Mai Linh Group has confirmed the existence of a loan agreement while clarifying that both parties agreed to extend repayment due to financial hardship following the Covid-19 pandemic. The company says the remaining payment will be made once debt reconciliation is completed.

Recently, images circulated online purportedly showing a loan contract between Ho Huy, Chairman of Mai Linh Group, and a private individual, along with text message exchanges.

According to the documents, the contract outlined a loan of VND 3.25 billion (about USD 127,600) at 0% interest for eight months starting April 21, 2022, intended to “supplement the group’s operating capital.” Repayment terms specified a minimum of VND 200 million (about USD 7,850) per month during the contract period, with full settlement upon expiry.

Some shared messages appeared to show the lender repeatedly reminding repayment obligations. The authenticity of these messages has not been confirmed by authorities.

Speaking to VietNamNet, a Mai Linh representative confirmed the contract’s accuracy. The agreement expired on December 20, 2022, but with Covid-19 just ending and the company facing financial strain, the parties agreed to extend repayment. The lender allowed the debt to be settled in smaller installments.

As of December 6, 2023, Mai Linh still owed the lender VND 900 million (about USD 35,300), having already repaid over VND 2.3 billion. Attempts to confirm and reconcile the debt with the lender received no response, so repayments stopped.

“Recently, we reached out again but received no reply. Once they respond, we will pay the remaining amount,” the representative added.

Mai Linh said that sharing years-old documents online “may not reflect the full context” and has reported the incident to Ho Chi Minh City’s Cybersecurity and High-Tech Crime Prevention Division (PA05) for investigation. The company may pursue legal action if the postings cause financial or reputational damage.

Business struggles continue

Founded in 1993 by Ho Huy as a passenger transport and tourism company, Mai Linh has grown into a familiar taxi brand with charter capital exceeding VND 1.246 trillion (about USD 48.9 million).

Post-pandemic, tourism’s downturn heavily impacted its operations. The fleet shrank from over 20,000 vehicles to around 15,000-16,000. In 2023, net profit was just VND 3.9 billion (about USD 153,000), while competition from ride-hailing apps intensified.

Market research by Japan’s B&Company showed that in Q1 2025, Xanh SM led both the traditional and app-based taxi market with 40% share, followed by Grab (36%), Be (6%), and Mai Linh (5%). The remaining 13% belonged to other operators.

In 2024, Mai Linh partnered with Xanh SM and Grab to let its drivers take bookings through their platforms, boosting customer numbers. The group also launched its own ride-hailing app and began replacing old vehicles with 3,999 electric cars as part of its green transport shift.

However, the company still faces challenges and is seeking bank loan incentives to support this transition, along with deferred corporate tax payments to help maintain driver employment.

Tran Chung