Vietnamese customers increased their purchases of Mercedes-Benz cars in time to enjoy the policy

Thanks to increased shopping demand after the pandemic, one of the typical car distribution companies in the Vietnamese market has announced a strong profit and is about to complete its full-year plan even though it has only ended in the second quarter of 2022.

A Mercedes showroom belonging to Haxaco.

Accordingly, Haxaco – a genuine distributor of Mercedes-Benz products with 15 years of operation achieved net revenue of 1,475 billion VND in the second quarter, an increase of 27% over the same period last year; Pre-tax profit is more than 102 billion VND, more than 12 times higher than the second quarter of 2021.

Accumulated in the first 6 months of 2022, Haxaco achieved revenue of 3,079 billion VND and 172.6 billion VND in profit. With these numbers, the company has nearly completed its yearly plan, reaching over 80%.

Explaining the explosive profit figure in the second quarter of 2022, Haxaco said that business activities changed well thanks to the policy of reducing registration fees by 50% for domestically assembled vehicles, effective until the end of May and 2022. Demand for luxury cars increased sharply after the pandemic.

The policy of reducing registration fees by 50% was applied after the Covid outbreak in Vietnam was controlled and the authorities implemented stimulus measures to restore the market economy.

Currently, Mercedes-Benz has 3 authorized distributors in Vietnam including Haxaco, An Du and Vietnam Star Automobile, of which Haxaco holds the largest market share with 4 dealers in the 2 largest cities and will in the future. has an additional showroom in Can Tho to expand market share to the Western provinces.

In addition to distributing Mercedes-Benz brand cars, Haxaco has also officially distributed MG cars in Vietnam since 2020. This Chinese brand car business is also showing good signs as demand increases due to new models. Chinese cars have acceptable quality and cheap prices.

Mercedes-Benz does not report monthly car sales, but at the end of 2020, the company announced it had sold 40,000 units in Vietnam after 25 years of operation and is up to this point the only luxury car company with an assembly plant. in Viet Nam. Besides, Mercedes also diversifies its products thanks to its supply from completely imported cars.

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