DMX reports 33% revenue growth in Q1 as all product categories in Vietnam post double-digit gains

DMX Investment Joint Stock Company (DMX), a subsidiary of MWG (MWG), reported business results for the first three months of the year, posting revenue of VND 32,416 billion. This represents a 33% year-on-year increase and 26% of the company’s full-year plan. Growth was broad-based across chains and core product groups, supported by 34% same-store sales growth (SSSG).

Revenue growth driven by same-store performance and BNPL

DMX said revenue from buy-now-pay-later (BNPL) rose 50% year-on-year. The share of products offering BNPL reached 97%, which the company said helped customers shop more easily as product prices trended upward.

EraBlue revenue doubled versus the same period, supported by 25% SSSG and the opening of 117 new stores.

Chain performance and product category expansion

All Vietnam chains recorded double-digit revenue growth despite no new store openings. Topzone delivered the strongest performance, with revenue from Apple products rising 60% year-on-year.

Across main product categories, DMX reported revenue growth ranging from 15% to 65% year-on-year.

Store network as of end-March

As of the end of March, DMX’s system included:

• 2,006 Dien May Xanh stores
• 929 The Gioi Di Dong stores
• 85 Topzone stores
• 212 EraBlue stores in Indonesia

2026-2030 outlook: revenue and profit targets

For the 2026-2030 period, DMX projects revenue of VND 182 trillion, implying a compound annual growth rate (CAGR) of 11% per year. The company forecast net profit to grow at 16% per year, supported by service segments (finance and after-sales) with higher margins. DMX aims to double profit to VND 13,000 billion by 2030.

Strategic direction: building a financial-consumer ecosystem

DMX positions itself as a retail ecosystem for mobile and consumer electronics, combining core chains (The Gioi Di Dong, Dien May Xanh, Topzone) with growth pillars including DMX’s service technicians and the EraBlue joint venture in Indonesia. The company said this structure is intended to support dedicated management, transparent governance, and readiness for independent listing.

IPO rationale cited by investor materials

DMX stated that its IPO objective is based on three strategic factors:

• Independent listing would allow DMX to publish a full financial picture, helping the market value the company’s scale and margins more accurately.
• The IPO would serve as a catalyst to empower and energize DMX’s management, including the F2 generation within MWG, to create a new growth cycle after past successes.
• DMX intends to use post-IPO results to address and dispel perceptions that Vietnam’s mobile and electronics retail market is saturated.

Payments and convenience hub plan

One of DMX’s key focuses for 2026-2030 is to become a financial-consumer ecosystem and a major growth pillar. The company plans to provide financial solutions to help customers access and own products, including:

• Installment payments via a finance company
• BNPL for postpaid wallets
• Installment payments with credit cards
• Cash loans

DMX also aims to become a payments and convenience hub by delivering essential services such as electricity, water, and telecom payments. The company said its stores will host more than 3,000 cash-in/out ATMs for over 40 banks. DMX is also integrating into a Super App to compete in online payments.

Transaction growth and cash-flow expectations

DMX expects the model to generate recurring traffic and cash flow. By 2030, it projects reaching 150 million transactions with a total value of VND 275,000 billion (approximately USD 10 billion), which the company said would be 2.3 times higher than five years earlier.

In 2025, DMX reported that its ATMs recorded 64 million transactions with a total value of VND 120,000 billion.