Automaker Thaco posts $6.5 bln total assets

Vietnamese conglomerate Thaco Group's total assets hit VND153.09 trillion ($6.53 billion) by the end of 2022, up 18% from 2021.

Thaco has announced its business targets for 2022. This is the first time Thaco's financial figures have been published since its public company status was cancelled in May 2021.

Accordingly, Thaco recorded an after-tax profit of VND7.42 trillion ($316.6 million) in 2022, up 40% year-on-year.

By December 31, 2022, its equity reached VND48.45 trillion ($2.07 billion), up VND2 trillion ($85.34 million) compared to 2021. As a result, the group's return on equity (RoE) increased from 11.3% to 15.3%.

As of the end of last year, Thaco's liabilities stood at VND104.64 trillion ($4.46 billion), up 27% compared to the previous year, and outstanding bonds at VND8.2 trillion ($349.89 million).

Founded in 1997, Thaco initially traded in and repaired second-hand vehicles. In just 25 years, it has become an industry giant with corporations under its roof namely Thaco Auto (automobiles), Thagrico (agriculture), Thaco Industries (mechanics and support industries), Thadico (construction), Thilogi (logistics), and Thiso (commerce and service).

Last December, Thaco launched three new ventures - a $550 million industrial arm, $100 million mechanical center, and $20 million R&D center.

Thaco Group expects to see revenues of VND3 trillion ($126.76 million) from logistics and VND3.2 trillion ($135.22 million) from trade and service this year.

Thaco, known for manufacturing and selling vehicles like KIA, Mazda, Peugeot, BMW, and its own Thaco trucks and buses, recorded total sales of 27,427 in the first four months of the year.