Mercedes distributor Hang Xanh Motors Service Joint Stock Company saw net profits for the third quarter plummet by 87% year-on-year to VND8 billion (US$333,000).
It attributed the fall to plunging sales and increasing costs.
Administrative costs jumped 54% to VND29 billion, according to its audited financial statements.
Its revenues fell by 44% to VND2.9 trillion, its lowest in the last seven years.
For the first nine months of the year its net profit was 93% down at VND14.5 billion, the lowest in eight years.
Prospective buyers are waiting for more positive signals from the economy before buying luxury cars, leading to lower sales and profits, according to the company.