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Doan Van Hieu Em, CEO of Dien May Xanh (DMX), said the company’s IPO is “not the end, but the starting point for a new growth cycle for DMX through 2030.” The IPO process recently closed its order-registration books on June 17.
DMX completed the registration of buy orders for 166 million shares, equivalent to about VND 13,293 billion, or 92.5% of the plan. The deal is described as one of the largest and least common IPO transactions in recent years.
The company is expected to complete listing procedures in early August 2026.
The IPO price was set at VND 80,000 per share. While the CEO noted that investor participation is not only about the IPO price, DMX’s stated objective is to double its market capitalization by 2030, supported by five strategic pillars.
DMX also outlined a cash dividend policy of at least 50% of annual profits and a shareholder-aligned incentive approach described as similar to a stock-option mechanism.
According to Hieu Em, the policy is linked to three main factors: a long-term horizon, clearly challenging targets, and clearly defined strategic pillars. If the business achieves the growth milestones, the policy is intended to create strong motivation for the team in the next phase.
To illustrate, Hieu Em referenced international examples such as Tesla, where long-term incentive plans are typically tied to specific business growth milestones.
The CEO said the first element of the policy is capitalization. When capitalization increases while the number of shares remains unchanged, the stock price tends to rise accordingly. For DMX, starting the listing at VND 80,000 per share implies a capitalization of just over VND 100 trillion, with subsequent phases aiming to raise the company’s value during the 2030 cycle.
Hieu Em emphasized that capitalization alone is not enough. The company must also meet core revenue or profit targets at each stage. In his view, stock price and capitalization cannot rise sustainably without underlying business results.
DMX’s incentive framework is positioned as a long-term mechanism rather than a short-term stock grant program. Participants are expected to pay to buy shares at the initial price. After 3–5 years, if DMX meets milestones related to capitalization, revenue, or profit, the difference between the initial purchase price and the share value at that time would serve as the financial reward.
Hieu Em said the policy’s most meaningful purpose is to create long-term motivation. Participants are not only receiving shares as a reward, but also “betting” on the company’s genuine growth potential. As DMX grows in revenue, profit, and capitalization, the benefits for management, key personnel, and shareholders are expected to move in the same direction.
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A notice shared…
