Tasco chairman outlines growth plan as shareholders lament losses

Shareholders of Tasco JSC voiced concerns at the firm’s annual general meeting on Monday after "holding HUT shares for three years without breaking even", prompting chairman Vu Dinh Do to outline key priorities for the company’s next phase of growth.

At the 2026 AGM, several investors said they remained committed to the company despite prolonged losses and asked for clarity on its future direction.

Do said Tasco has undergone four years of restructuring since 2022, navigating different business conditions while achieving milestones across its core segments, including automotive, electronic toll collection through VETC, insurance, and the gradual revival of stalled real estate projects.

He highlighted three key points for shareholders. First, Tasco has largely completed its investment phase in infrastructure platforms and will enter a new stage from 2026 focused on growth and efficiency. The company plans to enhance operations, apply technology to improve productivity, and unlock value from both on- and off-balance-sheet assets, particularly real estate.

Second, real estate remains a major asset base but has been hindered by legal bottlenecks. The company recently began construction on its first project, Viet Tri Legacy Lakeside in Phu Tho province, though sales are not expected to start until later this year. Another project, Chi Dong-Me Linh, in Me Linh district has secured detailed planning approval but still requires further procedures before full implementation. “As a result, these projects are unlikely to deliver meaningful results in 2026,” Do said.

Third, digital transformation and technology adoption will be a core pillar of long-term development, he said, adding that operating on digital platforms could help reposition Tasco as a technology-driven company with stronger growth prospects.

Do noted that VETC recorded its first profit in 2025 and has since posted significant growth. “VETC is now among the top five payment platforms in Vietnam by user base. While it still trails platforms like ZaloPay and MoMo in scale, it is the only one in the group to have achieved profitability,” he said.

Rising receivables raise questions

At the meeting, shareholders also questioned a sharp increase in receivables, which rose from over VND5.49 trillion ($208.65 million) at the start of 2025 to over VND14.75 trillion ($560.34 milion) by year-end. The issue was not addressed during the session.

Company disclosures show new receivables linked to several entities, including advances to contractors and loans to related firms.

For example, Tasco recorded advances to TNG Investment and Construction Co., while TNG has links to shareholders connected to Tasco through its subsidiary structure. TNG is also a major shareholder in Thang Long Corporation.

Other receivables include loans to T&D Vietnam Investment JSC and Ana Investment and Development JSC, both of which have historical or indirect ties to entities associated with Tasco.

Record targets and fundraising plan

For 2026, Tasco shareholders approved a record revenue target of nearly VND55 trillion ($2.09 billion), up 51% from the previous year, and a record pre-tax profit of over VND1.08 trillion ($41.14 million), up 37.5%.

The company also approved a plan to issue convertible bonds to the public, with a total face value of up to VND3.56 trillion ($135.22 million), equivalent to 35.6 million bonds.

Proceeds from the issuance will be used to invest in subsidiaries, fund projects directly or indirectly, and support investment partnerships, the company said.