPORATION

Store area: 100-200 m2

BY THE END OF 2014, MWG ACCELERATED ITS PRESENCE TO 364

MOBILE WORLD INVESTMENT CORPORATION OPERATES UNDER TWO RETAIL

Mobile phones, tablets, laptop,

The thegioididong.com was firstly launched in 2004 and specialized in

MARKET OUTLOOK IN DECEMBER 2014

Small retail stores

Small retail stores

INFORMATION ON RETAIL SYSTEM (CONTINUED)

MWG DIFFERS ITSELF

THE DIFFERENCE OF MWG IS ORIGINATED FROM OUR CULTURE OF

Store arrangement and

Stores are always neat

MWG always introduces

INFORMATION ON RETAIL SYSTEM (CONTINUED)

Huge opportunities for

Constant upgrades are made to store arrangement and displays, new

We have a talented, highly competent, trustworthy team who are highly

MWG REALIZES MANY OPPORTUNITIES FOR FUTURE GROWTH

OPPORTUNITIES FOR FUTURE GROWTH

Crowded population are willing

Customers trends are now

Bigger chances for new store

Non-stop changing technology

Business efficiency is intensified

Market of consumer electronics: This

Retailers who have large number of

Great potential for developing

DEVELOPMENT PLAN (CONTINUED)

Focus on growth of online

A new retail chain is planned to