Thanh Cong Group records $5 bln revenue in 2022

Thanh Cong Group (TC Group), a private Vietnamese corporation in automobile, real estate, and service sectors, recorded a revenue of VND118 trillion ($5.03 billion) in 2022.

TC Group paid VND22.4 trillion ($954.3 million) to the state budget last year, up 41% year-on-year, according to the firm’s 2022 review report.

TC Group is the Vietnamese partner in the Hyundai Thanh Cong joint venture, which manufactures and distributes Hyundai Motor brand vehicles in Vietnam.

Hyundai Thanh Cong sold 81,582 Hyundai vehicles in 2022, up 15.6% year-on-year. B-class sedan Hyundai Accent topped the firm's sales list with 22,645 units in the year, followed by Hyundai Creta, a sport utility vehicle, with 12,096 units.

Thanh Cong Service Technical Corporation, the automobile part distribution arm of TC Group, had its revenue exceeding the VND1 trillion ($42.64 million) threshold for the first time in 2022, according to report.

DSC Securities, under TC Group, is completing procedures to double its registered capital to VND2 trillion ($85.28 million) in early 2023, TC Group added.

Hyundai Thanh Cong launched its second manufacturing facility in Vietnam in November 2022. The new plant, which covers 50 hectares in Gian Khau Industrial Park, the northern province of Ninh Binh, has a designed capacity of 100,000 cars per year, raising the joint venture’s total annual capacity to 180,000 units. An investment of more than VND3,200 billion ($129 million) has gone into the new facility.

However, the Royal Golf Course in the northern province of Ninh Binh, a business under TC Group, has suffered from losses for 12 years in a row. According to the financial report of PV-Inconess Investment Corporation, the operator of the golf course, the firm recorded a post-tax loss of VND2 billion ($85,200) in 2022, regardless of the post-tax profit of VND584 million ($24,900) in the fourth quarter.

The 2022 loss was an improvement from the loss of VND15.4 billion ($656,000) in 2021.

PV-Inconess attributed the development to higher revenues from expanded services related to golf, restaurant, and tree cultivation. In particular, in the last quarter of 2022, the facility served 14,601 golfers, up by 5,221 year-on-year. The VND18.4 billion ($783,900) increase in the revenue outpaced the VND11.8 billion ($502,300) growth in costs of goods sold, the firm said.