Mercedes dealer to operate luxury car rental service

In a recent annual meeting, its chairman Do Tien Dung said the firm has almost gained monopoly status in luxury car rental across Ho Chi Minh City and Hanoi, as competitors had been driven out of business due to the pandemic.

Haxaco posted VND205 billion ($9 million) in profits in 2021, and it targets raising that by 3.4 percent this year.

Besides being the dealer of Mercedes in Vietnam, it has also distributed MG, a U.K. car brand, since 2020.

Dung said the MG reselling segment saw some achievements but has yet to meet the expectations of the company and its shareholders.

Haxaco eyes becoming an exclusive distributor of a new car brand in Vietnam, but its chairman also noted that such ambitions need time and planning.

It also plans to issue shares worth VND595 billion this year to raise funds for opening new Mercedes-Benz showrooms.

Such investment is vital to maintain competitiveness against larger contenders, Dung added.