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Nam A Bank, a joint-stock commercial bank, has announced plans to seize the collateral of Mai Linh Lao Cai Co., Ltd to recover overdue debt in accordance with the law. Specifically, the assets to be seized consist of five VinFast VF5 Plus electric vehicles, which were registered by the Lao Cai Provincial Police Traffic Police Department in March and April 2025. These vehicles were used by the company to secure a loan with Nam A Bank, but the company failed to fulfill its debt obligations. Under the plan, the seizure is scheduled to take place on May 6 at the location where the assets are held. Mai Linh Lao Cai Co., Ltd., headquartered in Cam Đường Ward, Lao Cai Province, operates in the taxi transport sector. The company is part of Mai Linh Group's ecosystem, chaired by Ho Huy. Once one of the largest brands in the taxi industry, Mai Linh Group and Vinasun had a substantial market share nationwide, with annual revenue in the trillions of dong at the peak. However, since 2008 the business has reported prolonged losses amid intensifying competition from ride-hailing platforms such as Uber and Grab. Additionally, earlier, the Ho Chi Minh City Tax Department had used a measure to suspend the outbound travel of Mr. Ho Huy if tax obligations were not fulfilled. At that time, Mai Linh-related entities owed more than 6.3 billion dong in taxes, with penalties and late payments accounting for over 3.8 billion, with overdue exceeding 90 days.
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