The letter opens with Chairman Tran Ba Duong acknowledging the challenging economic forecast for 2024, with expected mild growth only in the last 6 months. In this context, he sets out some specific goals for various areas of operation.
Chairman Tran Ba Duong’s Ecosystem
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Automobile Sector (Thaco Auto), Mr. Duong states that this sector will continue to strengthen its retail system with the following models: Multi-brand car showroom complex, Tourist car combined with Commerce-Service Center, THACO Truck & Bus Showroom, and 17 new investment showrooms. At the same time, new products will be developed, including 9 models of tourist cars, 13 models of trucks, and 6 models of buses.
The 2024 plan for Thaco Auto aims for sales of 95.4 thousand vehicles, with 76.2 thousand being tourist cars and 19.2 thousand being trucks and buses, capturing 38% of the domestic automobile market share. Exports are expected to reach over 1.6 thousand vehicles. The consolidated revenue is projected to reach 68.4 thousand billion VND, with a total investment capital of 2.1 thousand billion VND.
For Thaco Industries (mechanical manufacturing sector), Mr. Duong expects a revenue of 13 thousand billion VND, with export revenue exceeding 250 million USD. The total investment capital is 2.1 thousand billion VND. This year, the sector will continue to invest and put into operation new plants in Chu Lai, including a Premium Tourist Car Glass Factory, Automobile Frame & Body Parts Factory, and a Tourist Car Interior Compound. In addition, a sales company will be established in the United States to serve the North American market (including the United States, Canada, and Mexico), along with the establishment and management of two representative offices in Europe and Australia to support customers and develop the market.
For the Agriculture sector (Thaco Agri), Mr. Duong forecasts a revenue of 6.6 thousand billion VND in 2024, with 190 million USD from exports. The total investment capital is 5.8 thousand billion VND.
Specifically, Thaco Agri will continue to invest and perfect its production model in the Central Highlands, Cambodia, and Laos. Among them, the fruit tree sector is set to reach a total area of specialized banana cultivation of 11.6 thousand hectares by the end of 2024, along with a total area for combined fruit tree and cattle breeding of 7.1 thousand hectares. The cattle breeding sector is expected to reach a total scale of nearly 152 thousand heads by the end of 2024 (including over 105 thousand breeding cows and 47 thousand beef cattle) and a pig herd scale of nearly 137 thousand (20 thousand breeding pigs), with a feed output of 120 thousand tons. In addition, the project of high-value freshwater fish farming will continue to be developed, with the completion of fish nursery and commercial fish farming facilities.
Thadico (Dai Quang Minh) – Thaco’s investment unit in the transportation infrastructure and industrial parks (IPs) sector – Mr. Duong did not disclose the revenue figures, but the planned total investment is nearly 3.1 thousand billion VND.
According to Mr. Duong, in 2024, Thadico will continue to complete the infrastructure of 3 IPs in Chu Lai – Quang Nam and Thai Binh, as well as explore the investment in Binh Duong IP. In addition, they will complete and hand over existing projects, such as the expansion and upgrade of Chu Lai port, dredging the Kỳ Hà waterway, completing the Thiso Mall Truong Chinh – Phan Huy Ích project, commencing 12 projects (including 2 in the North and 10 in the South) in the Thiso commercial center chain, and completing 3 projects while commencing 6 new projects to serve the Multi-brand Car Complex.
For Thiso – Thaco’s real estate operation, management, and business division – in 2024, the phase 2 operation of Thiso Mall Truong Chinh – Phan Huy Ích will be launched. Furthermore, the construction and completion of the Thiso Mall Tay Ho commercial center in Hanoi, Bien Hoa – Dong Nai, and other commercial centers in Ho Chi Minh City will begin in early 2025. Thiso is expected to contribute approximately 5.9 thousand billion VND to Thaco in 2024, with a total investment capital of nearly 9.5 thousand billion VND.
The Logistics sector (Thilogi) is projected to generate revenue of 3.8 thousand billion VND (40% from external business activities). The total investment is 1 thousand billion VND.
Thilogi plans to transport over 20 thousand fruit containers and agricultural supplies in 2024. They will provide transport services for nearly 47 thousand containers on domestic sea routes and 57 thousand containers on international routes. The total cargo throughput through Chu Lai port is estimated to reach 5 million tons, a 62% increase compared to 2023. The company plans to complete the construction of a 50 thousand-ton port and establish a new operations office.
Finally, Mr. Duong has outlined plans for Thaco Chu Lai. Accordingly, existing projects such as the Chu Lai – Truong Hai Mechanical Automobile IP (115 hectares, submitted to the Ministry of Planning & Investment) and the Chu Lai Agriculture IP (451 hectares, with the remaining 100 hectares subject to land clearance) will be implemented. The Port, Logistics, and Customs area (173 hectares) will be focused on completing legal procedures. The dredging projects for the Ky Ha maritime channel, the Cua Lo channel, and Tam Hoa port will be completed. Research will be conducted for Thaco’s participation in bidding for the Chu Lai urban area.
The total investment capital for Thaco in Chu Lai in 2024 is expected to reach nearly 3.9 thousand billion VND, with a total budget contribution of 20 thousand billion VND, a 16% increase compared to the previous year.
Therefore, Mr. Duong estimates that Thaco’s total revenue in 2024 (excluding Thadico) will amount to nearly 100 thousand billion VND.
Thaco Chairman Tran Ba Duong
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