According to the resolution passed by the Board of Directors on May 12, all proceeds will be allocated to three subsidiaries, including Tasco Auto (VND 485 billion), Tasco Insurance (VND 800 billion), and VETC (VND 500 billion), with the disbursement expected in the first half of 2025.
Aside from funding dedicated to the Geely distribution system, Tasco also plans to invest an additional VND 100 billion in the charter capital of Tasco Auto Distribution Company (Tasco PC).
Geely, a Chinese automotive brand, is one of the new names added to Tasco’s distribution portfolio in the past year, alongside Lynk & Co, Zeekr, and Volvo. With over 3.3 million vehicles sold globally in 2024, Geely experienced a 22% growth compared to the previous year. The company is currently collaborating with Tasco to build an assembly plant in Thai Binh province, scheduled to commence construction in 2025 and launch its first product in 2026.
According to documents prior to the 2025 Annual General Meeting of Shareholders, Tasco Auto sold over 40,000 vehicles in 2024, achieving a 10.7% growth rate and increasing its market share to 13.7%. The distribution network was also expanded to 106 showrooms nationwide. In addition to the impressive growth of Volvo, Tasco Auto also distributed Lynk & Co for the first time through 6 dedicated showrooms. For used cars, the Carpla platform sold nearly 6,000 vehicles, operating a closed model encompassing sales, finance, insurance, and after-sales services.
 A Lynk & Co showroom operated by Tasco Auto. Source: Tasco
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Tasco’s planned investments from the public offering of shares. Source: Tasco
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Aside from the automotive field, Tasco also intends to invest VND 800 billion in the insurance sector to enhance technology capabilities, expand branches, and strengthen its brand. After more than a year of operation since coming under Tasco’s management, Tasco Insurance has risen to the top 10 leaders in the motor vehicle insurance market, with a revenue of VND 650 billion, marking a remarkable increase of over 670% compared to 2023.
Meanwhile, VETC will receive VND 500 billion to expand its electronic toll collection operations and upgrade eParking infrastructure in major cities. As of the end of 2024, this subsidiary has implemented electronic toll collection at nearly 300 parking lots in Hanoi, piloted at 5 airports, and maintained its leading position with a 75% market share nationwide, handling nearly 700 million transactions in the year.
Tasco stated that in the event the share issuance does not go as planned, the Company will prioritize capital allocation to Tasco Auto first, followed by Tasco Insurance, and finally, VETC. Simultaneously, flexible alternatives such as extending the offering period or raising additional funds from other sources have also been considered.
For 2025, the company targets a total revenue of nearly VND 40 trillion. Profit after tax is expected to reach VND 571 billion, an increase of up to 87% compared to the previous year. However, in the first quarter, Tasco only achieved VND 37 billion in profit, fulfilling 6.4% of the yearly plan.
Regarding senior personnel changes, the Tasco Board of Directors received resignation letters from two members, Mr. Dinh Duc Tung and Mr. Tran Duc Huy, due to personal reasons. The resignations will take effect after the 2025 Annual General Meeting of Shareholders approves them. According to the proposal submitted to the meeting, the Company suggested reducing the number of members on the Board of Directors for the 2022-2027 term to 8 people. Consequently, after the aforementioned members step down, Tasco will only elect one new member.
| Tasco aims for significant profit growth in 2025 |
From left to right: Mr. Tran Duc Huy and Mr. Dinh Duc Tung. Source: Tasco
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– 16:34 20/05/2025
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