Super App & Online is becoming an important growth pillar for DMX, with online revenue reaching VND 9,564 billion in the first seven months of 2026, accounting for 13% of total revenue, up from 11% after six months. 

The Super App membership base reached 19 million, an increase of 1 million since the beginning of the year. The Super App was developed from the Loyalty App platform, integrating 6 main functional groups including Shopping, Offers, Finance, Services, Partners, and Members, aiming for an "online hypermarket" model on an omnichannel platform. DMX's advantage lies in its existing customer base and large-scale offline system. Instead of relying on attracting new traffic, DMX leverages nearly 19 million members along with over 3,000 stores and the DMX Technician network, the consumer finance service ecosystem, and the identified customer base to increase interaction frequency and customer lifetime value. This model allows DMX to combine online, offline, and services, creating a distinction from pure e-commerce platforms.

Growth advantage based on the existing customer base 

Unlike traditional e-commerce models, DMX pursues a "3-no" strategy: no buying traffic, no price competition, and no pure marketplace-style competition. Instead, DMX leverages its store ecosystem, after-sales services, and customer data to increase Customer Lifetime Value. 

Recent growth momentum shows that the value extracted per member is improving. In July, online revenue continued to rise while membership scale remained at 19 million, indicating that growth momentum stems from increasing interaction and spending levels within the existing customer base. Simultaneously, DMX continues to expand touchpoints on the Super App with co-branded cards in cooperation with VPBank, launched from January 2026, which has recorded over 4,000 successfully opened cards, accompanied by cashback incentives within and outside the MWG ecosystem. Starting from June onwards, the Super Star AI assistant officially operates, achieving an 86% satisfaction rate in the early stage and being developed into phase 2, supporting order placement, thereby expected to enhance experience and drive transaction conversion.

Room for growth through 2030 

Long-term, DMX aims to increase Super App revenue from around VND 9,000 billion in 2025 to VND 55,000 billion in 2030, corresponding to a CAGR of about 44%. Notably, online revenue after the first seven months of 2026 has exceeded the full-year 2025 performance, indicating that the digital platform is entering a rapid growth phase and is expected to become one of DMX's new growth drivers for the 2026–2030 period. 

The development roadmap includes expanding from CE & ICT to multi-industry, integrating the MWG ecosystem and partners, moving towards an "online hypermarket" model. 

Source: IPO DMX Presentation

For investors, indicators to monitor include the share of online revenue, member activation and transaction frequency, along with the progress of commercializing AI and integrated financial services. The ability to increase revenue from the existing customer base will be a crucial factor determining the efficiency and sustainability of this growth model.