SAVICO (Saigon General Service Corporation) exceeded 2024 Annual Plan, continued to invest in developing Geely’s Agent and other new brands, keeping on leading position in 2025 – 2030.
On May 16, 2025, the 2025 Annual General Meeting (AGM) of Shareholders of Saigon General Services Corporation (SAVICO – stock code SVC) was held in HCMC. With high consensus and unanimity at the meeting, all reports, proposals and many other important contents were approved.
2024 is considered as a vibrant year for the Vietnam automobile market when several of the new car models continuously appear along with the strong entry of big automobile brands from China. The Government’s preferential policy of 50% registration tax for assembled cars from September to the end of November has also created momentum, promoting a significant increase in car consumption output. The total market output in 2024 reached 407,310 vehicles, and up 10.25% year over year (according to VAMA + HTV), of which vehicles from CKD down 1%, vehicles from CBU up 31%. By proper adjustments in strategic revenue and appropriate management in each stage, in 2024 SAVICO achieved an output of 40,315 vehicles, earned 110% against annual plan and up 10% year over year, continuing No. 1 position in market share with 13.6%, increase 0.3 points compared to 2023.
Overview of Savico’s 2025 Annual General Meeting of Shareholders
In 2024, SAVICO also invested and officially became an agent of automobile brand Lynk & Co (Lynk & Co Vietnam) including showrooms in Can Tho, Ha Long, Thanh Hoa, Quang Ninh, bringing the total number of automobile showrooms of the entire system to 106 showrooms nationwide. Currently, SAVICO is distributing 16 international automobile brands such as Toyota, Ford, Mitsubishi…, luxury car brand Volvo (Volvo Cars) and several of famous Chinese automobile brands such as Lynk & Co, Geely, Zeekr…
In the fierce competition of the economic market, pressure on selling prices, rapidly increasing selling costs and narrowing gross profit margins, The company has also implemented cost-cutting measures, increased revenue and efficiency in the service sector and value-added products, to partially offset the reduction in efficiency of new vehicle sales. Consolidated revenue of the entire system reached VND 24,772 billion, up 102% against annual plan and up 19% year over year. Consolidated pre-tax profit reached VND 262 billion, up 152% against annual plan and up 435% year over year. For the motorbike business segment, vehicle output in 2024 reached 7,649 vehicles, down 11.5% over the same period, mainly due to a decrease in vehicles sold in batches to increase gross profit, reached VND 322 billion in revenue. On the other hand, in the Real Estate sector, 2024 revenue recorded good growth, reached VND 94,426 billion, up 107% against annual plan, pre-tax profit over 10%.
The company has also completed providing a comprehensive chain of car services for to SAVICO showroom’s customers: from buying and selling new and used cars; to car maintenance, repair and refurbishment services; car registration, car inspection, loans and car rental services…
According to forecasts, in 2025, the world economy will grow steadily but below the long-term average, global inflation tends to decrease, global trade recovers. In Vietnam, the import tax on cars from European, American and Japanese markets will decrease from 39% – 42.5% to 31.2% – 35.4%. The supply of cars will be abundant, several of Chinese car brands will have a fulfilled year of sales with plans to launch many new models and campaigns of other big brands. However, the car market also faces a number of challenges, risks and impacts on fierce competition with the price reduction race of brands and the absorption capacity of the market. In that context, SAVICO’s Board of Directors (“BOD”) unanimously approved the 2025 Target Plan in a cautious direction with an output of 42,495 vehicles, consolidated revenue has reached more than VND 29,700 billion, up 20% against annual plan.
To achieve that goal, in addition to solutions to improve business models, optimize resources in the ecosystem, promote service exploitation efficiency… SAVICO’s BOD identified one of the core investment strategy is continuing to participate with Tasco Auto to develop the network, make more new investments into the Geely business system and continue to expand the Lynk & Co and Zeekrs’ agent system. SAVICO, as a major brand with many years of experience in the field of automobile distribution in Vietnam, has a good understanding of the local market and a large customer base, will be an advantage in investing and expanding Geely and Lynk & Co’s showroom system at optimal costs, ensuring efficiency.
Geely Phu My Hung Showroom, one of the showrooms under SAVICO and Tasco Auto’s investment and now operating in 2025
In 2025 Goal, together with Tasco Auto, SAVICO intends to develop and establish 80 more showrooms, bringing the total number of showrooms up to 186 nationwide. Developing new agents and new brands in the period of 2025 – 2030 is also one of the key solutions for SAVICO to maintain its market share and keep on leading position in the auto retail system with partners and the market.
The meeting also approved the personnel re-election for period of 2025-2030 and change company’s headquarters from 91 Pasteur St., Ben Nghe Ward, Dist. 1 to 220Bis Nguyen Huu Canh St., Ward 22, Binh Thanh Dist., HCMC.
Members of Board of Directors and Board of Supervisors, term of 2025 – 2030
Recently, Savico announced 2025 first quarter Business Results with many positive signals. The company recorded NET revenue of more than VND 5,500 billion, up 36% year over year. Revenue from automobile service sector, including related activities and other services, reached VND 628 billion, nearly up 50% year over year, with total assets exceeding VND 9,100 billion./.
