Vietnam's FPT Retail plans 400 new pharmacies amid phone market challenges

FPT Retail, a retail chain owned by Vietnamese tech giant FPT, aims to open 400 more pharmacies this year, capitalizing on the favorable conditions in the pharmacy segment amidst challenges in the phone and laptop market. At the 2024 annual general meeting of shareholders on Wednesday, Nguyen Bach Diep, chairwoman of FPT Retail, announced plans to expand the Long Chau pharmacy chain by adding 400 new pharmacies, bringing the total number of stores to 1,900. Diep aims to implement the Long Chau Healthcare Platform strategy targeting preventive medicine, diagnostics, testing, treatment, pharmacies, and home monitoring. Total consolidated assets reached nearly VND13.1 trillion ($515.65 million), and equity stood at approximately VND1.72 trillion ($67.7 million). In 2023, FPT Retail closed 31 FPT Shop stores, which sell phones, laptops, and electronic products, reducing the nationwide count to 755.