The remaining amount will be paid after we receive their response
Recently, social media platforms circulated alleged images of a loan contract between Mr. Ho Huy, Chairman of Mai Linh Group, and an individual, along with their text message exchanges.
According to the documents making rounds online, the contract showcased a loan amount of 3.25 billion VND with a 0% interest rate and an 8-month term starting from April 21, 2022. The purpose of this loan was to “supplement operating capital” for the group. The payment method outlined a minimum repayment of 200 million VND per month during the contract term, with full settlement upon its conclusion.
Several circulated messages indicated that the lender repeatedly reminded the borrower about making payments as per their agreement. The authenticity and integrity of these messages are yet to be officially concluded by the authorities.
In a conversation with VietNamNet, a representative from Mai Linh Group confirmed the accuracy of the information in the contract. The contract expired on December 20, 2022, right after the Covid-19 pandemic ended, and the company faced financial difficulties. Both parties negotiated and agreed on an extension, with the lender accepting to split the repayment into smaller phases.
 Mr. Ho Huy, Chairman of Mai Linh Group, at an event. Photo: Mai Linh |
As of December 6, 2023, Mai Linh Group still owed the individual listed in the contract 900 million VND (having repaid more than 2.3 billion VND). The company tried to get in touch with the lender to confirm and reconcile the debt but received no response, bringing the repayment process to a halt.
“We have recently tried to reach out to the lender again but have not received a response. The remaining amount will be paid after we receive their response,” added the Mai Linh representative.
Mai Linh also shared that sharing documents from over three years ago on social media “may not fully reflect the context.”
“We have forwarded the information and are working with the Cyber Security and High-Tech Crime Prevention Department (PA05), Ho Chi Minh City Police, to verify and investigate the motives behind the online posts as they impact the Mai Linh brand image,” the traditional taxi company’s representative said.
Should the online posts cause economic or brand image damage, the company’s legal team will consider appropriate steps in accordance with the law.
Business operations remain challenging
Mai Linh Group, formerly known as Mai Linh Passenger Transport and Tourism Company Limited, was established in 1993 by Mr. Ho Huy. Initially, the company specialized in car rental services. Over the past 30 years, Mai Linh has become a well-known taxi brand. Mr. Huy still holds the position of Chairman of the group, with a charter capital of over 1,246 billion VND.
The Covid-19 pandemic significantly impacted the tourism industry, which in turn affected Mai Linh’s transportation business. The company representative shared that their operations were almost “frozen” in 2022 and 2023. Before the pandemic, Mai Linh had a fleet of over 20,000 vehicles, which has now decreased to approximately 15,000-16,000.
According to Mai Linh’s 2023 financial report, their after-tax profit was only 3.9 billion VND. The traditional taxi brand also faces intense competition from ride-hailing apps in the market.
According to B&Company Market Research Company (Japan), in the first quarter of 2025, Xanh SM led both the traditional taxi and ride-hailing app markets, capturing 40% of the market share. This was followed by Grab (36%), Be (6%), and Mai Linh (5%). The remaining 13% was shared among other taxi companies.
Regarding their business strategy amid these challenges, the Mai Linh representative shared that in 2024, the group began collaborating with Xanh SM and Grab, allowing their drivers to connect and receive customers through their partners’ booking platforms. This initiative led to an increase in customers. Simultaneously, Mai Linh is also developing its ride-hailing app.
In 2024, Mai Linh embarked on a plan to invest in 3,999 electric vehicles to replace their old cars, aligning with the trend of electrifying transportation. However, the company shared that their business operations remain challenging, and they require preferential treatment in accessing bank capital to facilitate investment and the transition from gasoline to electric vehicles.
“The enterprise also needs a mechanism to defer income tax payments to gradually recover business operations and maintain jobs for our drivers,” the group representative proposed.
Tran Chung
– 05:30 14/08/2025
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