AsemconnectVietnam - Revenue at existing stores increased by 30%, along with the expansion of installment sales, helping DMX maintain high growth momentum despite a net decrease of 17 sales points in the domestic network. Meanwhile, Erablue continues to expand with 156 stores since the beginning of the year.

According to the investor report for the first nine months of 2026, Dien May Xanh (DMX) recorded consolidated revenue of VND99,460 billion, a 29% increase compared to the same period last year and completing approximately 81% of the annual plan. In September alone, revenue exceeded VND12,400 billion, the highest since the beginning of the year.
The 29% increase is calculated by the company on a comparable basis, excluding the impact of An Khang, AvaKids, and the merger of Tho Dien May Xanh.
A 30% increase in revenue at existing stores demonstrates strong sales growth across the operating network, despite a slight contraction in the number of retail outlets in Vietnam. Specifically, by the end of the period, the Dien May Xanh chain had 1,998 stores, down 10 from the beginning of the year; The Gioi Di Dong had 919 stores, down 8; and TopZone increased by one outlet to 86.
In total, the three chains had 3,003 stores, a net decrease of 17 outlets. Despite this, The Gioi Di Dong and Dien May Xanh both saw revenue increase by 29%, while TopZone increased by 34% compared to the same period.
The growth was also evident across many product categories. Apple phone and air conditioner sales both increased by 50%; laptops, home appliances, and accessories increased by 30%. Refrigerators and washing machines increased by 25%, while Android phones increased by 20% and TVs by 15%.
The growth trend was also evident in many product categories. Revenue from Apple phones and air conditioners both increased by 50%; laptops, home appliances, and accessories increased by 30%. Refrigerators and washing machines increased by 25%, while Android phones increased by 20% and TVs by 15%.
According to DMX, 0% interest deferred payment and expanded after-sales service have supported purchasing power amidst rising prices, without the need for aggressive discounts. Sales revenue from deferred payments increased by 50%, bringing the proportion of this payment method to 38%, compared to 33% in the same period last year. Currently, 96% of products offer deferred payment options – indicating that this payment method is contributing increasingly to DMX's revenue.
However, from an investor's perspective, it's crucial to clearly separate the impact of selling prices and sales volume to better understand the 30% increase in existing stores.
The online channel also grew faster than overall revenue. Super App and other online channels recorded VND14,361 billion in revenue, a 37% increase; the number of Super App members reached 19.6 million, an increase of 1.7 million since the beginning of the year. The Dien May Xanh (DMX) electronics retail chain achieved revenue of VND2,738 billion, a 39% increase, of which VND332 billion came from customers outside the DMX system.
While the domestic network slightly declined, EraBlue in Indonesia continued to expand, reaching 337 stores, an increase of 156 compared to the beginning of the year.
EraBlue recorded converted revenue of VND4,635 billion, an 86% growth; revenue at existing stores increased by 13%. The figures show that operations in Indonesia are combining expansion of coverage with growth at existing sales points. The company aims to reach 500 stores by 2027 and 1,000 stores by 2030.
With a planned revenue of VND122,500 billion, DMX still needs to record VND23,040 billion in the fourth quarter to achieve the target, equivalent to an average of VND7,680 billion per month. This average is lower than the September revenue figures just released, not to mention the typically high year-end shopping season, which is also a favorable business condition for DMX.
Source: VITIC/Bao Tai chinh – Dau tu