VinFast Electric Vehicles Distribution Expansion Helps Haxaco Turn Profitable in Q4/2025

Financial reports reveal a remarkable turnaround as the Mercedes-Benz distribution segment returned to profitability. Specifically, Q4 net revenue reached 1.513 trillion VND, slightly down year-over-year but surging 32% compared to the previous quarter. Net profit stood at 33 billion VND, erasing the 28 billion VND loss incurred in Q3 2025.

The primary driver of this performance improvement was Haxaco’s successful clearance of inventory backlog from 2022–2023. This inventory had previously weighed heavily on profits, forcing the company to maintain deep discounts to stimulate demand. With this burden lifted, the gross margin for the luxury vehicle segment soared to 7.4%, significantly higher than the 1.9% recorded in Q3. Although Mercedes sales volume fell short of expectations compared to the same period last year, a healthier financial structure helped Haxaco maintain its stronghold in the luxury segment.

The most notable highlight in Haxaco’s Q4 financial landscape was the emergence of a new revenue stream: VinFast electric vehicles. The company began reaping the initial rewards of its brand diversification strategy. In Q4, Haxaco recorded 19 billion VND in dividend income, reportedly linked to its electric vehicle operations. Notably, its 46% stake in the establishment of Viet Future Group (VFG) opened a promising new growth avenue.

In a short period, VFG expanded its network to 6 showrooms, achieving approximately 350 billion VND in Q4 revenue with nearly 700 vehicles sold. With pre-tax profits of around 45 billion VND, VinFast distribution is proving to be a high-performing segment, increasingly balancing Haxaco’s revenue structure as the automotive market shifts toward green energy.

In contrast to the successes of Mercedes and VinFast, the MG distribution segment faced significant challenges. Despite Haxaco’s aggressive expansion to 18 showrooms nationwide, revenue for this segment dropped nearly 29% year-over-year. Net profit from MG was a modest 5 billion VND, reflecting intense competition in the conventional gasoline vehicle segment and consumers’ growing preference for electric vehicles in the same price range.

For the full year 2025, Haxaco’s total revenue reached 4.651 trillion VND, a 16% decline compared to 2024. Net profit for the year was a modest 6 billion VND. These results underscore a challenging year for Vietnam’s automotive market, forcing major dealers like Haxaco to sacrifice short-term profits to restructure their product portfolios and clear inventory. However, with a streamlined inventory and entry into the VinFast ecosystem, Haxaco anticipates a more stable and sustainable growth trajectory in the coming period.

TH (Tuoitrethudo)