Mercedes's largest dealer hits full-year profit target

By Anh Tu   October 14, 2022 | 07:45 pm PT
Mercedes's largest dealer hits full-year profit target
The logo of Mercedes-Benz seen on a vehicle. Photo by Shutterstock
Hang Xanh Motors Service Joint Stock Company, a major Mercedes-Benz car dealer, reported pre-tax profits of more than VND240 billion (US$10 million) in the first nine months, exceeding its full-year target.

Consolidated revenues were up 50 percent year-on-year at VND5.17 trillion. In the third quarter they rose 2.7 times to VND2 trillion ($83.1 million).

Haxaco’s short-term debts increased by more than 60% to VND563 billion, while long-term debts, mainly in the form of convertible bonds, were around VND180 billion.

Vietnam has three authorized Mercedes-Benz dealers, Andu and Vietnam Star being the others, and Haxaco has the largest market share.

It has five sales agents in Ho Chi Minh City, Hanoi and Can Tho.

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