The truth about the information about Mai Linh Group being asked to pay debt online

Mai Linh confirmed that there was a loan contract, and said that the two parties had agreed to extend it due to the difficult situation after the Covid-19 pandemic, and the remaining payment will be made after debt reconciliation.

After they respond, we will pay the remaining amount.

Recently, on social networks, an image appeared that is said to be a loan contract between Mr. Ho Huy, Chairman of Mai Linh Group, and an individual, along with many text message exchanges.

According to the document circulating, the contract shows a loan of 3.25 billion VND with 0% interest rate, term of 8 months from April 21, 2022, for the purpose of "supplementing working capital" for the group. The payment method states that a minimum payment of 200 million VND/month during the contract term and full payment at the end of the contract.

Some of the messages circulating show the lender repeatedly reminding them to make payments as agreed. The authenticity and integrity of these messages have not been publicly concluded by the authorities.

Speaking to VietNamNet reporters , a representative of Mai Linh Group confirmed that the information in the contract was correct. The contract expired on December 20, 2022, when the Covid-19 pandemic had just ended and the business was facing financial difficulties, so the two sides negotiated an extension. The lender agreed and agreed to divide the debt repayment periods.

Mr. Ho Huy, Chairman of Mai Linh Group, at an event. Photo: Mai Linh

As of December 6, 2023, Mai Linh Group still owes the individual named in the above contract an amount of VND 900 million (more than VND 2.3 billion has been paid). After that, the company contacted the borrower to confirm and compare the debt but did not receive any response. Therefore, the debt repayment stopped at this time.

“We recently contacted the lender again but received no response. Once they respond, we will pay the remaining amount,” added a Mai Linh representative.

According to Mai Linh, sharing documents from more than 3 years ago on social networks "may not fully reflect the context".

“We have forwarded the information and worked with the Department of Cyber Security and High-Tech Crime Prevention (PA05), Ho Chi Minh City Police to verify and investigate the motive for posting because this affects the image of the Mai Linh brand,” said a representative of the traditional taxi unit.

In case the posted information causes economic damage or brand image damage, the legal department and the company's lawyers will consider taking appropriate steps according to legal regulations.

Business remains difficult

Mai Linh Group Joint Stock Company, formerly Mai Linh Passenger Transport and Tourism Company Limited, was founded by Mr. Ho Huy in 1993. Initially, the company specialized in car rental services. After more than 30 years, Mai Linh has become a familiar taxi brand. Mr. Huy is still the Chairman of the Board of Directors of the group, with a charter capital of more than VND 1,246 billion.

After the Covid-19 pandemic, the tourism industry was affected, causing Mai Linh's transportation business to be severely affected. The group's representative said that the business was almost "frozen" in 2022 and 2023. Before the pandemic, Mai Linh's fleet was more than 20,000 vehicles. After the pandemic, this number was only about 15,000-16,000 vehicles.

According to Mai Linh's 2023 financial report, the company's after-tax profit is only 3.9 billion VND. This traditional taxi brand also faces fierce competition from technology car companies in the market.

According to B&Company Market Research Company (Japan), in the first quarter of 2025, Xanh SM is leading both the traditional taxi and app-based ride-hailing markets, accounting for 40% of the market share. It is followed by Grab (36%); Be (6%) and Mai Linh (5%). The remaining 13% of the market share belongs to other car companies.

Talking about the business strategy in the current context, Mai Linh representative said that in 2024, the group has started to cooperate with Xanh SM and Grab so that drivers can connect and pick up customers through the partner's car booking platform. Thanks to that, the number of customers has increased. In parallel, Mai Linh also built its own car booking application.

In 2024, Mai Linh plans to invest in 3,999 electric vehicles, replacing the old fleet in line with the trend of electrification of transportation. However, the company said that business operations are still difficult and the unit needs incentives in accessing bank capital to serve investment activities, converting gasoline vehicles to electric vehicles.

“Businesses also need a mechanism to defer income tax payments to gradually restore business operations and maintain jobs for drivers,” the group representative suggested.

Enforced debt settlement of Mai Linh Group's 'golden goose' The 5-star high-speed train Mai Linh Express, which transports passengers on the Can Tho - Con Dao route, operated by Mai Linh Tay Do Joint Stock Company, was forcibly seized by the People's Court of Cai Rang district to settle its debt.

Source: https://vietnamnet.vn/thuc-hu-thong-tin-vu-tap-doan-mai-linh-bi-doi-no-tren-mang-2431456.html