Mr. Duong said that in 2024, the economy is predicted to face difficulties and challenges, with low consumer demand similar to 2023. However, there is a slight expectation of growth in the last 6 months of the year. This is also the second year Thaco continues to implement the Multi-industry Strategy and the 5-Year Plan (2023-2027). Thaco and its member corporations strive to implement production and business plans in 2024 according to the set strategic goals.
The goal by 2027 is for Thaco to complete the Management Model of a large-scale multi-industry industrial corporation along with a complete management platform and successfully apply digital transformation. The 5-year plan for management focuses on “Standardizing and Upgrading Management” based on the principle of a 3-tier management system throughout the system: Thaco – Member corporations – Holding Company or Management Block – Subsidiary Company through business groups: Basic, Professional, and Business, along with standardized regulations and processes.
2024 is the second year Thaco has been restructured from a car manufacturing and investment corporation to a parent group that only manages investment and capital with 6 member corporations operating in 6 different large-scale business sectors.
Notably, this year billionaire Tran Ba Duong announced detailed personnel plans. Specifically, Thaco will reinforce and continue to develop a human resources force that is suitable for Thaco’s industrial management philosophy, culture, and methods and international integration trends. Also, it will have special characteristics for each business sector of the member corporations with policies that are suitable for practicalities and frameworks.
The focus is on recruiting personnel with a total of 14,746 new recruits, including 14,685 personnel for member corporations, and 61 personnel for the Thaco General Management Office (increasing the total staff of the GPO to 301). By the end of 2024, the total number of Thaco’s staff is 65,520.
The company will continue to develop an “excellent” leadership team from within Thaco and recruit externally through planning, training, and rotation suitable to the practical requirements of production and business.
Detailed business plan for 2024 of member corporations
Thaco Auto
In 2024, Thaco will continue to invest in retail systems with models according to the established strategy: Multi-brand car showroom complex, Combination of sightseeing car showroom and Commercial-service center, Thaco Truck & Bus Showroom with 17 new investment showrooms.
Development of new products, introduction and sales to the market including 09 models of passenger cars; 13 models of trucks, and 6 models of buses under the Thaco brand. At the same time, the construction of a new R&D center with a larger scale, with synchronized and modern equipment to meet the technological development requirements in car assembly and manufacture.
Develop service repair and business of supplies – accessories to become the main business sector while piloting the business of used cars.
Thaco Auto’s sales target for 2024 is 95,400 vehicles, including 76,200 passenger cars and 19,200 trucks and buses, accounting for 38% of the domestic automobile market; Exporting more than 1,600 vehicles. The consolidated revenue is 68,400 billion VND. Total investment capital is over 2,100 billion VND.
By the end of 2024, the total number of full-time employees is 14,986. In 2024, Thaco Auto prioritizes the recruitment of additional leadership personnel, managers of basic operations; enhancing skilled training, improving productivity in after-sales services at showrooms and affiliated agencies.
Thaco Industries
In 2024, continue to invest and put into operation new factories in Chu Lai, including: Premium automobile glass factory; Automotive Frame & Body Components factory; Automotive Interior Complex. At the same time, continue to upgrade existing factories to improve productivity, efficiency, and quality in production. Continue to study the feasibility of investment projects in the production of component-parts plants in the North and Mechanical engineering and Support industry center in the South.
Continue to invest, research and develop new products and operate a new specialized R&D center of Thaco Industries in a larger scale, with modern equipment to meet the increasing export demands in variety and quality of machinery, equipment and components.
Set up and operate sales companies in the US market for North America (including the US, Canada, and Mexico), establish and manage 2 Representative Offices in Europe and Australia to support existing customers and develop the market.
The consolidated revenue of Thaco Industries in 2024 is 13,000 billion VND, of which the export revenue is 250 million USD. Total investment capital is 2,100 billion VND.
Hiring an additional 980 employees (including recruiting 321 engineers for the R&D center). By the end of 2024, the total number of full-time employees of Thaco Industries is 8,620.
Thaco Agri
In 2024, Thaco Agri continues to invest in construction to complete the large-scale integrated/looping agricultural production complex based on the organic platform with stable output and quality, including 1 complex in the Central Highlands, 2 complexes in Cambodia, and 1 complex in Laos.
Regarding fruit trees: Completely plant bananas and various fruit trees according to planning, new industrial cultivation methods with new care and harvest methods, by the end of 2024 reach a total area of specialized banana cultivation of over 11,600 hectares; The total area of fruit trees combined with bovine breeding is 7,100 hectares.
Regarding livestock farming: By the end of 2024, the total scale of cattle herds will reach over 151,500 (including 104,500 breeding cows and 47,000 beef cows); The scale of pig herds reaches 136,600 (including 20,000 breeding pigs). The output of livestock feed reaches 120,000 tons. Continue to develop high-value freshwater fish aquaculture projects, including completing breeding farms and large-scale commercial fish farming.
Regarding industrial production in agriculture: Complete the infrastructure of industrial clusters at Agricultural Complexes and at the same time, put into operation important and necessary factories such as equipment and tools production plants for specialized use in agriculture; Packaging factory; Plastic material supply factory… Simultaneously, invest in other plants to put into operation in 2025 according to the set plan.
Continue researching to invest in Seed Centers and apply specialized scientific, technical, and new-generation mechanical engineering in agriculture.
In 2024, the consolidated revenue of Thaco AGRI is expected to reach 6,600 billion VND, of which export revenue is 190 million USD; Total investment capital is 5,800 billion VND.
Hiring an additional 12,600 employees, by the end of 2024, the total number of full-time employees of Thaco AGRI is 34,300.
Thadico (Dai Quang Minh)
In the role of an investor in building infrastructure for transportation, industrial zones, urban areas, and complex projects, and at the same time comprehensively managing investment and construction projects of Thaco and its member corporations.
In 2024: Thadico continues to invest in completing the infrastructure of 03 specialized Industrial Zones in Chu Lai – Quang Nam and Thai Binh, at the same time researching investment in industrial zones in Binh Duong; Complete and hand over the expanded project and upgrade Chu Lai port; Implement dredging of the existing Ky Ha channel. At the same time, actively carry out legal procedures for investment in dredging Cua Lo channel in Chu Lai.
For complex real estate, Thadico will continue to complete the construction of Truong Chinh – Phan Huy Ich Thiso Mall Project, carry out upgrading the Thiso Yangon Complex project in Myanmar.
Start 12 projects including 02 projects in the North, 10 projects in the South to meet the development plan of the THISO Commercial Center system phase 2024-2027.
For Multi-brand car assembly complex, Thadico completes and hands over 03 projects in Hue, Da Lat, and Tien Giang; breaks ground on 06 new projects (02 projects in the North, 04 projects in the South) to implement the upgrade of 28 existing car showrooms. In addition, Thadico continues to implement 36 projects on existing lands of Thaco.
The total investment capital of Thadico – Dai Quang Minh in 2024 is 3,085 billion VND; hiring an additional 306 employees, by the end of 2024 the total number of full-time employees is 2,645.
Thiso
Thiso is a group that owns, operates, and manages real estate with the model of “One destination – Many utilities, services”, including complex types: THISO Complex (large scale), THISO Center (medium scale); THISO Mall (intermediate and high class). At the same time, it operates Retail THISO Retail (Emart Vietnam) and other Commercial & Service forms through: cooperation, joint ventures, and self-operation.
In 2024, Thiso continues to put into operation phase 2 of Thiso Mall Truong Chinh – Phan Huy Ich. Construct and complete to put into operation the first Thiso Mall Shopping Center at West Lake district in Hanoi, at Bien Hoa – Dong Nai, and the 4th shopping center in Ho Chi Minh city in early 2025.
The consolidated revenue in 2024 of Thiso is 5,880 billion VND, total investment capital is 9,469 billion VND.
Hiring an additional 414 employees, by the end of 2024 the total number of full-time employees is 3,060.
Thilogi
Thilogi plays a role in implementing the strategy of forming an International Logistic Center in Chu Lai and developing a logistics network connecting Quang Nam – Central with the Central Highlands, Southern Laos, Northern Cambodia, and the South and North regions with the strategic goal of optimizing logistics costs in Chu Lai to be equal to the South – North.
In 2024, Thilogi completes and puts into operation a 50,000-ton port with modern equipment to enhance container loading and unloading capacity, actively invest in road transportation suitable for each route to minimize transportation costs. Deploy the construction of a new Command office, with a total investment amount in 2024 of nearly 1,000 billion VND.
The business plan for 2024 is to transport more than 20,100 containers of fruits and agricultural supplies. Perform transportation services for domestic routes more than 46,600 containers; and international routes with 56,600 containers. The total cargo volume through Chu Lai port is estimated to reach 5 million tons, a 62% increase compared to 2023.
The total consolidated revenue for Thilogi in 2024 is estimated to reach 3,800 billion VND (in which revenue from external business operations accounts for 40%); total investment is nearly 1,000 billion VND.
Hiring an additional 239 employees, by the end of 2024, the total number of employees is 1,605.
Thaco Chu Lai
In 2024, Thaco Chu Lai enters a new development investment cycle of forming the new-generation multi-industry industrial ecosystem of Thaco in Chu Lai – Quang Nam on an industrial management, green, intelligent, sustainable, and modern development platform. It includes Centers: Automobile Manufacturing and Assembly; Mechanical Engineering and Support Industry; Logistics and Transportation; Agriculture Processing; Commercial – Service and Urban Area with complete social infrastructure, with significant contribution to the development of Quang Nam province in particular and the Central region in general.
In 2024, Thaco focuses on continuing to implement projects with strict compliance with legal procedures in Chu Lai – Quang Nam as follows:
Chu Lai Auto Mechanical Industrial Park project – expansion (115 hectares): Thaco has submitted to the Ministry of Planning and Investment the proposed conclusion for expanding the Automobile Mechanical Industrial Zone by an additional 115 hectares, bringing the total area to 358 hectares. In 2024, focusing on these legal procedures for compensation and clearance.
Thaco Chu Lai agriculture special Industrial Zone project (451 hectares): Complete the remaining 100 hectares of land clearance of the project, complete and put into use the N2 road section and at the same time start investing in infrastructure construction of the industrial zone in 2024.
Port, Logistics, and Customs (173 hectares): Focus on completing legal procedures and putting into use the infrastructure system, warehouses, ensuring synchronization with Chu Lai port after completion of upgrading and expansion.
Dredging the existing Ky Ha Maritime Channel: Along with Quang Nam province, propose mechanisms and policies for Thaco to invest in dredging the Ky Ha channel and organize management and operation in 2024.
Cua Lo channel and Tam Hoa Port project: Complete the planning of the tax-free zone linked to Tam Hoa port, evaluate the investment efficiency, and carry out related legal procedures to actively start the project and complete it in 2027.
Chu Lai Urban Area: Focus on investment research so that after the approval of the provincial People’s Committee for the 1/2000 Zoning Plan, Thaco will participate in bidding to select investors in 2024.
The total investment capital of Thaco in Chu Lai disbursed in 2024 is 3,894 billion VND. Total contribution to Quang Nam province’s budget is 20,000 billion VND, an increase of 16% compared to 2023.
Hiring an additional 1,453 employees, by the end of 2024, the total full-time staff at Chu Lai is 15,385.
