GSM and Mekong Green are set to rebrand 39 of Mekong Green’s existing workshops as “MeKong Xanh SM” and operate them under a new model. By the end of 2025, the two parties plan to jointly open 60 new workshops nationwide, bringing the total to 99 workshops. This will establish “MeKong Xanh SM” as one of the largest automotive repair systems in Vietnam.
The Man Behind the Mai Linh Group
Mr. Ho Huy is the founder and current Chairman of the Mai Linh Group’s Board of Directors.
Born in 1955, Mr. Huy was a foreign student in the Russian Federation from 1976 to 1980. After 1980, he worked for a year at the Ministry of Construction. From 1981 to 1985, he managed labor in Czechoslovakia at a factory for overhauling cars and tractors. He returned to Vietnam in 1985 and worked for Saigontourist until 1993.
On July 12, 1993, he founded Mai Linh, initially providing car rental, tourism, and airline ticketing services. In 1995, Mai Linh officially entered the taxi business.
Recalling the early days of Mai Linh, Mr. Ho Huy shared: “In the beginning, the company faced numerous challenges due to the unstable economic market. Additionally, low incomes made taxi rides a luxury for most people, and tourism was not yet well-developed. During this time, Mai Linh mobilized its employees to invest their idle capital in the company’s shares, following the policy of socializing the company and enterprise equity.”
Presently, in addition to his role as Chairman of the Board of Directors of Mai Linh Group, Mr. Ho Huy is also named in several subsidiary companies within the group’s system.
Mai Linh Group’s Business Operations
Over the past 30 years, Mai Linh has grown into a transportation group with a network spanning all 63 provinces and cities, as well as four island districts. The group employs nearly 30,000 staff and operates more than 17,000 vehicles.
According to the consolidated financial statements for 2023, Mai Linh Group recorded consolidated revenue of VND 1,589 billion, a 3% decrease compared to 2022. After deducting cost of goods sold, gross profit stood at over VND 400 billion, a nearly 4% decrease from the previous year.
As of the end of 2023, Mai Linh’s total assets amounted to VND 4,271 billion, a 3.2% increase from the beginning of the year. Short-term receivables accounted for VND 1,942 billion. Construction in progress tripled to over VND 37 billion.
Total liabilities stood at VND 4,076 billion, an increase of about VND 70 billion from the beginning of the year. Short-term financial loans increased by VND 50 billion to VND 997 billion, while long-term loans increased by nearly VND 45 billion to nearly VND 404 billion.
At the 2024 Annual General Meeting of Shareholders held in April, Mai Linh Group announced its business plan for the year, targeting consolidated revenue of VND 1,650 billion, a slight increase from 2023, and a significant rise in after-tax profit to VND 60 billion.
The Big Spender: A Bold Move to Electrify Transportation with VinFast’s 5,000 Electric Vehicles
This esteemed guest is the largest union of tech-based taxi drivers in Vietnam.
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“Mai Linh Group: Chairman Ho Huy’s Struggling Enterprise Plagued by Debt and Insurance Woes”
As of the end of 2023, Mai Linh Group recorded accumulated losses of over VND 1,300 billion, exceeding equity. In addition, the enterprise of Chairman Ho Huy also owes 10 months’ worth of insurance for its employees.
From VMI, GSM to V-GREEN: Billionaire Pham Nhat Vuong has established 3 separate companies to “share” difficulties with VinGroup members.
Over the past year, Mr. Pham Nhat Vuong has consistently established businesses with a significant role in sharing financial difficulties with the members of the Vingroup ecosystem, contributing capital through VIC shares.
Vietnamese tourists amazed by “Incredibly Cheap and Green SM Laos”, how is Mr. Vượng’s transportation company doing in Laos?
The Vietnamese tourists were pleasantly surprised by the affordability of Xanh SM services in Laos during their first use.
Blue SM announces sharing 80% of revenue for drivers purchasing new VinFast electric cars
This is the best revenue sharing level in the current market.
