Hang Xanh Motors Service JSC, a major Mercedes-Benz dealer, reported profits of VND125 billion (US$5.5 million) in the final quarter of last year after record losses in Q3.
“The 50 percent reduction in registration fees for locally produced cars, effective from December 2021, stimulated demand,” it said.
In the previous quarter, it reported a loss of VND33 billion after closing showrooms to comply with Covid-19 restrictions.
Revenues were down 59 percent year-on-year to VND700 billion, but then tripled in Q4 to VND2.15 trillion.
For full-year 2021, revenues dipped slightly to VND5.5 trillion, and profits increased by 28 percent to VND160 billion.
The company had targeted profits of VND126 billion.
There are two other authorized Mercedes-Benz retailers in the country, Andu and Vietnam Star, but Haxaco has a nearly 40 percent market share.
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