On July 8, Tasco Auto Joint Stock Company announced that it had acquired 100% of Sweden Auto – the sole importer and official distributor of Volvo cars in Vietnam. With this acquisition, Tasco Auto now boasts a retail network of 4 dealerships across Hanoi, Ho Chi Minh City, and Danang. In addition to their extensive network of nearly 90 showrooms nationwide, Tasco Auto has solidified its position as Vietnam’s largest automobile distributor.
Beyond distribution, Tasco Auto continues its long-term investment strategy in the automotive industry by developing an integrated vertical business model. They have become the official importer of premium car brands such as Volvo (through Sweden Auto) and Lynk & Co (through GreenLynk). Recently, the company also shared plans for a CKD automobile assembly plant project with a partner ranked among the top 10 global OEM manufacturers.
Maintaining a 13.5% market share (according to VAMA data for the first nine months of 2023), Tasco Auto distributes a wide range of car brands, including prominent names like Toyota, Ford, Mitsubishi, and the luxury brand Volvo. The company’s automotive business has generated over $1 billion in revenue.
Tasco Auto has also invested in Carpla, a unique online and offline used car distribution platform that offers a range of convenient features.
Tasco Auto acquires Sweden Auto, the importer of Volvo cars in Vietnam. Illustrative image.
Sweden Auto, with its five years of experience in the Vietnamese market, achieved a pre-tax profit of VND 335 billion in 2022. Despite a challenging market in 2023, the company still recorded a pre-tax profit of VND 54 billion. However, in the first five months of 2024, Sweden Auto’s performance rebounded strongly, with a pre-tax profit of VND 105 billion, almost double that of the entire previous year. Their vehicle sales volume in the same period grew by 23% year-on-year, and Volvo’s market share in the luxury car segment increased to 14% in May 2024.
Volvo has firmly established itself as a leading luxury car brand in Vietnam over the past five years, achieving a compound annual growth rate of 164% in the first six years.
The Ambitious Ecosystem of Tasco, the Master of Car Services
With the successful acquisition of SVC Holdings and the rebranding as Tasco Auto, Tasco has added a vital piece to its puzzle in striving to perfect the ecosystem centered around automotive distribution and services.
“After VinFast, Cho Tot Partners with Tasco to Sell Used Cars, Tapping into a New $23 Billion Opportunity”
The used-car market in Vietnam holds immense growth potential, according to BlueWeave Consulting. With a significant compound annual growth rate of 16.7%, the market is estimated to reach a substantial value of up to $23.12 billion by 2029.
