Industrial giant Thaco ups vertical integration with 3 new $670 mln ventures

By Tri Duc
Sun, December 18, 2022 | 9:40 am GMT+7

The Truong Hai Group Corporation (Thaco) launched three new ventures Saturday - a $550 million industrial arm, $100 million mechanical center and a $20 million research & development (R&D) center.

The massive expansion of operations in the central province of Quang Nam will, among other things, step up vertical integration and set up a supporting industry and mechanical hub in Vietnam’s central region.

Thaco complex in Chu Lai Industrial Park, Quang Nam province, central Vietnam. Photo courtesy of the corporation.

Thaco complex in Chu Lai Industrial Park, Quang Nam province, central Vietnam. Photo courtesy of the corporation.

The $550 million Thaco Industries, covering 120 hectares in Quang Nam’s Thaco Chu Lai Industrial Park, will manufacture semi-trailers, industrial machines, agricultural machines, auto parts and mechanical parts. It will employ 6,500 staff

At the industrial park, Thaco will continue upgrading and expanding existing factories and launch new projects, including: production of passenger car interiors, windshields, rims and other components for export; casting lines; hot stamping; and high-tech production like manufacturing and assembling of electronic circuit components and industrial robots.

The firm plans to run 36 supporting industry plants and one mechanical manufacturing complex by 2025.

The $100 million, 20-hectare mechanical center will have four factories.

The first will be a highly automated VND1.5 trillion ($63.55 million) plant with an annual capacity of 200,000 tons of steel and 300,000 mechanical products, with modern technologies.

The second will be a VND500 billion plant that can produce 20,000 semi-trailers and 6,000 tons of heavy steel structures a year.

A VND300 billion mold plant that can manufacture 1,000 mold sets and 4,000 tons of precision mechanical products yearly will be the third plant.

The fourth, another VND300 billion plant, will have a designed output of 1,200 tons of steel structures for lifting equipment and 60,000 products for industrial solutions.

The $20 million, 20,000 square meter R&D center, set to open in August 2023, will employ over 1,000 engineers and experts. It will focus on design, innovation, testing, prototype production, and other activities.

Founded in 1997, Thaco was initially a company that traded in and repaired second-hand vehicles. In just 25 years, it has become an industrial giant with two sub-holdings - Thaco Auto (automobiles) and Thagrico (agro-forestry production); and four subsidiaries - Thaco Industries (mechanics & supporting industries), Thadico (investment- construction), Thilogi (logistics), and Thiso (commerce -service).

The private group produces auto parts for global brands of Toyota, Hyundai, Piaggio; mechanical processing parts for Doosan, General Electric and others.

Comments (0)
  • Read More
Foreign chambers of commerce in Vietnam gather to address business challenges

Foreign chambers of commerce in Vietnam gather to address business challenges

Four foreign business associations gathered last week for their monthly meeting to address pressing business challenges in Vietnam.

Companies - Mon, November 25, 2024 | 2:08 pm GMT+7

Thai food giant Charoen Pokphand earns $2.7 bln in Jan-Sept revenue from Vietnam

Thai food giant Charoen Pokphand earns $2.7 bln in Jan-Sept revenue from Vietnam

Thailand’s Charoen Pokphand Foods Public Company Limited (CPF) recorded revenue of THB92,210 million ($2.67 billion) from its Vietnam operation in the first nine months of this year, up 5% year-on-year.

Companies - Mon, November 25, 2024 | 10:35 am GMT+7

Vietnam construction machinery distributor 911 Group has new leader after chair’s death

Vietnam construction machinery distributor 911 Group has new leader after chair’s death

Hanoi-based 911 Group JSC has elected Nguyen Thi Thom as its new chairperson after chairman Luu Dinh Tuan unexpectedly died one day before the firm’s EGM on November 23.

Companies - Mon, November 25, 2024 | 9:37 am GMT+7

Vietnam credits nearly double deposits, pushing up interest rates

Vietnam credits nearly double deposits, pushing up interest rates

Vietnam’s credit expansion has been nearly double deposit expansion, creating pressure on its banking system's liquidity as the year is coming to an end.

Banking - Mon, November 25, 2024 | 8:17 am GMT+7

New mindset key to resolving institutional bottlenecks, promote growth: economist

New mindset key to resolving institutional bottlenecks, promote growth: economist

Moving from a mindset of control to that of promoting growth is key to clear four institutional bottlenecks in the way of national development, says Dr. Nguyen Dinh Cung, former director of the Central Institute for Economic Management (CIEM).

Opinion - Sun, November 24, 2024 | 3:30 pm GMT+7

Low production costs, tax benefits give Chinese goods price advantage in Vietnam

Low production costs, tax benefits give Chinese goods price advantage in Vietnam

Chinese goods entering Vietnam are often cheaper than local products due to low production costs, taxation benefits and shipping subsidies by manufacturers, says Nguyen Thanh Trung, director of Logistics Technology Solutions Company Limited (LTS).

Companies - Sun, November 24, 2024 | 2:00 pm GMT+7

Thailand’s food trade to top THB700 billion next year

Thailand’s food trade to top THB700 billion next year

The private sector is set to propel Thailand towards becoming a global food hub by 2026, with the value of the nation's food trade expected to surpass THB700 billion ($20 billion) next year.

Southeast Asia - Sun, November 24, 2024 | 10:22 am GMT+7

Indonesia plans to cut coal use to 33% of energy mix

Indonesia plans to cut coal use to 33% of energy mix

The Indonesian Government plans to slash the share of coal-fired power generation in the country’s energy mix to just 33%, while increasing the contribution of renewables to 42% by the end of 2040.

Southeast Asia - Sun, November 24, 2024 | 10:19 am GMT+7

Thai Government approves economic stimulus plan

Thai Government approves economic stimulus plan

The Thai Government’s economic stimulus policy committee led by Prime Minister Paetongtarn Shinawatra has approved a five-point plan to boost national economy in both short-and long-terms, the Government House said on Thursday.

Southeast Asia - Sun, November 24, 2024 | 10:16 am GMT+7

Singapore raises forecast for 2024 economic growth to around 3.5%

Singapore raises forecast for 2024 economic growth to around 3.5%

With economic growth in the third quarter of this year exceeding the projected rate, Singapore has raised its growth forecast for the whole year 2024 to around 3.5%.

Southeast Asia - Sun, November 24, 2024 | 10:14 am GMT+7

British oil giant invests in $7 billion gas project in Indonesia

British oil giant invests in $7 billion gas project in Indonesia

UK oil giant BP announced a joint $7 billion project with its partners to exploit nearly 85 billion cubic meters of gas in Tangguh, West Papua province of Indonesia.

Southeast Asia - Sun, November 24, 2024 | 10:12 am GMT+7

Boom expectant securities firms rush to hike capital base

Boom expectant securities firms rush to hike capital base

Many Vietnamese securities companies are rushing to increase their charter capital, anticipating a promising long-term outlook for the stock market.

Finance - Sun, November 24, 2024 | 10:00 am GMT+7

Vietnam sees October surge in car imports from Japan

Vietnam sees October surge in car imports from Japan

Vietnam saw a sharp rise in car imports from Japan in October, particularly in the segment with nine seats or fewer, according to the General Department of Customs.

Economy - Sun, November 24, 2024 | 9:00 am GMT+7

Vietnam pharma firms optimistic about 2025 prospects despite lingering challenges

Vietnam pharma firms optimistic about 2025 prospects despite lingering challenges

A majority of Vietnamese pharmaceutical firms are optimistic about 2025 market prospects despite challenges facing the healthcare and medicine sectors, according to a survey conducted by Vietnam Report JSC.

Economy - Sun, November 24, 2024 | 8:00 am GMT+7

Vingroup, Chinese firm get greenlight to co-develop Hanoi's 7th bridge over Red River

Vingroup, Chinese firm get greenlight to co-develop Hanoi's 7th bridge over Red River

Vice Chairman of Hanoi Duong Duc Tuan will soon work with Vietnamese conglomerate Vingroup and China Pacific Construction Group on the development of Tu Lien Bridge, the seventh to link the city’s downtown with its suburban districts.

Infrastructure - Sat, November 23, 2024 | 10:56 pm GMT+7

Leading broker Saigon Securities fined over $287,000 for tax violations

Leading broker Saigon Securities fined over $287,000 for tax violations

Saigon Securities, a leading brokerage firm in Vietnam, has been fined over VND7.3 billion ($287,000) for tax violations in 2022 and 2023.

Companies - Sat, November 23, 2024 | 8:59 pm GMT+7