Hang Xanh Auto Service Joint Stock Company (Haxaco, stock code: HAX), the largest Mercedes-Benz car distributor in Vietnam, has just announced its financial report for the third quarter of 2025 with a sharp decline in business results compared to the same period last year. Specifically, net revenue in the quarter reached nearly VND 1,150 billion, down about 25% compared to the same period in 2024. After deducting expenses, Haxaco recorded a loss after tax of nearly VND 26 billion, while in the third quarter of last year it made a profit of more than VND 90 billion.
This is also the first quarter the company has reported a loss since the fourth quarter of 2021, marking a significant decline in the business operations of this luxury car distribution brand. In the first 9 months of 2025, Haxaco's after-tax profit was just over 1 billion VND, down 99% over the same period, a rare decline in the luxury car distribution industry in Vietnam.
According to Haxaco, the auto market in the third quarter of 2025 witnessed strong fluctuations, as many companies launched deep discount programs to stimulate consumer demand. Not only in the popular car segment, but even luxury cars, which have maintained stable prices for many years, have had to make strong adjustments to maintain sales.
In addition, many new competitors have launched products with attractive incentive policies, increasing competition and putting great pressure on traditional distributors. In addition, operating and expansion costs have also increased significantly, directly affecting the company's gross profit margin. "These factors have created significant pressure, narrowing the company's profits," Haxaco stated in the report.
Immediately after the financial report for the third quarter of 2025 was announced, HAX shares were under strong selling pressure. At the end of the session on October 15, this code decreased by more than 5%, down to 11,050 VND/unit, the lowest level in many months. In October alone, the stock price lost nearly 16% and decreased by more than 30% compared to the beginning of the year, reflecting the cautious sentiment of investors in the face of a less positive short-term outlook.
Currently, in addition to its role as a Mercedes-Benz distributor, Haxaco is also the official retailer of the MG brand. However, sales from the popular car segment are still quite modest compared to the traditional luxury car segment, not enough to compensate for the overall decline of the market.
According to analysts, Haxaco’s loss-making results partly reflect the general difficulties of the Vietnamese auto industry, as consumers tighten spending, while car supply is abundant and competition is increasingly fierce from European, Japanese and Chinese brands. To recover, businesses need to restructure their product portfolio, while promoting after-sales services and the used car segment, a field with higher profit margins than selling new cars.
Source: https://khoahocdoisong.vn/nha-phan-phoi-mercedes-benz-lon-nhat-viet-nam-bao-lo-gan-26-ty-dong-post2149061689.html
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