Thaco seeks to earn $3.8 bln from cars in 2023: chairman

Vietnamese conglomerate Thaco Group seeks a total consolidated revenue of over VND90 trillion ($3.8 billion) from cars in 2023, with expected sales of over 120,000 vehicles, chairman Tran Ba Duong wrote in a message to employees.

In 2023, Thaco Auto of the group continues to research and develop electric vehicles, invest in upgrading production technology for assembly plants in the direction of automation.

Early this month, Thaco planned to invest in its first auto sales center in Quang Tri province with a goal of selling 1,000 vehicles of different kinds per year.

The chairman's message says 2023 is the first year that Thaco is in a new stage of development as a multi-business group with its six sectors, namely automotive, mechanical & industrial support, agriculture, logistics, investment & construction, and trade & services.

Among them, Thaco Industries will invest in building a new R&D center, a passenger car interior complex, a passenger car glass factory, and two auto parts factories in Quang Nam province's Chu Lai area with a total investment of more than VND3,000 billion ($126.95 million). Of this, it plans to disburse VND1,700 billion ($71.94 million) in 2023.

Thaco Industries expects to export to the U.S., Canada, Mexico, and Japan more than 15,000 semi-trailers this year.

In real estate, Thaco has decentralized to its subsidiary Thadico to manage and oversee investment and development projects in industrial parks, urban areas, real estate and traffic, and technical infrastructure.

In 2023, Thaco expects to start the construction of 24 projects in infrastructure, transport, commerce, and housing and complete the handover of three projects, with a total disbursed investment of VND6,731 billion ($284.86 million).

In agriculture, Thaco Agri has formed integrated and circular agricultural production complexes, including fruit tree cultivation, animal husbandry, production, and processing.

This year, Thaco Agri plans to grow banana in its farms to reach 14,000 hectares, and maintain other fruit orchards with a total area of 8,500 hectares, with its rubber area for long-term care and exploitation at about 12,000 hectares. Thaco Agri expects by the end of this year, it will have more than 100,000 cows and 215,000 pigs. It eyes 2023 revenue at VND10,000 billion ($422.55 million).

Thaco Group expects to see revenues of VND3,000 billion ($126.76 million) from logistics and VND3,200 billion ($135.22 million) from trade and service this year.

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).

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