“Long Châu is transparent about its plans to establish a team and begin learning how to operate an imaging diagnostics hospital system. However, our immediate focus will be on vaccinations, with the aim of becoming the go-to brand for immunizations, just as Long Châu has successfully done with its pharmacies,” said Ms. Nguyen Do Quyen, Executive Director of FPT Retail.
Long Châu Reaches 1,750 Stores
“Four years after deciding to invest in the pharmaceutical industry, Long Châu has become Vietnam’s leading pharmaceutical chain with 1,750 stores across 63 provinces,” said Ms. Quyen.
Despite its rapid expansion, Long Châu’s achievements are not just about the number of stores, but also about providing authentic products at great prices to people across the country.
Backed by technology from the FPT Group, Long Châu is committed to raising awareness among patients about the proper use of medication. In Vietnam, it is relatively easy to purchase medication compared to many other countries, but this is a double-edged sword. Nonetheless, Long Châu affirms that it does not aim to replace pharmacists with technology but rather to free them from repetitive tasks.
According to Long Châu’s estimates, the Vietnamese pharmaceutical market is currently valued at 8.4 billion USD and is expected to reach 12 billion USD by 2027. Ultimately, Long Châu’s goal is to build a comprehensive health ecosystem.
Developing an In-Pharmacy Vaccination Model
At this year’s General Meeting of Shareholders, Ms. Nguyen Bach Diep, Chairman of FPT Retail, unveiled Long Châu’s “Health Platform” strategy, aiming to become a comprehensive healthcare company. This entails not only expanding the pharmacy chain but also requires a long-term vision, spanning at least 5 to 10 years.
“Long Châu learns from strategic partners like Merck, Novartis, AstraZeneca, and GSK, companies with centuries of history. To become a healthcare ecosystem, Long Châu needs to start preparing now, not only in terms of knowledge and resources but also in building a medical team, market research, and partnerships,” shared Ms. Quyen.
Photo: Long Châu aims to open 100 vaccination centers and reach 500 centers by 2027.
As an immediate plan, Long Châu will open vaccination centers. Specifically, the company aims to open 100 vaccination centers this year and reach 500 centers by 2027.
To achieve this, Long Châu will develop an in-pharmacy vaccination model (Pharmacy-Based Immunization – PBI), which is popular in countries like the USA, Australia, New Zealand, and Singapore.
In addition to vaccinations, Long Châu also plans to expand other healthcare services. One of the soon-to-be-launched services is Long Châu 247, which will support patients in taking the correct dosage and following the right medication regimen. This service will utilize OCR technology to read prescriptions and create electronic health records for patients.
Long Châu’s Revenue Surpasses FPT Shop’s
Ms. Quyen also shared that FPT Shop remains crucial to FPT Retail’s growth strategy. However, 2023 and 2024 are challenging years as the market has reached saturation. To retain customers and increase revenue, FPT Shop needs to continuously innovate and experiment with new methods. The price war in retail is always fierce, and FPT Shop is no stranger to these challenges.
The management of FPT Retail has decided to shift its focus from FPT Shop to Long Châu. With a long-term vision, Long Châu will become the main pillar and work towards developing a comprehensive healthcare platform. This decision ensures sustainable growth for FPT Retail in the next decade.
In fact, in Q4 2023, Long Châu’s revenue reached 5,000 billion VND, officially surpassing FPT Shop’s revenue of approximately 4,000 billion VND, thus becoming the main contributor to the Group.
Photo: Long Châu has surpassed FPT Shop in terms of revenue contribution to the Group.
In 2024, FPT Retail aims for a 17% increase in revenue, reaching 37,300 billion VND, with a expected profit of 125 billion VND in pre-tax profit. While FPT Shop’s performance is expected to remain stable, FPT Retail emphasizes that Long Châu will continue to be the main driver, with expected double-digit revenue growth and the opening of 400 new pharmacies, bringing the total to 1,900 by the end of 2024.
Tracodi (TCD) earns 163 billion VND profit in 2023
Throughout the year 2023, Tracodi achieved a consolidated net revenue of VND 1,784.5 billion and a post-tax profit of VND 163.3 billion.
Building Peace earns over one hundred billion in Q4 2023, breaks four consecutive quarters of losses, HBC stock soars in January 30th session.
As of December 31, 2023, Hòa Bình Construction continues to incur a cumulative loss of nearly 2,900 billion Vietnamese dong.
