Hang Xanh Motors Service Joint Stock Company

What Hang Xanh Motors Service Joint Stock Company does

Hang Xanh Motors Service Joint Stock Company (Haxaco, HOSE: HAX) is the first authorized Mercedes-Benz distributor in Vietnam, founded in 2000 and headquartered at 333 Điện Biên Phủ, Ho Chi Minh City. The company operates an integrated automotive retail and service platform spanning five Mercedes-Benz showrooms in HCMC, Hanoi, and Can Tho (the first Mercedes-Benz showroom in the Mekong Delta), six-plus MG dealerships across Vietnam through subsidiaries PTM and CAMECO, the largest Mercedes-Benz certified pre-owned showroom in Vietnam, genuine parts distribution, and a 24-hour authorized warranty, maintenance, and repair service network with DT/ST/MT-certified technicians and MAR2020-standard facilities.

The business model combines one-time transactional revenue (new Mercedes-Benz and MG vehicle sales, certified pre-owned sales, parts) with recurring service revenue (scheduled Service A/B, collision repair, painting, roadside assistance) and managed-services revenue (Haxaco First Class Limousine luxury car rental in Hanoi and HCMC). Distribution is direct via owned showrooms with an enterprise field-sales motion for fleet buyers and partnerships with 5-star hotels (InterContinental, Melia, Park Hyatt, Caravelle, Rex). Pricing is per-unit on vehicles (e.g., Mercedes-Benz GLC 200 CKD at 2.299 billion VND, GLC 300 at 2.799 billion VND; MG HS DEL at 699 million VND, HS LUX at 749 million VND) and per-service on maintenance; MBI insurance bundles (55-150 million VND) and partner-bank financing round out the offering. Recent expansion includes MG dealerships in Bac Giang and Can Tho in 2024 and a March 2026 acquisition of 65% of Viet Future Group, supported by an H1 2022 record pre-tax profit of 172 billion VND (+134% YoY) and a 2025 profit target of 260 billion VND.

Name

Hang Xanh Motors Service Joint Stock Company

Legal name

Công ty Cổ phần Dịch vụ Ôtô Hàng Xanh

Website

https://haxaco.com.vn

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

1–10 employees

Short description

Haxaco (HAX) is Vietnam's first and largest authorized Mercedes-Benz distributor, operating five MB showrooms and six-plus MG dealerships nationwide, plus certified pre-owned, genuine parts, authorized service, and luxury car rental — serving individual HNW buyers, enterprise fleets, and 5-star hotels.

Ownership category

akta.pro rank

Product category

Authorized Automotive Dealership and Distribution

NAICS

Automotive Equipment Rental and Leasing (5321), Used Car Dealers (441120), Motor Vehicle Supplies and New Parts Merchant Wholesalers (42312)

SIC

Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies (5010), Services-Auto Rental & Leasing (No Drivers) (7510)

akta.pro primary industry

Luxury Car Concierge, Delivery & White-Glove Services (THADAMAK)

akta.pro secondary industry

Chauffeur / Black Car & Executive Car Services (TLAFAHAD)

Keywords

• Authorized automotive dealership
• Mercedes-Benz vehicle distribution
• Luxury car rental services
• Certified pre-owned vehicles
• Automotive maintenance and repair

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices18 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. New Vehicle Sales - Mercedes-Benz: Sales of new Mercedes-Benz vehicles including passenger cars (C-Class, E-Class, S-Class), SUVs (GLC, GLE, GLS, GLB), and performance models (Mercedes-AMG). Revenue recognized at point of vehicle delivery.
2. New Vehicle Sales - MG: Sales of MG brand vehicles including MG HS, MG ZS, MG5, MG RX5 through authorized MG dealerships. Haxaco distributes MG through subsidiaries PTM and CAMECO.
3. Used Vehicle Sales: Sale of certified pre-owned Mercedes-Benz vehicles with warranties, comprehensive inspections, transparent history, and financial support services.
4. Genuine Parts Sales: Sales of authentic Mercedes-Benz spare parts and accessories for vehicle maintenance and repairs.
5. Warranty, Maintenance, and Repair Services: Service operations including Service A (60 minutes) and Service B (90 minutes), 24-hour emergency road assistance, full maintenance, collision repair, and painting services meeting Mercedes-Benz Level 1 standards.
6. Luxury Car Rental: Premium car rental services including VIP transport for executives, airport transfers, hotel shuttle services, event transportation, and long-term leases. Haxaco First Class Limousine service with over 20 vehicles in Hanoi and HCMC.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Hang Xanh Motors Service Joint Stock Company (Haxaco) is Vietnam's first and largest authorized Mercedes-Benz distributor, selling new Mercedes-Benz vehicles, certified pre-owned vehicles, and genuine parts through five 3S/5S showrooms while providing authorized warranty, maintenance, and repair services. The company also distributes MG vehicles via subsidiaries PTM and CAMECO across six-plus 3S dealerships and operates the Haxaco First Class Limousine premium car rental business.

Product overview

Hang Xanh Motors Service Joint Stock Company (Haxaco) operates as a diversified automotive business with Mercedes-Benz dealership as its core business. The company offers new Mercedes-Benz vehicle sales, certified pre-owned vehicles, genuine parts, and comprehensive maintenance/repair services. Beyond Mercedes-Benz, Haxaco expanded into MG vehicle distribution through subsidiaries PTM and CAMECO. The company also operates Haxaco First Class Limousine for luxury car rental services. A network of showrooms spans from North to South Vietnam, with the latest expansion into the Mekong Delta region.

Differentiator

Problem solved

Functional benefit

Products and services

• Mercedes-Benz New Vehicle Sales
• Mercedes-Benz Certified Pre-Owned Vehicles
• Mercedes-Benz Genuine Parts
• Warranty, Maintenance, and Repair Services
• MG Vehicle Distribution
• Haxaco First Class Limousine (Luxury Car Rental)
• Mercedes-Benz GLC 2023 Vietnam Launch
• MG HS 2024 Model Launch Launch of MG HS 2024 in two versions: MG HS DEL at 699 million VND and MG HS LUX at 749 million VND (imported from Thailand), offered alongside the opening of the 3S Premium MG Bắc Giang dealership in January 2024.

Quantifiable outcome

• 134% YoY profit increase in H1 2022
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered flagship, core, major and standard.

• SAIC Motor Vietnam / MG MotorflagshipChannel Partner/ Reseller/ Distributor · 1 January 2020Haxaco distributes MG vehicles through subsidiaries PTM (Công ty Cổ phần Sản xuất thương mại và dịch vụ ô tô PTM) and CAMECO (Công ty cổ phần Cơ khí ô tô Cần Thơ). SAIC Motor Vietnam officially took over MG distribution in Vietnam from July 2023. Haxaco operates 6+ MG dealerships including flagship 3S Premium dealers.
• Mercedes-Benz VietnamcoreChannel Partner/ Reseller/ Distributor · 17 May 2000Haxaco is the first authorized Mercedes-Benz distributor in Vietnam, operating since 2000. The company operates 5 Mercedes-Benz showrooms nationwide under 3S/5S standards. The partnership includes sales of new vehicles, genuine parts, and authorized maintenance services.
• Công ty Cổ phần Sản xuất thương mại và dịch vụ ô tô PTMcoreOthersSubsidiary company handling MG vehicle distribution, luxury car rental services (including VIP transport, airport transfers, hotel shuttle services), and executive transportation. PTM operates MG dealerships and maintains relationships with 4-5 star hotels for car rental services.
• Công ty cổ phần Cơ khí ô tô Cần Thơ (CAMECO)coreOthersSubsidiary company operating MG dealership in Cần Thơ region, expanding Haxaco's presence in the Mekong Delta.
• InterContinental Saigon HotelmajorStrategic or Co-development PartnerStrategic fleet supplier for 5-star hotel. Haxaco supplies Mercedes-Benz E-Class vehicles for airport transfers and guest transportation. Partnership includes ongoing vehicle supply through 2022 and beyond as hotel fleet expands.
• Melia Hanoi HotelstandardStrategic or Co-development PartnerVehicle rental partnership providing luxury transport services for hotel guests.
• Rex HotelstandardStrategic or Co-development PartnerFleet and rental service partnership with 5-star hotel in Ho Chi Minh City.
• Park Hyatt SaigonstandardStrategic or Co-development PartnerVIP transportation services for luxury hotel guests.
• Caravelle SaigonstandardStrategic or Co-development PartnerFleet service partnership with historic 5-star hotel.
• Capella HoldingsstandardStrategic or Co-development PartnerWedding car services for luxury wedding venues operated by the group.

Scale indicators18 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Porsche Vietnam: Authorized Porsche importer and dealer in Vietnam operating showrooms in HCMC and Hanoi. Direct peer in the ultra-premium segment, competing for the same HNW buyers and corporate fleet buyers that Haxaco targets with S-Class, GLS, and Mercedes-AMG.
• Euro Auto: Authorized BMW importer and dealer in Vietnam operating showrooms and service centers in HCMC and Hanoi. Closely comparable to Haxaco as a multi-branch authorized dealer of a premium German marque in Vietnam, targeting the same HNW and corporate fleet customers.
• Audi Vietnam: Authorized Audi distributor in Vietnam with showrooms in HCMC and Hanoi. Competes head-to-head with Haxaco's Mercedes-Benz dealerships for premium sedan and SUV buyers and corporate fleet customers in Vietnam.
• Vietnam Star Automobile: A major Mercedes-Benz authorized dealer group in Vietnam with showrooms in Hanoi and Ho Chi Minh City. Direct competitor to Haxaco for new Mercedes-Benz sales, certified pre-owned, and after-sales service in the same Vietnamese premium market.
• Lexus Vietnam: Authorized Lexus distributor in Vietnam operated by Toyota. Premium Japanese alternative competing with Haxaco's Mercedes-Benz offerings for luxury buyers, with comparable authorized showroom and service standards.

Regional players

• Indomobil Group: One of Indonesia's largest automotive distributors and dealers, handling multiple brands including premium marques. Comparable emerging-market multi-brand dealership group operating in a Southeast Asian market structurally similar to Vietnam.
• Bermaz Auto Berhad: Malaysian listed automotive group that is the exclusive distributor of Mazda vehicles and operates premium dealerships (Peugeot, Citroen, etc.). Comparable public-market authorized dealer/distributor model in a neighboring ASEAN economy with similar premium-segment dynamics.

Broad incumbents

• Truong Hai (Thaco) Auto: Vietnam's largest domestic automotive group, distributing multiple mass-market and mid-market brands and manufacturing locally. Broad incumbent that competes with Haxaco's MG distribution arm in the mass-market segment and dwarfs Haxaco in scale and brand portfolio breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/HaxacoAutohaus
• Facebookfacebook.com/mercedesbenzhaxacodbp
• LinkedInlinkedin.com/company/haxaco

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hang Xanh Motors Service Joint Stock Company