Mr. Tran Ba Duong, Chairman of the Board of Directors of Truong Hai Auto Corporation (THACO) (right) – Photo: VGP/HM
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As a leading multi-industry group in Vietnam with a core business in automobile manufacturing and assembly, THACO has been at the forefront of the automotive industry and has diversified into various other fields, including mechanical engineering, supporting industries, investment and construction, trading, services, and logistics. Mr. Tran Ba Duong, Chairman of THACO, shared that we are currently witnessing a period of rapid technological change, especially in the automotive industry, which is moving towards environmentally friendly and sustainable solutions.
According to Mr. Duong, THACO is striving to become a center for automobile manufacturing for international brands in Vietnam and the surrounding regions, particularly in the ASEAN community.
When it comes to automobiles, the trend is towards environmentally friendly and convenient options. However, transitioning to fully electric vehicles requires a well-planned roadmap and time for infrastructure investments and safety considerations. At present, most of the automobile brands that THACO collaborates with offer electric vehicles, but the number available in Vietnam remains limited.
The leadership of THACO expresses their desire to organize workshops and invites contributions and suggestions from all stakeholders to drive the market towards environmentally friendly, fuel-efficient, and electric vehicle solutions.
In terms of supporting industries, investing in this field requires significant volume and technological capabilities. Supporting industries are already present in many sectors, and THACO was fortunate to enter the mechanical engineering field early on.
“We are in the process of developing an industrial park dedicated to mechanical engineering and supporting industries in Vietnam,” said Mr. Tran Ba Duong. “Many foreign direct investment (FDI) companies are now assembling and transferring their operations to Vietnam, and we are capable of producing 35-40% of the required parts, components, and accessories.”
In the automotive components sector, THACO sold $13 million worth of parts to domestic automobile manufacturers and assemblers in 2024, and this figure is expected to increase next year.
Therefore, THACO’s representatives also proposed that the government pay close attention and provide support to the auxiliary industry. The mechanical engineering field offers simple labor opportunities that align with a large portion of Vietnam’s workforce, making it a potential growth area for the country’s foundational industries and export capabilities.
Regarding agriculture, Mr. Tran Ba Duong suggested that regions like the Central Highlands could adopt a mixed model of forestry and livestock farming. Some areas could even integrate agriculture to create a circular model that combines cultivation and animal husbandry. This approach has proven to be a successful development direction for Vietnam.
For instance, farmers have recently achieved remarkable success in cultivating and exporting durian, a popular tropical fruit.
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