On October 6, Dien May Xanh Investment JSC (HoSE: DMX) reported September 2026 revenue of VND 12,410 billion, the highest month of the year and above even the Lunar New Year peak.CafeF That is up 7.2% from August. On a daily basis, the chain sold VND 414 billion of goods per day in September, against VND 373 billion in August.Tuổi Trẻ
For anyone holding DMX, or its parent MWG, the useful question is which counter the extra money came from. The company's nine-month update answers it fairly clearly: the network did not grow, existing stores sold more, and the phone counter, Apple above all, grew much faster than home appliances.
A flat network, existing stores selling more
At the end of September, the three chains Dien May Xanh, The Gioi Di Dong and TopZone had 3,003 stores in Vietnam, 4 fewer than at the end of August.Tuổi Trẻ By chain, Dien May Xanh has 1,998 stores, 21 fewer than a year earlier. The Gioi Di Dong is down to 919, 9 fewer, while TopZone edged up to 86.CafeF
Even so, revenue at stores that were already open a year ago rose about 30%. For the first nine months, consolidated revenue reached VND 99,460 billion, up 29% year on year and 81% of the full-year plan of VND 122,500 billion.Tuổi Trẻ With the domestic store count flat, almost all of the growth has to come from each store selling more.
Genuine expansion is happening only in Indonesia, where the Erablue chain has 337 stores and nine-month revenue of VND 4,635 billion, up 86% in rupiah terms. That is still small next to the system's nearly VND 100,000 billion.
Apple is the fastest-growing line
Over nine months, Apple product revenue rose 50% year on year and made up 20% of revenue. TopZone, which sells only Apple products, grew 34%, the fastest in the system, while the other two chains each grew 29%.Tuổi Trẻ
Put the 50% and the 20% side by side and the weight of a single brand becomes clear. From the published figures, nine-month revenue in 2025 was roughly VND 77,100 billion, so this year's increase is roughly VND 22,360 billion. Apple at 20% of VND 99,460 billion is about VND 19,900 billion, and with 50% growth its prior-year base was about VND 13,260 billion. Apple alone therefore contributed about VND 6,600 billion, nearly 3/10 of the extra revenue, while being just 1/5 of the total. This is a rounded estimate, since the 20% share is itself a rounded company figure.
September pushed that share higher. The iPhone 18 Pro and 18 Pro Max went on sale in Vietnam on the morning of September 18, and the company says the system logged 182,600 pre-orders, double last year. Android phones also picked up speed: cumulative growth went from 15% after eight months to 20% after nine.Tuổi Trẻ For the cumulative figure to rise 5 percentage points in a single month, Android phones in September alone must have grown far faster than in the previous eight.
Laptops, TVs and refrigerators slow
The appliance counter moved the other way. From the eight-month to the nine-month figure, cumulative laptop growth narrowed from 40% to 30%, TVs from 20% to 15%, and refrigerators from 30% to 25%.Tuổi Trẻ A cumulative number only drops this much in one month when the new month grew far slower than the months before it.
Taken together, September's year-high came mainly from the phone counter, with Apple the heaviest piece, rather than from steady growth across every category. On October 5 the chain introduced robots and AI-powered devices, so those lines cannot yet appear in the September numbers.
Installments and online sales ride alongside
The story is not about one brand alone. Over nine months, air conditioners also grew 50%, and laptops and household goods about 30%.CafeF Air conditioners sell best in hot weather, so most of that growth likely sits in the summer months rather than September.
The company also points to installment sales: installment revenue grew 50% and made up 38% of revenue, against 33% in the same nine months a year earlier.CafeF The app and online channel brought in VND 14,361 billion, up 37%, or 14% of revenue.Tuổi Trẻ Installments and online sales are ways customers pay and order, not a product category. They make an expensive iPhone easier to sell, so they travel with the phone story rather than replacing it. The data cannot cleanly split each factor's contribution, but for September alone the evidence leans toward the phone counter, with installments and online sales as amplifiers.
Q4: the revenue plan is no longer the big question
To hit the VND 122,500 billion plan, the chain still needs VND 23,040 billion over the last three months, an average of VND 7,680 billion a month.Tuổi Trẻ That is only about 62% of September's revenue and below the roughly VND 11,050 billion monthly average of the first nine months. The company names the foldable iPhone Duo and the year-end shopping season as Q4 drivers. Once again, the first driver named is an Apple product.
The risk sits in the comparison base. In an early-September report, Mirae Asset argued that second-half revenue would struggle to grow as fast as the first half, because demand a year earlier was already strong, especially for Apple products.Tuổi Trẻ When one brand is 1/5 of revenue and nearly 3/10 of the increase, that brand's launch calendar becomes the chain's growth calendar. In a year when the new phone draws crowds, revenue jumps. In a year when it underwhelms, last year's high base weighs on the growth rate.
How MWG holders should read this number
DMX is the legal entity that holds all three chains, Dien May Xanh, The Gioi Di Dong and TopZone, formerly the phone and appliance arm of Mobile World (MWG). In the first half of 2026, DMX revenue was about VND 65,280 billion out of MWG's VND 95,213 billion, roughly 68.6%. Apple's phone launch cycle therefore affects not only DMX but most of the parent's revenue.
What has been published is revenue only. Q3 profit is not out yet. In Q2, DMX's net profit was VND 2,657.6 billion, nearly double the VND 1,340 billion of a year earlier, and its net margin rose to about 8.1% from 5.1%. The Q3 question is whether that margin holds as the revenue mix tilts further toward phones while appliances slow. DMX also has no standalone Q3/2025 report, so Q3/2026 will be the first period it has to compare against its own prior-year quarter.
What to watch
The thesis is straightforward: September's revenue is tied more to Apple's phone launch season than to the new categories the chain introduced on October 5, so the chain's revenue is sensitive to a single brand's product calendar. The revenue plan is nearly within reach, which makes gross margin in the Q3 financial statements the next number to watch. If the margin holds or edges up even as phones take a larger share, the revenue growth is carrying profit with it. If it shrinks, September's year-high came mostly from high-volume, thin-margin sales.
Heading into Q4, iPhone Duo sales and the growth rates of laptops, TVs and refrigerators in the October update will show how far the chain leans on one brand's launch schedule.