Services
Specifically, Tasco Auto invested in Toyota Ly Thuong Kiet JSC, increasing its ownership from 35% to 65% to become a subsidiary. Toyota Ly Thuong Kiet is also an important piece with a revenue of VND 2,102 billion in 2022. In 2023, the company’s revenue reached VND 1,298 billion due to the challenging automotive market. However, in the first half of 2024, Toyota Ly Thuong Kiet recorded impressive growth with a 36.67% increase in revenue compared to the same period last year.
 Headquarters of Toyota Ly Thuong Kiet in Tan Binh District, Ho Chi Minh City.
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Tasco Auto, through its subsidiary, also invested in Savico Investment JSC (SVCi) to increase its ownership from 40% to 100%. SVCi currently owns the building at 66-68 Nam Ky Khoi Nghia, Ho Chi Minh City, which is being leased for business operations.
The building at 66-68 Nam Ky Khoi Nghia, Ho Chi Minh City, owned by Savico Investment JSC.
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With its existing subsidiaries, Tasco Auto increased its ownership in Binh Duong City Auto Services JSC (Binh Duong Ford) to 94%, in Hau Giang Southern Auto JSC (Honda Can Tho) to 87%, and in Binh Dinh Auto JSC (Hyundai Binh Dinh) to 71%. Previously, Tasco Auto’s ownership in these companies was already above 50%.
This group of subsidiaries has demonstrated strong business performance, contributing significantly to the revenue and profits within the Tasco Auto system. For example, Binh Duong Ford achieved a revenue of VND 1,563 billion in 2023. The company has consistently maintained a high earnings per share (EPS) ratio, with the most impressive performance in 2022, reaching VND 14,500 per share. The company’s return on sales (ROS) has consistently been in the range of 3% to 5%, partly due to its advantage of operating in a high-growth area and its efficient and effective after-sales service system. As a result, they have been recognized as the “Excellent Dealer of the Year – Group A” and awarded the “Best Service” title by Ford Vietnam. Similarly, Honda Can Tho and Hyundai Binh Dinh have also shown significant growth in their business results, with after-tax profits in the first six months of 2024 increasing by 120% and 150%, respectively, compared to the same period in 2023.
Binh Duong Ford achieved a revenue of VND 1,563 billion in 2023, with a high return on sales (ROS) ratio ranging from 3% to 5%.
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According to the resolution of the Company’s Board of Directors, the decision to convert affiliated companies into subsidiaries and increase ownership in high-performing subsidiaries is part of a strategy to restructure its existing portfolio. This move aims to consolidate Tasco Auto’s business efficiency and core investment activities. It also optimizes governance and replicates the successful models of these entities to enhance the overall performance of the system. The transactions are expected to be completed in the third quarter of 2024.
Previously, Tasco Auto also approved the acquisition of 100% of Sweden Auto, the sole importer and distributor of the luxury car brand Volvo in Vietnam. Volvo has been recognized by reputable international automotive authorities as the safest car brand in the world, achieving a perfect 10 score based on criteria set by the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS) in the US. Tasco Auto is also embarking on a journey upstream in the automotive industry with an upcoming automobile assembly plant project in collaboration with a top 10 global OEM manufacturer, with plans to launch products in 2025.
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