Haxaco Targets Fivefold Profit Surge

Market Pressure on Luxury Cars and VinFast’s Electric Vehicle Turning Point

Haxaco Group is the leading distributor of Mercedes-Benz luxury vehicles in Vietnam, also distributing MG cars. However, both core business segments faced simultaneous pressure in 2025.

For Mercedes-Benz, the first half of the year saw record-high inventory levels, while the models sold lacked new technology and design updates. The luxury car market was stifled by tightened consumer spending. To maintain cash flow, Haxaco was forced to offer deep discounts, sacrificing short-term profits to clear inventory and sustain operations.

At times, vehicles produced in 2022–2023 were still being introduced to the market, while new models were nearly unavailable. This reduced the efficiency of Mercedes-Benz distributors in Vietnam, not just Haxaco.

However, Haxaco’s flexible market adaptation helped break the loss cycle starting in Q4/2025. Old inventory was cleared, reducing pressure, and the parent company gradually recovered profitability.

In the MG segment, despite facing competition from electric vehicles and price wars, Haxaco’s system maintained relatively stable sales. More importantly, MG contributed over 40 billion VND in profit, becoming a rare support in a declining market.

Haxaco’s most commendable achievement was retaining its nearly 2,000 employees, dealership network, and operational capabilities.

Entering 2026, most of Haxaco’s old inventory has been cleared, making way for the 2025–2026 Mercedes-Benz models with newer designs and technology. In the luxury segment, this is crucial, as customers are willing to pay for the latest models.

Additionally, the after-sales service, maintenance, and parts segment helps Haxaco reduce reliance on new car sales.

The MG distribution segment is also expected to contribute to Haxaco Group’s profits this year.

Haxaco’s real turning point lies in electric vehicles.

The plan to acquire 65–85% of Vietnam Future Group Joint Stock Company (VFG), VinFast’s distributor, is the highlight of its 2026 strategy.

Instead of building an electric vehicle system from scratch, Haxaco joins VinFast’s established ecosystem: a strong brand, competitive products, an extensive charging network, and rapidly growing market demand.

According to Chairman Đỗ Tiến Dũng, “standing on the shoulders of a giant” helps Haxaco shorten years of trial-and-error investment and quickly enter the fastest-growing segment of the automotive industry.

VFG, with its well-positioned service and reasonable pricing, is expected to extend Haxaco’s customer base from luxury cars to mass-market electric vehicles.

Upcoming 49.5 Billion VND Dividend from PTM, Profit Plan Multiplied by 5

Haxaco targets a pre-tax profit of 180–200 billion VND in 2026, 4–5 times that of 2025. This is based on the recovery of Mercedes-Benz, stable contributions from MG, and new momentum from electric vehicles. The plan remains conservative, excluding potential profits from VFG.

Notably, PTM Auto Production, Trading, and Service Joint Stock Company (stock code PTM) has drafted a document for its Annual General Meeting, proposing a 30% cash dividend, equivalent to 3,000 VND per share.

As of December 31, 2025, PTM’s undistributed after-tax profit was over 150 billion VND. The dividend plan allocates 96 billion VND for a 30% cash dividend, leaving over 54 billion VND in undistributed profit.

Haxaco (stock code HAX) is PTM’s largest shareholder, holding 16,517,960 shares (51.62% ownership).

With PTM’s 30% cash dividend plan, Haxaco will receive over 49.5 billion VND in dividends from PTM.