Vietnamese electronics retailer Dien May Xanh’s revenue reaches $3.8bn in January-September

In September alone, Dien May Xanh generated more than VND12.4 trillion ($477 million), the highest monthly figure since the beginning of the year and a 7.2-percent increase from August.

The company sold an average of VND414 billion ($15.9 million) worth of goods each day in September, compared with VND373 billion ($14.3 million) a day in August.

Revenue growth came even as the company continued to reduce its store network in Vietnam.

By the end of September, the Dien May Xanh, The Gioi Di Dong, and TopZone chains had a combined 3,003 stores, four fewer than August. However, same-store sales rose 30 percent compared to last year.

In contrast, EraBlue in Indonesia opened 30 new stores in September, bringing its total to 337. The chain recorded revenue of VND4.635 trillion ($178 million) in the first nine months, an 86-percent increase year on year when measured in Indonesian rupiah.

EraBlue, an electronics and home-appliance retail chain in Indonesia, is a joint venture between Mobile World Investment Corporation and PT Erajaya Swasembada Tbk (Erafone) under Indonesia’s Erajaya Group.

The launch of the iPhone 18 Pro and Pro Max in mid-September drove record demand. Dien May Xanh reported 182,600 pre-orders, double last year’s figure.

After nine months, Dien May Xanh’s Apple product revenue had risen 50 percent year on year and accounted for 20 percent of its total revenue.

TopZone, the Apple-focused chain, recorded the fastest revenue growth in the system at 34 percent, while Dien May Xanh and The Gioi Di Dong both posted 29-percent growth.

Revenue from Android phones also accelerated, rising 20 percent year on year, while growth slowed for laptops (30 percent), TVs (15 percent), and refrigerators (25 percent).

Sales through the company’s app and online channels generated VND14.361 trillion ($551 million) in the first nine months, up 37 percent and making up 14 percent of the total revenue.

The company’s app has 19.6 million members.

To meet its full-year revenue target of VND122.5 trillion ($4.7 billion), Dien May Xanh needs to generate another VND23.04 trillion ($886 million) in the final quarter, or an average of VND7.68 trillion ($295 million) per month.

The company said its fourth-quarter growth would be driven by Apple’s new iPhone Duo foldable phone and the year-end shopping season.

In a report issued in early September, Mirae Asset said that second-half growth may be slower than the first half due to strong demand last year, particularly for Apple products.