Mr. Do Tien Dung, Chairman of Haxaco (HAX), stated that the company is experiencing its most challenging year in 20 years of operation. Q2/2025 profit plummeted by 53%, and the first six months saw a 50% drop year-on-year. The auto market is facing severe declines, with prices continuously falling, especially affecting luxury vehicles like Mercedes-Benz due to outdated models and a sales drop of up to 70%. Haxaco was compelled to close a dealership in Kim Giang, Hanoi, significantly impacting personnel and assets. Mr. Dung emphasized this unprecedented situation. Measures to address difficulties included a failed real estate sale due to lack of investor interest. He predicts Q3 will be even more challenging due to the Ghost Month and competitive pressure, with the MG segment also underperforming, reducing profits despite stable sales.
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