"If the company delivers on its stated growth milestones, this program will be a powerful incentive for the team to grow alongside DMX in this new phase," said Mr. Hieu Em.

On his personal Facebook page, Mr. Doan Van Hieu Em, CEO of Dien May Xanh (DMX), shared a strategic update in connection with the company's IPO.

Mr. Hieu Em emphasized: "The IPO is not the destination — it is the starting point for DMX's next growth cycle through 2030."

DMX's IPO book officially closed on June 17. The company completed its subscription period with total orders reaching 166 million shares, representing an aggregate value of approximately VND 13,293 billion — equivalent to 92.5% of the original target. This ranks among the largest and most significant public offerings seen in Vietnam's capital markets in years. DMX is on track to complete its listing procedures on HOSE in early August 2026.

The IPO was priced at VND 80,000 per share. Management's key message to investors, however, is that the investment case extends well beyond the entry price — what investors are acquiring is participation in the company's forward growth potential. Specifically, DMX has set a target to double its market capitalization by 2030, anchored by five strategic pillars. The company has also committed to a minimum cash dividend payout of 50% of annual net profit, alongside the introduction of a stock option-style equity compensation program to align management and shareholder interests.

DMX CEO Outlines Post-IPO Stock Option-Style Program

On the stock option-style program, Mr. Hieu Em outlined three core design principles: a long-term vesting horizon, sufficiently stretch performance targets, and clearly defined strategic pillars. If the company delivers on its stated growth milestones, the program is designed to serve as a powerful long-term incentive for key personnel to grow alongside DMX through the next phase.

To illustrate the concept, Mr. Doan Van Hieu Em drew on international precedents — most notably Tesla under CEO Elon Musk — where long-term executive compensation packages are structured around specific, measurable corporate milestones rather than time-based vesting alone.

According to Mr. Hieu Em, the first variable in this type of program is market capitalization. As enterprise value expands, with share count remaining relatively stable, share price appreciation follows proportionally. For DMX, listing at VND 80,000 per share implies an initial market cap of over VND 100 trillion. Successive program tranches are benchmarked against progressively higher market cap thresholds, with the 2030 cycle serving as the overarching time horizon.

Market cap growth, however, is a necessary but not sufficient condition. The CEO noted that the sufficient condition requires the company to also achieve core revenue and/or net profit targets at each defined stage. In other words, sustained share price appreciation cannot be decoupled from tangible underlying business performance.

The program is therefore structured within a long-term performance framework — not a conventional short-cycle equity bonus scheme. Participants are required to purchase shares at the grant price upfront. Over a 3–5 year vesting period, if DMX meets its market cap, revenue, and earnings milestones, participants realize the spread between their initial cost basis and the prevailing market price as their financial reward.

Mr. Hieu Em's view is that the program's most significant value lies in creating genuine long-term alignment. Participants are not passive recipients of equity grants — they are co-investors in the company's actual growth outcomes. As DMX scales revenue, earnings, and market capitalization, the economic interests of the management team, key personnel, and public shareholders are unified around the same objective.

Source: CafeF