Dien May Xanh completes exit from Cambodian market

Dien May Xanh (DMX) has finalized the legal procedures to terminate its overseas investment project in Cambodia. The Foreign Investment Agency under the Ministry of Finance issued a decision to terminate the effectiveness of the investment registration certificate for MWG (Cambodia) Co., Ltd.

MWG (Cambodia) Co., Ltd operated the Bluetronics retail chain, which specialized in mobile phones and electronics. Originally launched in 2017 as BigPhone in Phnom Penh, the chain was later rebranded as Bluetronics and expanded to a peak of 55 locations by mid-2021.

The exit follows significant financial losses. By the end of 2023, the accumulated losses for the Cambodian operations were reported to be approximately 700 billion VND (roughly 685 billion VND according to some reports). Management cited challenges including market scale and tax complexities, noting that full tax compliance could have raised retail prices by 10-15% compared to competitors, impacting competitiveness.