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Title Thaco kickstarts VND30 trillion expansion plan for 2016-2018
Writer LAWLOGOS   Date 2016-04-26 view 226

Vietnamese car manufacturer Truong Hai Auto Corporation (Thaco) has recently revealed plans to invest VND30 trillion ($1.34 billion) to expand its operations during the 2016-2018 period, aiming to seize opportunities brought by Vietnam’s accession to the Asean Economic Community (AEC) in 2018.

Thaco expected to become a diversified industrial group with the key operation sector being manufacturing and trading automobiles. The corporation also planned to sell 150,000 automobiles by 2018, and make a total revenue of over VND95 trillion ($4.26 billion).

To realise its plans, Thaco will spend VND9.7 trillion ($435.3 million) of its VND30 trillion ($1.34 billion) package on expanding its distribution systems and showrooms for the next three years.

The remaining VND20.3 trillion ($911 million) will go into constructing factories as well as investing in modern technology and machinery in its Chu Lai-Truong Hai complex in the central province of Quang Nam’s Chu Lai open economic (EZ) zone to manufacture international-standard products.

Accordingly, Thaco will soon implement a series of key projects, including a Mazda manufacturing and assembling facility with a capacity of 100,000 vehicles per year, a truck manufacturing factory with a capacity of 100,000 units per year, as well as a bus factory and a mini bus factory with a total capacity of 15,000 units per year.

Furthermore, Thaco will construct a series of supporting factories to manufacture components for export and serve under its automobile manufacturing and assembly factories. It will also dredge Chu Lai-Truong Hai port to link Chu Lai open EZ with Korea, Japan, and China, netting preferential conditions for its export-import activities.

According to the chairman of Thaco's Board of Directors, Tran Ba Duong, in 2015, Thaco earned an after-tax profit of VND7.03 trillion ($315.5 million), however, it paid its shareholders a dividend of approximately VND2 trillion ($89.7 million), while the remaining profit was reinvested.

Established in 1997, Thaco operates in the automobile trading and manufacturing sectors, logistics, as well as dealing with industrial park infrastructure development. In 2015, Thaco sold 80,421 automobiles with the total revenue of VND45.8 trillion ($2.05 billion), up 89 per cent on-year.

In 2016, Thaco’s automobile sales are expected to reach 112,336 units, up 40 per cent on-year, 62,083 units of which are passenger cars, signifying an increase of 47 per cent on-year. Accordingly, its assets will increase to VND46.2 trillion ($2.07 billion), with the consolidated revenue of VND71.7 trillion ($3.22 billion).

See further information on VIR print to be published on May 2, 2016

By Thanh Huong

(Source: http://www.vir.com.vn/thaco-kickstarts-vnd30-trillion-expansion-plan-for-2016-2018.html)

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