According to its third-quarter financial report, Hang Xanh Automobile Service JSC (Haxaco, stock code: HAX) recorded revenue of approximately VND1.15 trillion ($46 million), a 25 per cent decrease compared to the same period last year. After expenses, the company reported a loss of nearly VND26 billion ($1 million), whereas in the third quarter last year it posted a profit of over VND90 billion ($3.6 million).

This is the company's first reported loss in four years, a period previously described by leadership as unprecedented during the COVID-19 outbreak, which forced multiple branches to close for months.

Explaining the poor performance in the third quarter, Haxaco's financial report cited continued weakness in the luxury car segment due to tightened consumer spending. Meanwhile, competitive pressure from other premium brands has increased, with rivals constantly launching new models accompanied by incentives and financial support. Discounts are no longer limited to luxury vehicles but have spread to mass-market segments as well. In addition, operating costs rose as the company is in the process of expanding its operations.

For the first nine months of 2025, Haxaco posted revenue of approximately VND3.14 trillion ($125 million), a 15 per cent drop on-year. Almost 90 per cent of its revenue came from car sales, with the rest from spare parts and repair services. During this period, the company made a profit of just VND1 billion ($40,000), a fraction of the VND 144 billion ($5.7 million) posted in the same period last year. This is far below the company's pre-tax profit target of VND260 billion ($10 million) set at the beginning of the year.

As of the end of September, Haxaco's total assets stood at over VND 2.36 trillion ($94 million), with liabilities exceeding VND1 trillion ($40 million).

According to Mirae Asset Vietnam Securities, Haxaco was the first official Mercedes-Benz distributor in Vietnam and held about 40 per cent of the brand's market share as of mid-2025. In addition to Mercedes-Benz, the company also distributes MG vehicles (originally a British car brand, now owned by a Chinese company).

The securities company forecast that Haxaco's revenue and post-tax profit this year will reach VND6.38 trillion ($255 million) and VND271 billion ($10.8 million), respectively, increases of 16 and 33 per cent on-year. However, Mercedes-Benz sales volume are likely to decline by 12 per cent, while MG sales will grow by 66 per cent.