As part of its 2026 - 2030 growth strategy, Dien May Xanh (DMX) is redefining retail by transforming sales from the end of the customer journey into the starting point of a long-term value lifecycle. 

Instead of relying solely on traditional retail expansion, DMX is actively exploring a “new frontier” - a nationwide home services market. This is not merely a short-term solution, but a pioneering strategy by a leading player to unlock a new layer of value based on its existing ecosystem.

Moving From “Product Selling” To “Solution Delivery”

The core of this transformation lies in a fundamental shift in business philosophy. In traditional brick-and-mortar retail models, the relationship between retailer and consumer often ends immediately after product delivery.

Today,  Dien May Xanh is realizing its vision of a fully integrated multi-service platform, where Retail - Services - Finance work in synergy to drive the next cycle of consumption.

This shift reduces the company’s dependence on physical store expansion and instead focuses on deepening operations across its vast existing customer base. The “Tho DMX” service segment has officially been elevated from an internal after-sales unit to a key strategic growth pillar and one of the company’s five core business drivers.

DMX at a kickoff event ahead of the peak summer season. Photo: DMX

The strategy aims to deliver a full lifecycle care solution for household appliances, covering every stage from initial purchase to eventual replacement. The process begins at the point of sale with professional home delivery and installation services.

During usage, the Tho DMX team provides regular maintenance to ensure devices operate efficiently, safely, and with extended lifespan.

When issues arise, the team handles warranty and repair services in a transparent and professional manner, addressing common concerns about unqualified or unreliable technicians in the market. Finally, at the replacement stage, DMX continues to support customers in upgrading to newer, more advanced devices.

By filling gaps in transparency and trust within the home services market,  Dien May Xanh is no longer simply selling electronics products - it is delivering “peace of mind and lifetime service quality” to customers. This serves as a critical foundation for optimizing profitability and strengthening its position as a leading provider of home utility services in Vietnam.

The Billion-dollar Service Market Still Has Significant Gaps

The home repair and maintenance services market in Vietnam (Home Services) has long suffered from significant structural gaps, including inconsistent service quality and a lack of pricing transparency. The market remains highly fragmented, with uneven technician skill levels, and notably, there is no national-scale brand taking ultimate responsibility when issues arise.

Meanwhile, demand for home care services is growing strongly alongside rising middle-class incomes, yet the market still lacks a dominant player.  Dien May Xanh sees this as a major opportunity to fill the gap early and aim to become a leading brand in the home services sector by standardizing service quality on a nationwide scale.

The “Tho DMX” operation covers the full spectrum of core after-sales services, from delivery and installation to warranty, maintenance, and in-depth repairs. This seamless integration between sales and after-sales services helps the company build a closed-loop business model and optimize customer experience across every touchpoint.

The execution strength of Tho DMX is built on a physical and human infrastructure that is difficult for competitors to replicate in the short term. Its core workforce includes 8,000 skilled technicians, fully standardized in operational procedures and professional conduct to build strong customer trust. This system is supported by a large-scale infrastructure network of 300 warehouses, 700 trucks, and over 3,000 retail touchpoints nationwide.

The company’s competitive advantage is further reinforced by the transparency and credibility of its parent brand MWG, helping eliminate common concerns about price manipulation in the service market. The entire operation is coordinated through integrated ERP and CRM systems and connected to a Super App, enabling access to a base of 18 million verified customers.

The Tho DMX business model follows a “two-pronged strategy” to maximize both existing customer depth and new customer expansion. The internal segment focuses on recurring revenue from its large existing customer base through full lifecycle service offerings, targeting a 15% revenue CAGR.

The second segment acts as a key growth driver targeting the B2B market and external brands, providing installation and authorized warranty services for major electronics manufacturers and external enterprises. This is expected to be a breakthrough growth engine during 2025 - 2030, with a targeted revenue CAGR of 65% and profit CAGR of 55%. By leveraging its existing infrastructure to serve external partners, the company can optimize fixed costs while unlocking virtually unlimited long-term growth potential.

Re-rating Catalyst For The Stock

Financial performance from the “Tho DMX” service segment is expected to deliver a significant catalyst for the re-rating of  Dien May Xanh’s valuation, driven by a structural shift in profit composition toward higher-margin businesses. By 2030, the service segment is projected to generate around VND 8,287 billion in revenue (approximately 2% of total revenue) and VND 2,576 billion in net profit, accounting for about 5% of total profit contribution.

The most notable feature is its strong growth profile, with net profit CAGR projected at 26%, significantly outpacing revenue CAGR of 15%. This highlights superior operational efficiency and higher margin quality compared to traditional consumer electronics retail.

For investors, the presence of a stable, recurring service-based cash flow acts as an important buffer against the cyclical nature of the consumer electronics industry. The shift toward a lifetime value model not only improves customer retention but also enhances long-term profit margins.

This provides a solid foundation for financial institutions to assign a higher P/E multiple, valuing the company as a sustainable “cash-generating machine” rather than a conventional retail business.

This trajectory is already reflected in early results for Q1/2026. The “Tho DMX” segment recorded VND 701 billion in revenue, up 45% year-on-year. Meanwhile, the B2B external services segment showed explosive growth of 63%, reaching VND 125 billion in revenue. These figures confirm the strength of a new strategic growth pillar and open a significantly larger expansion space beyond physical retail stores.

“Tho DMX” is the final key component completing  Dien May Xanh’s integrated Retail - Services - Finance ecosystem. Early success in this segment provides strong validation for the company’s long-term target of reaching VND 13 trillion in profit by 2030.

Core message for investors: Dien May Xanh should be viewed as a comprehensive home solutions provider, backed by Vietnam’s largest service and logistics infrastructure. Leading the home services market not only creates new revenue streams, but also builds a strong “moat” around customers through lifelong trust and service reliability.

According to CafeF.