Dien May Xanh (DMX) Targets USD 8B Revenue by 2030 as 9-Month Profit Jumps 83%

Overview

Dien May Xanh Investment JSC (ticker DMX) reported nine-month 2026 revenue of VND 99,460 billion, up 25% year on year, and profit of VND 7,701 billion, up 83%, at an extraordinary general meeting of shareholders on 29 October 2026. The company said it had already exceeded its full-year 2026 profit target and unveiled a five-year plan targeting more than USD 8 billion in revenue by 2030 with profit tripling over that period.

Key Facts

• Nine-month revenue: VND 99,460 billion, +25% year on year, equal to 81% of the VND 122,500 billion annual plan.
• Nine-month profit: VND 7,701 billion, +83% year on year, or 105% of the VND 7,350 billion full-year 2026 profit target.
• Third-quarter profit alone: VND 2,825 billion, +105% year on year.
• Full-year 2026 guidance: net revenue of about VND 140,000 billion and after-tax profit above VND 10,500 billion.
• Existing stores contributed 30% of revenue growth; the TopZone chain grew 34% year on year.
• Online and Super App revenue reached VND 14,361 billion in nine months, +37% year on year, or about 14% of total revenue, with 19.6 million users.
• Installment finance accounted for about 38% of the system, up 50% year on year; the Dien May Xanh technician service generated VND 2,738 billion.

What Happened

Speaking at the shareholders’ meeting on the afternoon of 29 October 2026, CEO Doan Van Hieu Em presented the nine-month results and the five-year strategy. The company said growth was driven mainly by existing supermarkets rather than new store openings, a shift management described as moving from quantity to quality. The TopZone chain was the fastest-growing format at 34% year on year, while consumer finance, collection services and the technician service were cited as supporting profit margins, which reached 7.7% on a cumulative basis.

Management set out five strategic pillars: the shift toward quality growth, consumer finance and utilities, the Dien May Xanh technician service, the Super App and online channel, and international expansion through Erablue in Indonesia. The company said a completed version of its Super App is expected to launch by the end of the year. The figures were presented at the shareholders’ meeting; the article does not state whether they have been formally filed with the exchange.

Market Context

DMX trades on UPCOM and closed at VND 75,600 on 29 October 2026, the day of the meeting. The results place DMX among the stronger performers in Vietnam’s retail sector, where electronics and appliance chains have benefited from recovering consumer demand and expanded installment credit. The company’s profit growth outpaced revenue growth by a wide margin, reflecting operating leverage as existing stores mature. The article does not provide DMX’s historical price range or foreign-ownership data.

Strategic Significance

The thesis rests on margin expansion rather than store count. With existing stores contributing 30% of revenue growth and the online channel at 14% of revenue, DMX is monetizing its network through services, finance and digital traffic rather than adding square footage. The 2030 target of more than USD 8 billion in revenue implies roughly a doubling from the 2026 guidance of VND 140,000 billion, assuming stable exchange rates, with profit tripling over five years. Execution risk sits in the consumer finance exposure, which is sensitive to credit conditions, and in the Indonesia venture, whose contribution the article does not quantify.

What to Watch

• Full-year 2026 results and whether revenue reaches the VND 140,000 billion guidance.
• Launch of the completed Super App by year-end 2026 and user growth from the 19.6 million base.
• Disclosure on Erablue’s revenue and losses in Indonesia.
• Any regulatory change affecting installment finance, which represents about 38% of the system.
• Formal filing of the five-year plan and 2030 targets with the exchange.