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City Auto reported consolidated revenue of VND 1,914 billion for Q1 2026, down 5% year on year. The company’s core business remained under pressure, with a loss of nearly VND 5.7 billion. Key factors included a 7% decline in gross profit and an almost 20% drop in operating financial income.
Despite the weak operating performance, City Auto’s consolidated net profit increased to VND 4.7 billion, supported by other income of more than VND 10 billion, including gains from asset disposals and supplier support. On a standalone basis, City Auto’s net profit after tax reached VND 3.3 billion, down 24.13% versus 2025.
As of March 31, 2026, City Auto reported short-term borrowings of over VND 2,000 billion across banks including Vietcombank, MB, BIDV, VPBank and OCB, while long-term borrowings were over VND 229 billion. The company pledged assets such as land-use rights, unused vehicles, inventories, margin deposits, and even listed City Auto shares as collateral.
Management indicated that the borrowings were mainly used to fund working capital, vehicle purchases, and showroom lease costs.
Founded in 2000, City Auto traces its origins to Thanh Thanh Do City Ford, one of Vietnam’s early Ford dealers. The company has since expanded its subsidiaries and branches.
City Auto operates as a distributor of Ford and Hyundai and a major retailer of Volkswagen in Vietnam. Its activities include imported cars, locally assembled vehicles, used cars, limousines, accessories, car rental and after-sales services.
The company has a main office, four branches and warehouses in Ho Chi Minh City, along with six subsidiaries: Phu My Auto JSC, Nha Trang Auto JSC, Auto Truong Chinh JSC, Auto Tan Thuan JSC, Phu Yen Auto JSC, and VW Tan Thuan JSC.
City Auto is also investing in joint ventures and other units, including:
In Q1 2026, City Auto’s share of profit from joint ventures and associates totaled about VND 65 billion, down 26% compared with Q1 2025.
For 2026, City Auto set targets of VND 10,800 billion in revenue, around VND 130 billion in pre-tax profit, and VND 104 billion in after-tax profit. The company previously did not meet its 2025 targets. Whether the 2026 goals can be achieved will depend largely on a recovery in consumer demand and the effectiveness of its restructuring.
On the stock market, City Auto’s shares traded around VND 18,350–18,600 per share, down 45.5% from the July 2024 peak of VND 34,150. Major shareholders, including Thanh Thanh Do Group, hold a significant stake of about 15%.
Trading activity by related-party shareholders connected to the board has been brisk, although several planned purchases by Thanh Thanh Do Group and the chairman’s family did not proceed as planned. At the end of April 2026, City Auto announced changes in senior management, including the resignation of the chairman of the board and several supervisory board members.
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