Major Vietnam car distributors make record-high profits

Vietnamese leading car distributors like Savico, Haxaco, and City Auto reaped all-time high profits in 2022 on strong sales.

Savico, which sells brands like Toyota, Honda, Ford, Suzuki, and Volvo, reported after-tax profit of VND582 billion ($24.82 million), up 2.7 times year-on-year. Its net revenue reached VND21,458 billion ($915.08 million), up 51%, according to the firm's financial statement.

As of December 31, 2022, Savico's total assets stood at VND6,157 billion ($262.57 million), up 39% compared to the beginning of the year, of which inventory made up VND1,801 billion ($76.8 million), up 81%.

At an extraordinary general meeting of shareholders in December 2022, Savico said it sold 42,572 cars in 2022, up 39% against 2021.

Haxaco, a Mercedes-Benz distributor, earned net revenue of VND6,775 billion ($288.92 million) and after-tax profit of nearly VND240 billion ($10.23 million), up 22% and 50% year-on-year, respectively.

As of December 31, 2022, the company's total assets stood at VND2,578 billion ($109.93 million), a two-fold increase compared to the beginning of the year, of which inventory increased by 83% to about VND1,065 billion ($45.42 million).

Haxaco set a Mercedes-Benz sales record last year with 2,804 cars, higher than any other Mercedes-Benz distributor. Its sales result made up more than 38% of the Vietnam total sales of the German brand.

City Auto, a Ford distributor, posted after-tax profit of VND117 billion ($4.99 million) in 2022, up two times compared to 2021, the highest level since it was listed on the Ho Chi Minh Stock Exchange in 2017.

The company's net revenue hit VND6,297 billion ($268.54 million) last year, up 39.5% year-on-year. The company said Ford Vietnam's 2022 total sales were 28,847 cars, up 22% over 2021.