ar-2014-mobile world investment jsc

Annual Report 2014

Mobile World Investment Corporation

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.

ANNUAL REPORT 2014

CONTENTS

GENERAL INTRODUCTIONCorporate highlights ........................ 7Business lines and locations .....................7Development history ................................8Outstanding events and awards ....... 9Structure of Mobile World Investment Corporation .................................... 10 Overview on retail distribution chain .. 11Development plan ......................... 14Board of Directors (BOD) ................ 16Board of Management (BOM) ........ 18Board of Supervision (BOS) ............ 19Risks .............................................. 20

Vision and Core values ...................... 3Message from the Chairman ........... 4Five-year operation summary .......... 5

BUSINESS PERFORMANCE Labor policies ................................ 22Shareholder structure and changes in owner’s equity ............................... 24BOD assessment on business performance .................................. 26

CORPORATE GOVERNANCE Report of BOD ................................ 29Board of Supervision ...................... 33

FINANCIAL STATEMENTSGeneral information ....................... 37Report of Management ................ 40Independent auditor’s report ........ 42Consolidated balance sheet ........... 44Consolidated income statement .... 47Consolidated cash flow statement ... 49Notes to the consolidated financial statements .................................... 51

OPERATION NETWORK Operation network ........................ 87

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.

» Be whole-hearted to customers

» Honest

» Integrity

» Being responsible

» Team-work

» Passion in work

VISION

CORE VALUES

ANNUAL REPORT 2014 3www.mwg.vn

MESSAGE FROM THE CHAIRMAN

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.

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.

MWG commits to bring constant growing added-values to our investors.

Wish you all good health, happiness and successes.

Chairman.

Nguyen Duc Tai

Dear honorable shareholders and investors,

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.

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.

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.


FIVE-YEAR OPERATION

SUMMARY Million USD

Million USD

Million USD

Million USD

Revenues

Number of stores thegioididong.com and DienmayXANH.com

Online revenues

Profit after tax

1,200

600 80

50

1,000

500

50

60

70

45

800

400

40

40

600

300

30

35

400

20020

3025

200

10010

2015105

2011 2012 2013 2014 2015LE

2011 2012 2013 2014 2015LE

2011 2012 2013 2014 2015LE

2011 2012 2013 2014 2015LE

15,757BILLION VND

REVENUES

674BILLION VND

PROFIT AFTER TAX

BAO CAO THUONG NIEN 2014 5www.mwg.vn

GENERAL INTRODUCTION

CORPORATE HIGHLIGHTS

Company’s name : CONG TY CO PHẦN DẦU 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

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.

MWG’s 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.

BUSINESS LINES AND LOCATIONS



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 Company’s 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.

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.

2004 2007 2010-2011 2012 2014

DEVELOPMENT

HISTORY



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.

1The only retailer of Vietnam named in the list of Global Growth Companies announced at 2014 World Economic Forum.

2 Top 500 Asia Pacific Leading Retailers for 5 consecutive years from 2010 to 2014.

3 Ranked 33th in Top 500 Largest Private Companies in Vietnam in 2014.



STRUCTURE OFMOBILE WORLD INVESTMENT CORPORATION

MOBILE WORLD INVESTMENT CORPORATION OPERATES UNDER TWO RETAIL DISTRIBUTION FORMATS, I.E. THEGIOIDIDONG.COM AND DIEN MAY XANH (FORMERLY WAS DIENMAY.COM).

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 Xanh’s presence is made of 20 stores located in over 10 provinces and cities in the South.

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

(MWG)

Store area: 100-200 m2

Number of stores: 344Coverage: 63/63 cities and provincesProduct and service distribution: » mobile phones, tablets, laptops,

accessories, SIM cards, network services

Store area: 800-1200 m2

Number of stores: 20Coverage: 10/63 cities and provincesProduct and service distribution: » Televisions, refrigerators, washing

machines, air-conditioners, microwaves, home appliances

» Mobile phones, tablets, laptop, accessories, SIM cards, network services



25%

7%

18%Other retail chains

Small retail stores 50%

OVERVIEW ON DISTRIBUTION CHAINMARKET OUTLOOK IN DECEMBER 2014

Market share of branded mobile

phones

6%

12%

15%Other retail chains

Small retail stores 65%

Market share of branded

consumer electronics 2%


MWG DIFFERS ITSELF BY ITS SUPERIOR CUSTOMER SERVICES

AND HIGH TRUST FROM CUSTOMERS

MWG positions

CUSTOMERS as

CENTER in every thought

and action.

MWG respects

every commitment

and word we make.

CUSTOMERS INTEGRITY

THE DIFFERENCE OF MWG IS ORIGINATED FROM OUR CULTURE OFPOSITIONING CUSTOMERS AT THE CENTER OF OUR EVERY THINKING AND ACTION

» Store arrangement and display are attractive and convenient to customers.

» Stores are always neat and well-organized regardless of their locations in big cities or small towns.

VISIBLE FACTORS

» MWG selects to distribute high-quality branded products.

» MWG always introduces new services and customer care policy.

PRODUCTS/SERVICES

» 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.

INVISIBLE “FACTORS ”

INFORMATION ON RETAIL SYSTEM (CONTINUED)


Leading retailer

Huge opportunities for growth

Exceptional customer experience and customer care

Outstanding team of managers and employees

Excellent IT System

MWG is always the pioneer and

the leader on the market

Firmly holding the leadership in retailing sector, MWG has revenues tripled and profit grown by eight times against its second competitor.

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.

Constant upgrades are made to store arrangement and displays, new customer care policies and website design every 6 to 12 months.

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.

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.

INFORMATION ON RETAIL SYSTEM (CONTINUED)


OPPORTUNITIES FOR FUTURE GROWTH

MWG REALIZES MANY OPPORTUNITIES FOR FUTURE GROWTH

DEVELOPMENT

PLAN

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.

SALE



2014thegioididong.com opened more new stores and increased revenues from current stores

2015 Focus on growth of online business

2016DienmayXANH.com is expected to open more stores and accelerate revenues from current stores

2017-

2018A new retail chain is planned to launch

» 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 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.

» 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 MWG’s revenues from its current stores and newly opened stores.

» Revenues after 2017 is expected to come from new retail system.

DEVELOPMENT PLAN (CONTINUED)



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. 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.

Mr. DIEU CHINH HAI TRIEUCo-founder 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. TRAN KINH DOANH 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.DANG MINH LUOMMember of BOD

BOARD OF DIRECTORS (BOD) INTRODUCTION

Mr.NGUYEN DUC TAICo-founder Member of BOD

Four executive BOM members



BOARD OF DIRECTORS (BOD) INTRODUCTION (CONTINUED)

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.

Mr. CHRIS FREUND 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.

Ph.D. THOMAS LANYI 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 World’s 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.

Mr. ROBERT WILLETTMember of BOD

Mr. Tran Le Quan was born in 1960, he holds his BSc. degree in telecommunications engineering. Mr. Quan was responsible for laying-out 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. TRAN LE QUAN Co-founder Member of BOD

Four non-executive BOM members



BOARD OF MANAGEMENT (BOM) INTRODUCTION

Mr. TRAN KINH DOANHCEO

Mr. DANG MINH LUOMAdmin & HR Director

Mr. DO TUAN ANHLogistics Director

Ms. LE THAO TRANGMarketing Director

Mr. DIEU CHINH HAI TRIEUIT Director

Mr. VU DANG LINHCFO

Ms. HOANG KHANH CHICustomer Care Director



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. TRAN HUY THANH TUNGChief 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.

Mr. HOANG XUAN THANG 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.

Ms.NGUYEN KHANH VANMember of BOS

BOARD OF SUPERVISION (BOS) INTRODUCTION



RISKSOPERATING 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.

RISK OF MERCHANDISE LOSS:

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 non-periodical inventory counts can detect any loss at stores at the earliest. Any loss, regardless of how small values of loss, must be responsible by

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.

COMPETITION AGAINST OTHER RETAIL RIVALS :

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.

It is expected to lead the market soon.

RISKS OF MACRO-ECONOMY:

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 MWG’s business performance by utilizing financial measures and risk provisions.



BUSINESS PERFORMANCE

LABOR

POLICIES 2014 SALARY, BONUS AND BENEFITS 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.

BENEFITS AND WELFARE 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

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

TALENT ATTRACTION AND RETAINING Recruitment

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

NUMBER OF EMPLOYEES Number of employees by the end of 2014 is 9,491. Details of labor segment are as follows:

No. Divisions Number of employees

1 Stores 8,2252 IT Division 151

3Financial and Accounting Division

173

4 Business Development Division 1305 Logistics Division 1246 Administration and HR Division 2157 Online Sales Division 473

Total 9,491



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.

TRAINING 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 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.

» Working with Nokia, Samsung, HTC, LG, Sony, Dell, Lenovo, Asus, Sharp, Hitachi, Sanyo and other suppliers to train employees with information on

new products.

» Seminars on corporate cultures, and business orientation.

» 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



SHAREHOLDER STRUCTURE CHANGE IN OWNER’S EQUITY

No. Investors Number of shares

Percentage of ownership (%)

Number of shareholders

Shareholder structure (*)Organization Individual

1Founding shareholders 45,731,491 40.85% 5 - 5 » Local 45,731,491 40.85% 5 - 5 » Foreign - - - - -

2Investment funds before listing 28,957,845 25.87% 2 2 - » Local - - - - - » Foreign 28,957,845 25.87% 2 2 -

3

Major investors (holding over 5% of share capital) after listing

17,861,508 15.95% 2 2 -

» Local - - - - - » Foreign 17,861,508 15.95% 2 2 -

4Managers and staff of MWG 8,837,373 7.89% 1,110 - 1,110 » Local 8,837,373 7.89% 1,110 - 1,110 » Foreign - - - - -

5Other investors 10,568,562 9.44% 803 61 742 » Local 5,690,421 5.08% 710 12 698 » Foreign 4,878,141 4.36% 93 49 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.



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.

CAPITAL INCREASES DURING THE YEAR Unit: VND

Time Old charter capital New chartered capital25/03/2014 109,567,040,000 116,418,160,00009/05/2014 116,418,160,000 627,231,710,00005/11/2014 627,231,710,000 1,066,256,610,00010/12/2014 1,066,256,610,000 1,119,567,790,000

SHAREHOLDER STRUCTURE (CONTINUED)



BOD ASSESSMENT ON

BUSINESS PERFORMANCETHE COMPANY’S 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.


Unit: Billion VND

Items 2014 performance

2014 plan

Rate of completion

2013 performance

Growth rate

Net revenues 15,756,726 13,020,977 121.0% 9,498,849 165.8%

Profit after tax 673,744 435,008 154.8% 258,468 260.6%

BOD ASSESSMENT ON OPERATION OF BOM

» The Company’s 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 Company’s 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 Company’s charter and laws.



» 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.

BOD ASSESSMENT ON BUSINESS PERFORMANCE (CONTINUED)



CORPORATE GOVERNANCE

BOD MEMBERS AND STRUCTURE

No.Name of organization /individual

Positions

Number of shares owned

at period-ending

Percentage (%) of share

ownership at period-ending

1 Nguyen Duc Tai Chairman / CEO 2,670,966 2,39%2 Dang Minh Luom BOD member 229,360 0,20%

3Tran Le Quan ((non-executive BOD member)

BOD member 1,336,233 1,25%

4Mekong Enterprise Fund II, Ltd represented by Christopher E. Freund

BOD member 15,267,483 13,64%

5Robert Alan Willett (non-executive independent BOD member)

BOD member 966,043 0,86%

6 Tran Kinh Doanh BOD member 909,290 0,81%

7CDH Electric Bee Limited represented by Thomas Lanyi

BOD member 13,690,362 12,23%

8 Dieu Chinh Hai Trieu BOD member 1,125,173 1,01%

SUBCOMMITTEE UNDER BOD: (none )

BOD OPERATION

During 2014, there were following changes in personnel of BOD:

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 Company’s 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 MWG’s BOM to access various knowledgeable and advanced standards on corporate governance as well as the big opportunities for learning, sharing and long-term 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.

REPORT OF THE 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 MEETINGS

No. BOD members Position Frequency of attendance

Rate of attendance

Reason for not attending

1 Nguyen Duc Tai Chairman 4 100% - 2 Tran Le Quan Member 4 100% - 3 Tran Kinh Doanh Member 4 100% - 4 Dieu Chinh Hai Trieu Member 4 100% - 5 Robert Willett Member 4 100% - 6 Chris Freund Member 4 100% - 7 Thomas Lanyi Member 4 100% - 8 Dinh Anh Huan Member 1 25% Resigned from May 20149 Dang Minh Luom Member 3 75% Appointed from May 2014

REPORT OF BOD (CONTINUED)



Through regular and irregular meetings, and vote in writing, the BOD approved and issued 11 following resolutions:

No. Number of Resolution/Decision Date Contents

1 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.

2 03-2014/HDQT/TGDD 26/06/2014 Approval on plan of expanding thegioididong.com and dienmay.com systems. Approval on listing plan.

3 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.

4 0509/NQ/HDQT-2014 25/09/2014 Closing list of shareholders to issue shares for raising capital from equity source.

5 0810/NQ/HDQT-2014 21/10/2014 Approval on additional dossiers on share listing.

6 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.

7 0211/NQ/HDQT-2014 10/11/2014 Approval on dossiers on issuing bonus shares to key managers.

8 0311/NQ/HDQT-2104 10/11/2014 Approval on policies on offering bonus shares to key managers.

9 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).




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 MWG’s 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.

He also acts as prestigious bridge to bring MWG’s BOM access to chances to share, learn and grasp the most effective models from leading partners in the world.

LIST OF BOD MEMBERS WHO HAVE CORPORATE GOVERNANCE CERTIFICATES

List of BOD members attending corporate governance training course: None




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

No.Name of organizations/Individuals

Position at the Company Number of shares

held at period end

Percentage (%) of share ownership

at period end 1 Tran Huy Thanh Tung Chief of BOS 1,508,522 1.35%2 Hoang Xuan Thang Member of BOS 55,192 0.05%3 Nguyen Khanh Van Member of BOS 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:

» 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.

BOS ACTIVITIES

» 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 Company’s 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.



TRANSACTIONS, REMUNERATION AND BENEFITS TO BOD, THE BOM AND BOS

SALARY, BONUS, REMUNERATIONS AND BENEFITS

Unit: VND Remuneration approved

by 2014 General Meeting of Shareholders

Remuneration actually paid

Non-executive BOD members 1,060,000,000 1,060,800,000BOS members 0 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.

BOARD OF SUPERVISION (CONTINUED)



FINANCIAL STATEMENTS

MOBILE WORLD INVESTMENT CORPORATION

CONTENTS PAGES

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

15,756,725,856,676VND

NET REVENUE

Consolidated financial statements31 December 2014


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 Company’s 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.

GENERAL INFORMATION



BOARD OF DIRECTORS

Members of the Board of Directors during the year and at the date of this report are:

Mr Nguyen Duc Tai ChairmanMr Tran Le Quan MemberMr Dieu Chinh Hai Trieu MemberMr Chris Freund MemberMr Thomas Lanyi MemberMr Tran Kinh Doanh MemberMr Robert Willet MemberMr Dang Minh Luom Member Appointed on 17 May 2014Mr Nguyen Duy Linh Member Resigned on 17 May 2014Mr Dinh Anh Huan Member 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 Head Mr Hoang Xuan Thang MemberMs Nguyen Khanh Van Member

GENERAL INFORMATION (CONTINUED)



MANAGEMENT

Members of the Management during the year and at the date of this report are:

Mr Nguyen Duc Tai General Director Appointed on 3 June 2014Mr Tran Le Quan General Director Resigned on 3 June 2014Mr Dinh Anh Huan Business Development Director Resigned on 17 May 2014Mr Dieu Chinh Hai Trieu Technology DirectorMr Vu Dang Linh Finance Director

LEGAL REPRESENTATIVE

The legal representatives of the Company during the year and at the date of this report are:

Mr Nguyen Duc Tai Appointed on 3 June 2014Mr Tran Le Quan Resigned on 3 June 2014

AUDITORS

The auditor of the Company is Ernst & Young Vietnam Limited.

GENERAL INFORMATION (CONTINUED)



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.

MANAGEMENT’S 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.

REPORT OF MANAGEMENT



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 TaiGeneral Director 9 February 2015

REPORT OF MANAGEMENT (CONTINUED)



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.

INDEPENDENT AUDITORS’ REPORTReference: 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 TranDeputy General DirectorAudit Practicing Registration CertificateNo. 0048-2013-004-1

Ho Chi Minh City, Vietnam9 February 2015

To Phuong VuAuditorAudit Practicing Registration CertificateNo. 2267-2013-004-1

INDEPENDENT AUDITORS’ REPORT (CONTINUED)Reference: 61110221/17001353/FN/HN



VND

Code ASSETS Notes Ending balance Beginning balance

100 A. CURRENT ASSETS 2,837,686,622,393 1,909,084,643,229110 I. Cash and cash equivalents 4 212,920,620,191 304,733,768,468111 1. Cash 210,211,076,663 109,285,768,468112 2. Cash equivalents 2,709,543,528 195,448,000,000130 II. Current accounts receivable 296,735,549,237 247,310,873,457131 1. Trade receivables 44,481,521,771 47,767,842,810132 2. Advances to suppliers 90,846,398,087 37,945,761,587135 3. Other receivables 5 161,407,629,379 161,597,269,060140 III. Inventories 6 2,195,306,348,135 1,288,949,605,087141 1. Inventories 2,253,516,929,935 1,304,678,340,679149 2. Provision for obsolete inventories (58,210,581,800) (15,728,735,592)150 IV. Other current assets 132,724,104,830 68,090,396,217151 1. Short-term prepaid expenses 7 77,713,718,762 30,512,602,907152 2. Value-added tax deductible 49,618,196,518 34,623,166,927154 3. Tax and other receivables from the State 175,000,000 -158 4. Other current assets 5,217,189,550 2,954,626,383200 B. NON-CURRENT ASSETS 569,512,868,791 322,791,455,377220 I. Fixed assets 434,419,261,598 275,039,772,239221 1. Tangible fixed assets 8 388,331,224,087 258,932,882,518222 Cost 558,482,010,906 331,600,123,583223 Accumulated depreciation (170,150,786,819) (72,667,241,065)227 2. Intangible assets 9 23,027,313,235 5,054,241,383228 Cost 26,151,751,644 7,288,070,044

CONSOLIDATED BALANCE SHEETas at 31 December 2014 B01-DN/HN




229 Accumulated depreciation (3,124,438,409) (2,233,828,661)230 3. Construction in progress 10 23,060,724,276 11,052,648,338260 II. Other long-term assets 112,547,057,929 47,053,250,242261 1. Long-term prepaid expenses 11 25,459,480,409 5,395,418,925262 2. Deferred tax assets 23.2 12,806,327,995 3,460,321,830268 3. Other long-term assets 12 74,281,249,525 38,197,509,487269 III. Goodwill 13 22,546,549,264 698,432,896270 TOTAL ASSETS 3,407,199,491,184 2,231,876,098,606300 A. LIABILITIES 1,923,190,326,673 1,407,239,941,555310 I. Current liabilities 1,923,190,326,673 1,407,239,941,555311 1. Short-term loans 14 618,690,305,273 513,188,993,447312 2. Trade payables 981,794,284,232 693,539,029,504313 3. Advances from customers 8,353,792,068 1,565,912,107314 4. Statutory obligations 15 57,948,259,321 84,241,128,747315 5. Payables to employees 344,502,084 4,500,364,725316 6. Accrued expenses 16 191,807,973,852 91,089,223,923319 7. Other payables 17 48,482,430,642 16,134,307,486320 8. Short-term provision 10,818,779,201 2,980,981,616323 9. Bonus and welfare fund 4,950,000,000 -400 B. OWNERS’ EQUITY 1,474,956,147,637 800,283,880,305410 I. Capital 18.1 1,474,956,147,637 800,283,880,305411 1. Share capital 1,119,567,790,000 109,567,040,000412 2. Share premium 36,717,698,286 151,578,368,286413 3. Consolidation reserves 1,130,494,084 1,130,494,084414 4. Treasury shares (300,394,500) -

CONSOLIDATED BALANCE SHEET (CONTINUED)as at 31 December 2014 B01-DN/HN




420 5. Undistributed earnings 317,840,559,767 538,007,977,935439 C. NON-CONTROLLING INTERESTS 9,053,016,874 24,352,276,746440 TOTAL LIABILITIES AND OWNERS’ EQUITY 3,407,199,491,184 2,231,876,098,606

OFF BALANCE SHEET ITEMS

ITEMS Ending balance Beginning balance1. Goods held by the Group on consignment – VND 7,660,740,041 1,749,225,7522. Foreign currency – US$ 17,725 14,341

Vo Thi Phuong ThaoPreparer

9 February 2015

Nguyen Duc TaiGeneral Director

Vu Dang LinhFinance Director

CONSOLIDATED BALANCE SHEET (CONTINUED)as at 31 December 2014 B01-DN/HN



VND

Code ITEMS Notes Current year Previous year

01 1. Revenue from sale of goods and rendering of services 19.1 15,836,649,248,254 9,544,540,892,171

02 2. Deductions 19.1 (79,923,391,578) (45,691,574,828)10 3. Net revenue from sale of goods and rendering of

services 19.1 15,756,725,856,676 9,498,849,317,34311 4. Cost of goods sold and services rendered 20 (13,360,606,457,365) (8,091,484,102,566)20 5. Gross profit from sale of goods and rendering of

services 2,396,119,399,311 1,407,365,214,77721 6. Finance income 19.2 71,335,314,202 29,466,115,26822 7. Finance expenses 21 (21,291,413,996) (26,843,253,776)23 - In which: Interest expense (21,261,415,761) (26,535,371,431)24 8. Selling expenses 20 (1,349,301,070,370) (935,793,711,279)25 9. General and administrative expenses 20 (240,543,267,438) (125,646,424,308)30 10. Operating profit 856,318,961,709 348,547,940,68231 11. Other income 22 15,118,039,591 10,158,134,96832 12. Other expenses 22 (3,239,558,206) (7,918,446,086)40 13. Other profit 22 11,878,481,385 2,239,688,88250 14. Profit before tax 868,197,443,094 350,787,629,56451 15. Current corporate income tax expense 23.1 (203,799,232,655) (92,541,582,226)52 16. Deferred income tax benefit 23.2 9,346,006,165 222,806,148

CONSOLIDATED INCOME STATEMENTfor the year ended 31 December 2014 B02-DN/HN




60 17. Net profit after tax 673,744,216,604 258,468,853,486Attributable to:

61 - Non-controlling interests 5,638,184,772 2,867,603,06262 - Equity holders of the parent 668,106,031,832 255,601,250,42470 18. Earnings per share 5,975 2,306

- Basic and diluted (VND) 24 5,975 2,306

CONSOLIDATED INCOME STATEMENT (CONTINUED)for the year ended 31 December 2014 B02-DN/HN


9 February 2015





VND


I. CASH FLOWS FROM OPERATING ACTIVITIES01 Profit before tax 868,197,443,094 350,787,629,564

Adjustments for:02 Depreciation and amortisation 8, 9, 13 116,388,450,156 34,254,161,37303 Provisions 50,319,643,793 2,778,672,86505 (Profit) losses from investing activities (4,921,557,749) 201,097,56706 Interest expense 21 21,261,415,761 26,535,371,43108 Operating profit before changes in working capital 1,051,245,395,055 414,556,932,80009 Increase in receivables (69,681,219,038) (116,625,906,539)10 Increase in inventories (948,838,589,256) (340,163,891,869)11 Increase in payables 415,275,921,603 129,409,197,56812 (Increase) decrease in prepaid expenses (69,527,740,506) 104,060,905,32313 Interest paid (21,122,048,282) (26,262,404,801)14 Corporate income tax paid 23.1 (221,553,246,030) (58,109,616,672)16 Other cash outflows for operating activities (36,133,740,038) (2,935,887,377)20 Net cash flows from operating activities 99,664,733,508 103,929,328,433

II. CASH FLOWS FROM INVESTING ACTIVITIES21 Purchase of fixed assets (266,396,524,598) (142,189,977,899)22 Proceeds from disposals of fixed assets 22 1,447,928,974 4,573,757,305

25Payment for acquisition of a part of ownership in subsidiary

(50,000,000,000) -

26 Proceeds from sale of investments in other entities - 19,950,000,00027 Interest received 6,723,644,862 3,002,270,118

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December 2014 B03-DN/HN




30 Net cash flows used in investing activities (308,224,950,762) (114,663,950,476)III. CASH FLOWS FROM FINANCING ACTIVITIES

31 Share issuance and re-issuance of treasury shares 11,866,630,000 108,850,459,021Capital contribution from minority interests 2,297,033,481 -

32 Shares repurchased (300,394,500) (20,057,078,735)33 Drawdown of borrowings 3,786,869,312,765 3,616,870,963,39834 Repayments of borrowings (3,681,368,000,939) (3,495,027,300,214)36 Dividends paid (2,617,511,830) -40 Net cash flows from financing activities 116,747,068,977 210,637,043,47050 Net (decrease) increase in cash and cash equivalents (91,813,148,277) 199,902,421,42760 Cash and cash equivalents at beginning of year 304,733,768,468 104,831,347,04170 Cash and cash equivalents at end of year 4 212,920,620,191 304,733,768,468

CONSOLIDATED CASH FLOW STATEMENT (CONTINUED)for the year ended 31 December 2014 B03-DN/HN


9 February 2015





1. 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 Company’s 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 Group’s 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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSas at and for the year ended 31 December 2014 B09-DN/HN



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)as at and for the year ended 31 December 2014 B09-DN/HN

2. 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 Vietnam’s 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 Group’s applied accounting documentation system is the Journal Voucher system.




2. BASIS OF PREPARATION (continued)

2.3 Fiscal year

The Group’s 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 Group’s 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.




2. 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.




3. 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 - actual cost on specific identification basisDigital and electronic equipment - actual cost on specific identification basisAccessories - actual cost on weighted average basisHousehold appliances - actual cost on weighted average basisOthers - 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.





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.





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 yearsComputer software 4 yearsMeans of transportation 6 yearsOffice equipment 3 - 8 yearsGoodwill 3 - 10 yearsLand 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.





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 Group’s 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 Group’s own equity instruments.





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 Company’s Charter and Vietnam’s 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.





3.14 Revenue recognition (continued)

Dividends

Income is recognised when the Group’s 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.





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.





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 Group’s financial assets include cash and short-term deposits, trade and other receivables.





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 Group’s 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.





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 Group’s 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

Ending balance Beginning balance Cash on hand 82,487,162,647 48,396,737,144Cash in banks 121,348,089,485 58,790,286,613Cash in transit 6,375,824,531 2,098,744,711Cash equivalents 2,709,543,528 195,448,000,000TOTAL 212,920,620,191 304,733,768,468

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.




5. OTHER RECEIVABLES VND

Ending balance Beginning balance Receivables from suppliers (i) 141,101,160,525 158,737,915,084Loans to employees 10,084,486,253 2,433,561,454Undeclared value-added tax receivables 8,629,278,856 278,366,074Others 1,592,703,745 147,426,448TOTAL 161,407,629,379 161,597,269,060

(i) Receivables from suppliers mainly comprise trade discounts, early payment discounts and price protection.




6. INVENTORIES

VNDEnding balance Beginning balance

Mobile phones 1,324,418,600,272 767,860,665,425Tablet 203,533,555,982 99,466,977,586Electronic equiptment 205,802,397,137 98,688,715,529Accessories 173,190,066,337 104,197,938,573Laptop 122,408,233,954 119,128,754,977Goods in transit 75,525,475,680 15,842,879,722Home appliances 51,304,295,501 38,313,525,531Scratch card 45,212,617,095 735,590,054Others 41,087,969,545 60,443,293,282TOTAL 2,253,516,929,935 1,304,678,340,679Provision for obsolete inventories (58,210,581,800) (15,728,735,592)NET 2,195,306,348,135 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

Current year Previous yearBeginning balance (15,728,735,592) (12,950,062,727)Add: Provision created during the year (58,210,581,800) (15,728,735,592)Less: Utilisation and reversal of provision during the year 15,728,735,592 12,950,062,727Ending balance (58,210,581,800) (15,728,735,592)




7. 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

Buildings and structures

Means of transportation Office equipment Total

CostBeginning balance 253,937,076,722 7,875,688,169 69,787,358,692 331,600,123,583Newly purchased 198,666,528,534 2,760,587,722 34,097,650,804 235,524,767,060 Transferred from construction in progress 5,086,513,667 - - 5,086,513,667 Disposed (4,078,850,423) (1,764,743,093) (7,885,799,888) (13,729,393,404) Ending balance 453,611,268,500 8,871,532,798 95,999,209,608 558,482,010,906 Accumulated depreciation:Beginning balance 31,080,912,323 2,836,733,076 38,749,595,666 72,667,241,065Depreciation for the year 90,575,237,721 1,176,005,948 16,211,679,402 107,962,923,071 Disposed (1,367,093,556) (1,226,483,873) (7,885,799,888) (10,479,377,317) Ending balance 120,289,056,488 2,786,255,151 47,075,475,180 170,150,786,819 Net carrying amount:Beginning balance 222,856,164,399 5,038,955,093 31,037,763,026 258,932,882,518Ending balance 333,322,212,012 6,085,277,647 48,923,734,428 388,331,224,087




9. INTANGIBLE ASSETS

VND

Land use rights Computer software TotalCost:Beginning balance 3,517,500,000 3,770,570,044 7,288,070,044Newly purchased 17,525,000,000 1,338,681,600 18,863,681,600 Ending balance 21,042,500,000 5,109,251,644 26,151,751,644 Accumulated amortisation:Beginning balance - 2,233,828,661 2,233,828,661Amortisation for the year - 890,609,748 890,609,748 Ending balance - 3,124,438,409 3,124,438,409 Net carrying amount: Beginning balance 3,517,500,000 1,536,741,383 5,054,241,383Ending balance 21,042,500,000 1,984,813,235 23,027,313,235

10. CONSTRUCTION IN PROGRESS

Construction in progress mainly represents costs to set up new stores and distribution centres.




11. LONG-TERM PREPAID EXPENSES

VND

31 December 2014 31 December 2013New stores' layout 15,684,344,950 4,993,828,149Stores rental fee 7,599,593,940 -Low value equipment 2,175,541,519 401,590,776TOTAL 25,459,480,409 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 776,036,551Increase during the year 29,383,033,705 Ending balance 30,159,070,256 Accumulated amortisation:Beginning balance 77,603,655Amortisation for the year 7,534,917,337 Ending balance 7,612,520,992 Net carrying amount:Beginning balance 698,432,896Ending balance 22,546,549,264




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 Beginning balanceLoans from banks 618,690,305,273 513,188,993,447

The short-term loans from banks were obtained to finance the Company's working capital requirement, details were as follows:

Lender Ending balance Maturity date Interest

rateDescription of

collateral VND

HSBC Bank (Viet Nam) Limited 140,364,037,346 from 1 to 30 January 2015 floating rate InventoriesStandard Chartered Bank (Vietnam) Limited 54,263,913,800 from 5 to 30 January 2015 floating rate InventoriesANZ Bank (Vietnam) Limited 65,253,587,339 from 17 to 29 January 2015 floating rate InventoriesJoint Stock Commercial Bank for Foreign Trade of Vietnam

105,769,333,831 from 26 to 1 March 2015 floating rate Inventories

Shinhan Bank (Vietnam) Limited 53,276,987,500 6 January 2015 floating rate UnsecuredVietnam Joint Stock Commercial Bank for Industry and Trade

199,762,445,457 from 21 to 28 January 2015 floating rate Unsecured

TOTAL 618,690,305,273




15. STATUTORY OBLIGATIONS

VND

Ending balance Beginning balanceCorporate income tax (Note 23.1) 56,194,555,201 73,948,568,576Personal income tax 1,558,548,324 8,923,983,266Value-added tax 82,901,795 1,174,616,479Others 112,254,001 193,960,426TOTAL 57,948,259,321 84,241,128,747

16. ACCRUED EXPENSES

VND

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




17. OTHER PAYABLES

VND

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




18. OWNERS’ EQUITY

18.1 Increase and decrease in owners' equity

VND

Share capital Share premium Treasury sharesUndistributed

earningsConsolidation

reservesTotal

Previous year:Beginning balance 105,026,670,000 78,485,247,000 (11,159,889,000) 282,406,727,511 1,130,494,084 455,889,249,595Share issuance under private placement

4,540,370,000 37,004,015,500 - - - 41,544,385,500

Net Profit for the year - - - 255,601,250,424 - 255,601,250,424Shares repurchased - - (20,057,078,735) - - (20,057,078,735)Re-issuance of treasury shares - 36,089,105,786 31,216,967,735 - - 67,306,073,521Ending balance 109,567,040,000 151,578,368,286 - 538,007,977,935 1,130,494,084 800,283,880,305Current year:Beginning balance 109,567,040,000 151,578,368,286 - 538,007,977,935 1,130,494,084 800,283,880,305Share issuance under private placement

6,851,120,000 5,015,510,000 - - - 11,866,630,000

Bonus shares issuance 119,876,180,000 (119,876,180,000) - - - -Dividend shares issuance 829,962,270,000 - - (829,962,270,000) - -Shares issuance under ESOP 53,311,180,000 - - (53,311,180,000) - -Net profit for the year - - - 668,106,031,832 - 668,106,031,832Contribution to welfare fund - - - (5,000,000,000) - (5,000,000,000)Shares repurchased - - (300,394,500) - - (300,394,500) Ending balance 1,119,567,790,000 36,717,698,286 (300,394,500) 317,840,559,767 1,130,494,084 1,474,956,147,637




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.




18. OWNERS’ EQUITY (continued)

18.2 Capital transaction with owners

Number of sharesBeginning balance 10,956,704Increase in capital 101,000,075 Ending balance 111,956,779

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

Ending balanceNumber of shares

Beginning balanceNumber of shares

Authorized shares 111,956,779 10,956,704Issued and paid up shares

Ordinary shares 111,956,779 10,956,704Treasury shares held by a subsidiary

Ordinary shares (3,283) -Shares in circulation

Ordinary shares 111,953,496 10,956,704




19. REVENUES

19.1 Revenue from sales of goods and rendering of services

VND

Current year Previous year Gross revenue 15,836,649,248,254 9,544,540,892,171Of which:

Sale of goods 15,758,848,880,442 9,504,344,159,874Rendering of services 77,800,367,812 40,196,732,297

Less (79,923,391,578) (45,691,574,828)Of which:

Sale returns (79,923,391,578) (45,691,574,828) Net revenue 15,756,725,856,676 9,498,849,317,343

19.2 Finance income

VND

Current year Previous year Income from early payments 64,497,775,036 26,336,314,722Interest income 6,723,644,862 3,002,270,118Foreign exchange gains 113,894,304 127,530,428TOTAL 71,335,314,202 29,466,115,268




20. TRADING AND OPERATING COSTS

VND

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

21. FINANCE EXPENSES

VND

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




22. OTHER INCOME AND EXPENSES

VND

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

23. CORPORATE INCOME TAX

The statutory Corporate Income Tax (“CIT”) rate applicable to the Group are 22% of taxable profits.

The Group’s 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 Group’s liability for current tax is calculated using tax rates that have been enacted by the balance sheet date.




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:

VNDCurrent year Previous year

Profit before tax 868,197,443,094 350,787,629,564Adjustments

Non-deductible expenses 5,003,545,883 2,156,413,952Goodwill allocation 7,534,917,337 77,603,655Provision for obsolete inventories 42,481,846,208 2,778,672,865Others 1,808,574,635 922,233,930

Adjusted net profit before tax loss carried forward and tax 925,026,327,157 356,722,553,966Tax loss carried forward - (32,556,435)Estimated current taxable profit 925,026,327,157 356,689,997,531Estimated current CIT 203,505,791,975 89,172,499,383Adjustment for under accrual of tax from prior years 293,440,680 3,369,082,843CIT expense 203,799,232,655 92,541,582,226CIT payables at beginning of year 73,948,568,576 27,486,901,094Additional CIT on gain from re-issuance of treasury shares of subsidiary offset against share premium

- 12,029,701,928

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




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

Consolidated balance sheet Credit to consolidated income statementEnding balance Beginning balance Current year Previous year

Provision for obsolete inventories 12,806,327,995 3,460,321,830 9,346,006,165 222,806,148Net deferred tax assets 12,806,327,995 3,460,321,830Net deferred income tax benefit 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.




24. EARNINGS PER SHARE (continued)

Current year Previous year Net profit attributable to ordinary shareholders of the Company (VND) 668,106,031,832 255,601,250,424Weighted average number of ordinary shares (*) 111,812,863 110,836,289Basic and diluted earnings per share (VND per share) 5,975 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

Current year Previous year Salaries and bonus 14,759,382,380 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:




26. OPERATING LEASE COMITMENTS (continued)

VND

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

27. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s principal financial liabilities comprise loans and trade and other payables. The main purpose of these financial liabilities is to finance the Group’s 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.




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 Group’s treasury department in accordance with the Group’s policy. The Group’s 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 Group’s exposure to liquidity risk arises primarily from mismatches of maturities of financial assets and liabilities.





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 Group’s operations and to mitigate the effects of fluctuations in cash flows.

The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:

VND

On demand31 December 2014Loans 618,690,305,273 Trade payables 981,794,284,232 Other payables and accrued expenses 240,290,404,494

1,840,774,993,999 31 December 2013Loans 513,188,993,447Trade payables 713,579,863,888Other payables and accrued expenses 110,204,513,025

1,336,973,370,360

The Group assessed the liquidity risk is low.





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 Group’s financial instruments that are carried in the consolidated financial statements. VND

Carrying amount Fair valueEnding balance Beginning balance Ending balance Beginning balance

Cost Provision Cost ProvisionFinancial assetsTrade receivables 44,481,521,771 - 47,767,842,810 - 44,481,521,771 47,767,842,810Other receivables 161,407,629,379 - 161,597,269,060 - 161,407,629,379 161,597,269,060 Cash and cash equivalent 212,920,620,191 - 304,733,768,468 - 212,920,620,191 304,733,768,468 TOTAL 418,809,771,341 - 514,098,880,338 - 418,809,771,341 514,098,880,338 Financial liabilitiesLoans 618,690,305,273 - 513,188,993,447 - 618,690,305,273 513,188,993,447Trade payables 981,794,284,232 - 713,579,863,888 - 981,794,284,232 713,579,863,888Other payables and accrued expenses 240,290,404,494 - 110,204,513,025 - 240,290,404,494 110,204,513,025TOTAL 1,840,774,993,999 - 1,336,973,370,360 - 1,840,774,993,999 1,336,973,370,360




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.


9 February 2015





OPERATION NETWORK

MOBILE PHONES STORE SYSTEM thegioididong.com

HO CHI MINH CITY12 Nguyen Trai St., Ward 3, Dist. 51302-1304-1306 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. 12228-228A-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. 7532-534 Tran Hung Dao, Ward 2, Dist. 5650-652 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. 1126/6E, Kp. 5, Tt. Cu Chi, H. Cu Chi191 Dien Bien Phu, Ward 6, Dist. 3246 Do Xuan Hop, Phuoc Long A Ward, Dist. 91077 Hau Giang St., Ward 11, Dist. 64/25 Nam Thoi hamlet, Thoi Tam Thon commune, Hoc

Mon Dist.482 Hong Bang, Ward 16, Dist. 111024 Huong Lo 2 St., Binh Tri Dong A Ward, Binh Tan Dist.163-165 Khanh Hoi, Ward 3, Dist. 4848 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. 6451 Le Trong Tan St., Son Ky Ward, Tan Phu Dist.32/3 Le Van Khuong, Thoi An Ward, Dist. 12287A 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. 9319-321 Intercity Road 5, Ward 5, Dist. 898 Minh Phung, Ward 6, Dist. 6341-343-345 Nguyen Chi Thanh St., Ward 15, Dist. 10Hamlet 1, Nguyen Cuu Phu St., Tan Kien commune, Binh Chanh Dist.89A Nguyen Dinh Chieu St., Ward 6, Dist. 31-1A 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. 1190B Nguyen Thi Dinh St., An Phu Ward, Dist. 2182A Nguyen Thi Minh Khai, Ward 6, Dist. 3468 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. 5176 Nguyen Tri Phuong, Ward 9, Dist. 5362A Nguyen Van Nghi, Ward 7, Go Vap Dist.2044 Highway 1A, Tan Thoi Hiep Ward, Dist. 12233 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. 12349 Highway 13, Hiep Binh Phuoc Ward, Thu Duc Dist.787 Highway 1A, Thanh Xuan Ward, Dist. 1232 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. 10558 Tran Hung Dao St., Ward 2, Dist. 5246 Tran Phu St., Ward 9, Dist. 5130 Tran Quang Khai, Tan Dinh Ward, Dist. 11/1A Van Hanh St., Trung Chanh commune, Hoc Mon Dist.121-123 Vo Van Ngan St., Linh Chieu Ward, Thu Duc Dist.

OPERATION NETWORKTO 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.


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 Town387-389-391 Ngoc Hoi St., Van Dien Town, Thanh Tri58 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 TownKm 3, Phung Hung St., Kien Hung Ward, Ha Dong Dist.134 Phung Khac Khoan St., Quang Trung Ward, Son Tay Town403 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.

DA NANG325 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.

AN GIANG 1 Tran Hung Dao St., My Long Ward, Long Xuyen City170 A Tran Hung Dao St., My Xuyen Ward, Long Xuyen City613A/31 Tran Hung Dao St., Binh Khanh Ward, Long Xuyen CityGroup 1, Chau Long 1 cluster, Vinh My Ward, Chau Doc City7 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 City267A Cach Mang Thang 8, Phuoc Hiep Ward, Ba Ria City313-315 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 GIANGLot D3, New Urban Area, Cao Thuong Town, Tan Yen Dist.1-3 Hung Vuong St., Ngo Quyen Ward, Bac Giang City108 Xuong Giang St., Tran Phu Ward, Bac Giang City

BAC KAN10-12 Vo Nguyen Giap St., Song Cau Ward, Bac Kan City

BAC LIEUC1B Tran Phu St., Ward 3, Bac Lieu City148B hamlet 2, Ho Phong Town, Gia Rai Dist.Long Thanh hamlet, Phuoc Long Town, Phuoc Long Dist.

BAC NINHMr. Nguyen Tien Duc’s House, Mao Trung hamlet, Phuong Mao commune, Que Vo Dist.Nguyen Du St., Ninh Xa Ward, Bac Ninh CityXuan Thu St., Dong Ngan Ward, Tu Son Town

BEN TRE591B-592B2 Dong Khoi St., Phu Khuong Ward, Ben tre City201-202 Highway 60, quarter 5, Mo Cay Town, Mo Cay Nam Dist.

BINH DINH108 Lac Long Quan St., Tran Quang Dieu Ward, Quy Nhon City107 Ngo May St., Nguyen Van Cu Ward, Quy Nhon City564-566 Tran Hung Dao St., Thi Nai Ward, Quy Nhon City160 Tran Phu St., Binh Dinh Ward, An Nhon Town

BINH DUONG63A/1, quarter 1A, An Phu Ward, Thuan An Town


OPERATION NETWORK

2A/1B, Binh Duc 3 quarter, Binh Hoa Ward, Thuan An Town18 cach Mang Thang 8 St., Chanh Loc hamlet, Chanh My commune, Thu Dau Mot City77 Binh Duong boulevard, Phu Tho Ward, Thu Dau Mot City6/52 Nguyen An Ninh St., Binh Minh 2 quarter, Di An Ward, Di An Town1/25A Thu Khoa Huan, Hoa Lan 1 quarter, Thuan Giao Ward, Thuan An Town171 DT 745, Long Thoi quarter, Lai Thieu Ward, Thuan An Town2 Doc Lap St., quarter 2, Phuoc Vinh Town, Phu Giao Dist.566 quarter 9, Phu Hoa Ward, Thu Dau Mot City123 lot M, Uyen Hung Commercial Presidential Area, Uyen Hung Ward, Tan Uyen Town222 Yersin, Phu Cuong Ward, Thu Dau Mot City

BINH PHUOC248-250 Nguyen Hue St., Phu Hung quarter, Phu Thinh Ward, Binh Long Town1082-1084 Phu Rieng Do St., Tan Thien Ward, Dong Xoai Town112-114, Highway 14, Duc Phong Town, Bu Dang Dist.32, DT.741 St., quarter 4, Long Phuoc Ward, Phuoc Long Town11, 6 thang 11 St., Long Thuy Ward, Phuoc Long Town156 Highway 13, Ninh Thinh quarter, Loc Ninh Town

BINH THUAN72C, 72D, 72Đ Le Loi St., Phuoc Hoi Ward, La Gi Town736 Tran Hung Dao St., Duc Long Ward, Phan Thiet City80 Tran Hung Dao St., Phu Trinh Ward, Phan Thiet City233 Thong Nhat, Phan Ri Cua Town, Tuy Phong Dist.

CA MAU125B-127 Nguyen Tat Thanh St., Ward 8, Ca Mau City52 Nguyen Trai St., Ward 9, Ca Mau 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

CAN THO217, 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 BANG1 Kim Dong, Hop Giang Ward, Cao Bang City

DAK LAK242 Nguyen Tat Thanh St., Ta Lap Ward, Buon Me Thuot City94 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 Town390-396 Le Duan St., Eatam Ward, Buon Ma Thuot Dist.A12 Tran Hung Dao, Thang Loi Ward, Buon Ma Thuot City

DAK NONG82 Huynh Thuc Khang St., Nghia Thanh Ward, Gia Nghia Town67 Nguyen Tat Thanh, Dak Mil Town, Dak Mil Dist.

DIEN BIEN583 group 10, Tan Thanh Ward, Dian Bien Phu City

DONG NAITran 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 City66-67 Residential Area No. 2, hamlet 114, Dinh Quan

Town, Dinh Quan Dist.5/10-6/10 Dong Khoi St., Tan Hiep Ward, Bien Hoa City102/3 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 Town81/2-94/2-95/2-96/2, quarter 8A, Tan Bien Ward, Bien Hoa CityHung Vuong St., Xuan An Ward, Long Khanh TownGroup 2, Phuoc Hai quarter, Long Thanh Town, Long Thanh Dist.217A, quarter 2, Pham Van Thuan St., Tan Tien Ward, Bien Hoa City54, 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 City16 Highway 51, Binh Duong quarter, Long Binh Ward, Bien Hoa City1/1 Pham van Thuan St., Tam Hiep Ward, Bien Hoa City6C-8C-12C Dong Khoi St., Tan Phong Ward, Bien Hoa City398 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 THAP83 Nguyen Hue St., Ward 1, Cao Lanh City280/1 Highway 80, Binh Thanh cluster, Lap Vo Town, Lap Vo Dist.178 Nguyen Hue St., Ward 2, Cao Lanh CityHung Vuong St., An Thanh Ward, Hong Ngu TownHung Vuong St., cluster 4, My An Town, Thap Muoi Dist.292 Highway 80, cluster 4, Ward 1. Sa Dec City


OPERATION NETWORK

GIA LAI811 Hung Vuong St., Chu Xe Town, Chu Xe Dist.5 Nguyen Tat Thanh St., Hoa Lu Ward, Pleiku CityGroup 2, Tay Son Ward, An Khe Town1 Ton Duc Thang St., Yen The Ward, Pleiku City47 Tran Phu St., Dien Hong Ward, Pleiku City

HA GIANG94 Tran Hung Dao St., Tran Phu Ward, Ha Giang City

HA NAMHighway 1A, Hai Ba Trung Ward, Phu Ly City

HA TINHHighway 1A, quarter 14, Cam Xuyen Town, Cam Xuyen Dist.Quang Trung St., Song Tri Ward, Ky Anh TownBlock 1, Ha Huy Tap Ward, Ha Tinh City1 Quang Trung St., Nam Hong Ward, Hong Linh Town

HAI DUONG184-186-188-190 Nguyen Luong Bang St., Pham Ngu Lao Ward, Hai Duong CityNguyen Thai Hoc 1 St., Sa Do Ward, Chi Linh Town

HAI PHONG57-59-59A 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 GIANG31-33 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 BINHGroup 3, Dong Tien Ward, Hoa Binh CityDai lo Thinh Lang St., Tan Thinh Ward, Hoa Binh City

HUNG YEN222 Dien Bien St., Le Loi Ward, Hung Yen City

KHANH HOAHung Vuong boulevard, Loi Hoa quarter, Cam Loi Ward, Cam Ranh City1 Hon Chong St., Vinh Phuoc Ward, Nha Trang City2 Lac Long Quan St., Dien Khanh Town, Dien Khanh Dist.131 Le Hong Phong St., Phuoc Hoa Ward, Nha Trang City105-105A Ngo Gia Tu St., Tan Lap Ward, Nha Trang City3 Quang Trung St., Van Thanh Ward, Nha Trang City9A Thai Nguyen, Phuoc Tan Ward, Nha Trang City

KIEN GIANG1 Mai Thi Hong Hanh St., Vinh Loi Ward, Rach Gia City380A Nguyen Trung Truc St., Vinh Lac Ward, Rach Gia City65-67, cluster B, Tan Hiep Town, Tan Hiep Dist.98 Tran Phu St., Vinh thanh Ward, Rach Gia City

KON TUM296 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 City375-377 Tran Hung Dao St., Quyet Thang Ward,Kon Tum City

LAI CHAU027-029 Tran Hung Dao St., Doan Ket Ward, Lai Chau City

LAM DONG116, 3/2 St., Ward 5, Da Lat City581 Tran Phu St., B’lao Ward, Bao Loc City314 -316 Bui Thi Xuan St., Ward 2, Da Lat City261 Phan Dinh Phung St., Ward 2, Da Lat City35-37 Thong Nhat St., Lien Nghia Town, Duc Trong Dist.753-755 Hung Vuong St., Bo Lieng quarter, Dinh Van Town, Lam Ha Dist.

LANG SON29 Tran Dang Ninh St., Tam Thanh Ward, Lang Son City

LAO CAI256 Nguyen Hue, Pho Moi Ward, Lao Cai City

LONG AN15 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 CityProvincial 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 City33-35, 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.


OPERATION NETWORK

NAM DINH59 Dien Bien St., group 15, Cua Bac Ward, Nam Dinh City157 Tran Hung Dao St., Tran Hung Dao Ward, Nam Dinh City

NGHE AN2 Dang Thai Than St., Cua Nam Ward, Vinh City187 Le Duan St., Trung Do Ward, Vinh City219 Le Loi St., Le Loi Ward, Vinh City92 Nguyen Phong Sac St., Hung Dung Ward, Vinh City78 Nguyen Thi Minh Khai St., Hung Binh Ward, Vinh CityHighway 7A, block 2, Do Luong Town, Do Luong Dist.Kim Tan block, Hoa Hieu Ward, Thai Hoa Town

NINH BINH1 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 City2 Tran Hung dao, Phuc Trong St., Phuc Thanh Ward, Ninh Binh City

NINH THUAN312-312A Thong Nhat St., Phu Ha Ward, Phan Rang Thap Cham City

PHU THO1462 Hung Vuong boulevard, Tien Cat Ward, Viet Tri City2387-2389 Hung Vuong St., group 73, area 7, Nong Trang Ward, Viet Tri CityTan Tien area, Lam Thao Town, Lam Thao Dist.

PHU YEN244B Tran Hung Dao St., Ward 4, Tuy Hoa City

QUANG BINHHung Vuong St., TK 1, Hoan Lao Town, Bo Trach Dist.127 Tran Hung Dao St., Dong Phu Ward, Dong Hoi City

QUANG NAM225-227 Lys Thuong Kiet St., Cam Pho Ward, Hoi An City177 Pham van Dong St., Nui Thanh Town, Nui Thanh Dist.212-214 Phan Chu Trinh St., An My Ward, Tam Ky City31 Highway 1A, Group 1, Block 04, Vinh Dien Town, Dien Ban Dist.

QUANG NGAI75 Hung Vuong Blvd, Tran Hung Dao Ward, Quang Ngai City600 Nguyen Nghiem St., Duc Pho Town, Duc Pho Dist.661 Quang Trung St., Nghia Chanh Ward, Quang Ngai CityQuarter 1, Chau O Town, Binh son Dist.

QUANG NINHGroup 65, Cam Thuy Ward, Cam Pha CityGroup 9, area 6, Gieng Day Ward, Ha Long City487 Quang trung St., Quang Trung Ward, Uong Bi CityVinh Thong area, Mao Khe Town, Dong Trieu Dist.

QUANG TRI01 Hung Vuong St., Ward 1, Dong Ha City

SOC TRĂNG50-52 Hai Ba Trung St., Ward 1, Soc Trang City01 Provincial Highway 8, Thanh Loi hamlet, My Xuyen Town, My Xuyen Dist.

SON LA1 Lo Van Gia St., Chieng Le Ward, Son La City

TAY NINH1/4 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 City145 Highway 22, Loc Du hamlet, Trang Bang Town, Trang Bang Dist.

THAI BINHMr. Vu Duy Dong’s 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 NGUYENSub-area 4, Ba Hang Town, Pho Yen Dist.341 Bac Kan St., Hoang van Thu Ward, Thai Nguyen City477 Luong Ngoc Quyen St., Phan Dinh Phung Ward, Thai Nguyen City1 Luong Ngoc Quyen, Hoang Van Thu Ward, Thai Nguyen City

THANH HOA468 Nguyen Trai, Phu Son Ward, Thanh Hoa City1-3 Nguyen Trai, Ngoc Trao Ward, Bim Son Town91 Le Loi St., Truong Son Ward, Sam Son Town17B Le Thanh Tong St., Ngoc Lac Town, Ngoc Lac Dist.355-357 Quang trung St., Dong Ve Ward, Thanh Hoa City60 Quang Trung, sub-area 6, Tinh Gia Town, Tinh Gia Dist.305 Tran Phu St., Ba Dinh Ward, Thanh Hoa City342-344 Truong Thi St., Dien Bien Ward, Thanh Hoa City

THUA THIEN HUE57 Ba Trieu St., Xuan Phu Ward, Hue City185 Hung Vuong St., An Cuu Ward, Hue City


OPERATION NETWORK

11 Cach Mang Thang 8 St., Tu Ha Ward, Huong Tra Town1110 Nguyen Tat Thanh, Phu Bai Ward, Huong Thuy Town197-199 Tran Hung Dao St., Phu Hoa Ward, Hue City

TIEN GIANG49/2 Bac hamlet, Ward 5, My Tho City3/59 Highway 1A, quarter 3, Ward 1, Cai Lay Town3/6-3/7 Dinh Bo Linh St., Ward 8, My Tho City313 Nguyen Hue St., quarter III, Ward 2, Go Cong Town57/6-57/8A Le Thi Hong Gam St., Ward 6, My Tho City4B/4 Ray hamlet, Tan Hiep Town, Chau Thanh Dist.

TRA VINH20 Hung Vuong St., Ward 4, Tra Vinh City474B Nguyen Dang St., cluster 3, Ward 6, Tra Vinh City

TUYEN QUANG542-544, 17/8 St., group 15, Tan Ha Ward, Tuyen Quang City115-117 Binh Thuan St., Tan Quang Ward, Tuyen Quang City

VINH LONGGroup 21, cluster 5, Cai Von Ward, Binh Minh Town93A-93B, 2/9 St., Hung Dao Vuong Cluster, Ward 1, Vinh Long City

VINH PHUC288 Hai Ba Trung St., Hung Vuong Ward, Phuc Yen Town99 Hung Vuong St., Tich Son Ward, Vinh Yen CityArea 5, Tien Chau Ward, Phuc Yen Town

YEN BAI763 Dien Bien, group 48, Minh Tan Ward, Yen Bai City

CONSUMER ELECTRONICS STORE SYSTEM DienmayXanh.com

HO CHI MINH CITY874-874A, Highway 22, Quarter 8, Cu Chi Town, Cu Chi Dist.677 Huynh Tan Phat St., Phu Thuan Ward, Dist. 7265 Hoa Binh St., Hiep Tan Ward, Tan Phu disrict33 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.

AN GIANG129 Tran Hung Dao St., My Phuoc Ward, Long Xuyen City

BA RIA - VUNG TAU25 Nguyen Huu Tho St., Phuoc Trung Ward, Ba Ria City155 Nguyen Thai Hoc St., Ward 7, Vung tau City

BAC LIEU37 Tran Huynh St., Ward 7, Bac Lieu City

BINH DUONG322 Binh Duong Blvd., Phu Hoa Ward, Thu Dau Mot City

BINH THUẬN241 Tran Hung Dao St., Phu Thuy Ward, Phan Thiet City

DAK LAK37 Nguyen tat Thanh St., Tan Loi Ward, Buon Ma Thuot City

DONG NAI1381 quarter 2, Pham Van Thuan St., Thong Nhat Ward, Bien Hoa City16 Hung Vuong, quarter 1, Xuan Binh Ward, Long Khanh Town

DONG THAP90 Hung Vuong St., Ward 1, Sa Dec City

SOC TRANG99 Hung Vuong St., cluster 1, Ward 6, Soc Trang City

TAY NINH748 Cach Mang Thang 8 St., quarter 1, Ward 4, Tay Ninh City

TRA VINH21 Dien Bien Phu St., cluster 4, Ward 6, Tra Vinh City

VINH LONG210 Le Thai To St., Ward 2, Vinh Long City


OPERATION NETWORK

MOBILE WORLD INVESTMENT CORPORATION

Operation office:5th Floor, Etown 2 Building364 Cong Hoa, Ward 13, Tan Binh District, Ho Chi Minh CityTel: 08 38125960 Email: [email protected]

www.mwg.vn

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