DMX CEO on IPO Objectives: Rebutting the Saturation Narrative in Consumer Electronics Retail 

"The standalone listing of DMX will provide investors with greater visibility into the true growth trajectory of the mobile and consumer electronics sector," said CEO Doan Van Hieu Em. 

Speaking at SSI Securities' "Coffee with Investors" programme, CEO Doan Van Hieu Em of Dien May Xanh Investment Joints Stock Company outlined his views on the consumer electronics retail landscape, DMX's growth trajectory, and the strategic rationale for the upcoming IPO. 

CEO Doan Van Hieu Em contextualised DMX's performance against a challenging five-year macro backdrop - one that affected markets globally, not Vietnam alone. Covid-19 disrupted 2020–2021, while 2022–2023 was characterised by global economic softness and heightened market volatility. 

The macro environment has shifted into recovery mode entering 2025–2026. Vietnam has emerged as one of Southeast Asia's standout performers, with manufacturing and real estate - key demand drivers for consumer electronics - showing tangible signs of recovery. 

On retail, CEO Doan Van Hieu Em highlighted the sector's characteristic lag relative to manufacturing and real estate. The transmission mechanism is direct: upstream sector recovery generates employment and income growth, which in turn restores consumer purchasing power - and ultimately retail demand. 

"The performance delivered in 2024, 2025, and early 2026 represents the early stage of a more extended recovery cycle," said CEO Doan Van Hieu Em - framing current results not as a peak, but as a launchpad. 

DMX IPO Rationale: Strategic Objectives Behind the Listing 

The DMX IPO rationale was among the most substantive topics addressed by CEO Doan Van Hieu Em at the event. 

Per CEO Doan Van Hieu Em, MWG has historically been perceived by the market as a multi-chain, multi-segment operator spanning mobile, consumer electronics, premium retail, and food retail. The consequence of this breadth is a structural visibility problem: with disparate business lines consolidated under a single ticker, the market has been unable to accurately assess the distinct growth profile and intrinsic potential of each segment - a dynamic that has likely contributed to a conglomerate discount on MWG's valuation. 

DMX operates 3,000-plus stores with over 55% market share and is entering a structurally distinct growth phase. Where peers remain focused on network expansion, CEO Doan Van Hieu Em characterised DMX's trajectory as a deliberate shift from volume-driven to productivity-driven growth - a transition already evidenced in the margin expansion and SSSG data reported to date. 

CEO Doan Van Hieu Em articulated the core philosophy underpinning DMX's strategic repositioning: in modern retail, the product is the entry point, not the value proposition. The real offering is a solution - one that simplifies the purchase decision, optimises total cost of ownership, and delivers assurance across the full product lifecycle. This is the operational definition of DMX's CLV model. 

CEO Doan Van Hieu Em identified several primary objectives underpinning the IPO. The first is operational transparency: standalone reporting will allow DMX to be assessed on its own merits, with governance and operational structures tailored to the distinct dynamics of the mobile and consumer electronics sector - rather than managed as a division within a diversified group. 

The second objective is to directly rebut the saturation thesis. CEO Doan Van Hieu Em noted that mobile and consumer electronics has delivered double-digit growth consistently over many years - yet the market continues to characterise it as a mature, saturated sector. His view as a sector participant is unambiguous: a meaningful growth runway remains, and the IPO is partly designed to make that case with data. 

"The standalone listing of Điện Máy Xanh will provide investors with greater visibility into the true growth trajectory of the mobile and consumer electronics sector," said CEO Doan Van Hieu Em. 

CEO Doan Van Hieu Em also cited management succession as a strategic objective of the IPO. Where the founding generation - led by Chairman Nguyen Duc Tai - built the MWG platform, the current DMX leadership team is positioned to drive the next growth cycle independently, with the accountability and incentive structures that a standalone listing provides. 

DMX's Five-Pillar Growth Framework 

CEO Doan Van Hieu Em identified five strategic pillars underpinning DMX's next growth cycle. 

The first pillar is a structural shift from network scale to store-level productivity. Having completed the expansion phase, DMX's focus moves to maximising revenue and margin per point of sale - a transition already evidenced in the SSSG and margin data reported to date. 

The second pillar is consumer finance - providing accessible financing solutions at the point of sale to convert latent demand into active transactions. This is particularly relevant in the current environment, where purchasing power is recovering but consumer confidence remains measured. 

The third pillar is DMX Technician - the after-sales service subsidiary that structurally extends DMX's revenue relationship with customers beyond the point of sale. Rather than terminating at product delivery, the transaction triggers a new service cycle, generating recurring touchpoints and revenue streams across the product ownership period. 

The fourth pillar is Super App development - extending DMX's commercial presence from its physical store network onto a digital platform. This broadens addressable customer reach, enables always-on engagement, and creates an incremental revenue channel operating independently of store footfall. 

The fifth pillar is EraBlue in Indonesia. CEO Doan Van Hieu Em drew a direct comparison: DMX took 16 years to reach its current scale in Vietnam; MWG took 21 years. EraBlue, he argued, should require only half that time - benefiting from DMX's proven playbook, Erajaya's local capabilities, and a more structurally favourable market backdrop than Vietnam at an equivalent stage. 

CEO Doan Van Hieu Em expressed conviction that the five-pillar framework will serve as the primary engine of DMX's continued outperformance - delivering measurable growth outcomes across the plan period. 

Source: CafeF