Slashing prices by millions to sell just one luxury car, the ‘Benz King’ turns to invest in VinFast dealerships after a tough year

At the 2026 annual general meeting, Mr. Do Tien Dung of Haxaco announced plans to acquire 65-85% of VFG, the distributor of VinFast. Haxaco finished 2025 with a pre-tax profit of only 56 billion VND, far below the target of 260 billion VND, the lowest profit in a decade. The oversupplied car market forced dealers to slash prices significantly, leading Haxaco to liquidate its inventory at record discounts to recover capital.
VFG already has an operational network of 9 dealerships and 4 approved sites, allowing Haxaco to save implementation time. VFG reported a pre-tax profit of about 45 billion VND in 2025, with expectations of 120 billion VND in 2026 after adding 10 more dealerships.
Haxaco plans to employ various financial methods for this acquisition and maintain its sales of Mercedes-Benz and MG vehicles. The company aims for a consolidated pre-tax profit of 200 billion VND in 2026.