The TAU12502 bond issuance comprises 1,450 units, each valued at VND 100 million, issued on November 7th with a 4-year maturity in November 2029. This secured bond is non-convertible, without warrants, and offers a fixed annual interest rate of 10%, with principal repayment due at maturity.
This follows a previous issuance of VND 190 billion in April, also with a 4-year term and similar interest rate. Collectively, Tasco Auto has raised over VND 335 billion through private bond placements this year.
Tasco Auto, the automotive arm of Tasco (HNX: HUT), holds a controlling stake in Savico, Vietnam’s largest automotive distribution network. The company is also the official importer for Volvo, Lynk & Co, Zeekr, and Geely.
In recent months, Tasco Auto has expanded its market presence, particularly for Lynk & Co, managed by Greenlynk Automotives. In August, the company launched 9 new showrooms and service centers, bringing its total nationwide outlets to 24.
However, rapid expansion has strained Tasco Auto’s financial health. The 2025 semi-annual financial report reveals a modest after-tax profit of VND 4.9 billion, while accumulated losses exceed VND 1.8 trillion.
 Tasco Auto recently inaugurated the Lynk & Co Gia Định showroom – Image: Google Maps
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Total liabilities surged to VND 11.3 trillion from VND 7.5 trillion at the beginning of the year. This includes VND 4.2 trillion in loans and financial leases, primarily VND 3.6 trillion in bank loans and VND 187 billion from the April bond issuance.
To fund its expansion plans, Tasco Auto intends to increase borrowing. According to VIS Ratings, the joint venture assembly plant with Geely requires approximately VND 2.3 trillion, while the Lynk & Co and Geely showroom network expansion for 2025-2026 will cost VND 840 billion.
In addition to loans, the parent company, HUT, has provided financial support. Following HUT’s Q3 share issuance, Tasco Auto received VND 958 billion, with VND 385 billion earmarked for Geely showroom expansion.
Despite limited resources, Tasco Auto prioritizes distribution network growth, particularly for Lynk & Co, with multiple showroom openings this year.
VIS Ratings anticipates that strengthening the distribution network for high-margin brands like Volvo, Lynk & Co, and Geely will enhance Tasco Auto’s business performance from 2025 to 2027.
The rating agency also positively assesses the Thai Binh assembly plant project. With a total investment of USD 168 million and an annual capacity of 75,000 vehicles, the plant is expected to commence operations in 2026, significantly improving profit margins in the coming years.
Tasco Auto’s slim profit, accumulated losses exceed VND 1.8 trillion
– 16:55 18/11/2025
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