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Figure 4. Business Performance of Bach Hoa Xanh (2019–2025)
Source: Author synthesis
By 2025, the company had opened an additional 789 stores, bringing the total
network to 2,559 operating outlets. Reported revenue reached nearly VND 46.9 trillion,
equivalent to average daily sales exceeding VND 128 billion. These outcomes suggest that
strategic recalibration of the business model—particularly in expansion logic and supply
chain integration—played a significant role in restoring growth momentum and
enhancing operational effectiveness.
3.4. Case study 2: Vinfast
VinFast was established in 2017 as an automotive and motorcycle manufacturer
with the long-term ambition of becoming the first global automobile brand originating
from Vietnam. In its initial phase, the company adopted an internal combustion engine
(ICE) production model as a strategic entry approach, enabling rapid market penetration,
capability development, and brand positioning. The launch of the LUX A2.0 and LUX SA2.0
at the 2018 Paris Motor Show marked a significant milestone in establishing international
brand visibility. After four years of operation, VinFast announced a transformative
strategic decision in 2021: the complete discontinuation of ICE vehicle production and a
full transition to electric vehicles (EVs). This shift represented a fundamental business
model reconfiguration, from conventional automotive manufacturing toward an
integrated electric mobility ecosystem aligned with global sustainability trends.

Figure 5. Business Performance of Vingroup and VinFast (2019–2025)
Source: Author synthesis

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