Abstract

This article examines the THACO Group ecosystem for market research readers, focusing on how its multi-industry model integrates automotive manufacturing with large-scale agriculture and logistics. It reviews the recent business situation, operating structure, and strategic direction of THACO’s core sub-holdings

Introduction: From Automotive Group to Multi-Industry Ecosystem

Founded in 1997, THACO, or Truong Hai Group Corporation, has developed from a used-car repair and trading company into one of Vietnam’s largest private multi-industry groups. The company is still best known for its automotive business, but its current strategy extends far beyond vehicle assembly and distribution.

Today, THACO operates through several major subsidiaries and sub-holdings, including THACO AUTO, THACO INDUSTRIES, THACO AGRI, THILOGI, THISO, and THADICO. These businesses cover automotive manufacturing, mechanical engineering, agriculture, logistics, retail, investment, and construction.

In recent years, THACO has been repositioning itself from an automotive-led enterprise into a broader integrated ecosystem. This transition has become more important as the domestic automotive market faces slower growth, stronger competition from electric vehicles, and pressure from imported cars. At the same time, THACO’s expansion into agriculture, logistics, and mechanical engineering creates new growth opportunities but also requires large capital investment and strong execution capability.

THACO’s revenue is around 70.5 trillion VND in 2023 and reached 81.9 trillion VND in 2025. Profit after tax increased from 2.7 trillion VND (2023) to 6.5 trillion VND in 2025. This indicates continued top-line growth, although business performance differs significantly across subsidiaries. [1][2][3][4][5]

Revenue and profit after tax of THACO Group, 2023-2025

Unit: trillion VND

Source: B&Company’s synthesis

THACO AUTO: Core Revenue Base and Industrial Foundation

THACO AUTO remains the largest and most established business within the group. The subsidiary assembles and distributes several international automotive brands in Vietnam, including Kia, Mazda, Peugeot, BMW, and Mini. Its historical strength has come from combining assembly capacity, international brand partnerships, a nationwide showroom network, and after-sales services. This makes THACO AUTO the group’s core revenue base and an important source of industrial experience.

Source: Thaco Auto

However, the automotive market has become more challenging. Demand for traditional internal combustion engine vehicles has slowed, while electric vehicles and imported cars, especially from China, are increasing competitive pressure. VinFast’s expansion in the EV segment has also changed the market structure. In 2024, THACO AUTO maintained a leading position in Vietnam’s automotive market with around 32% market share and nearly 91,000 vehicles sold, but some key passenger car brands recorded weaker sales compared with previous peaks. This suggests that although THACO AUTO remains strong, its traditional model is under pressure.

In response, THACO AUTO is shifting from being mainly an assembler and distributor toward stronger involvement in product development and brand ownership. The company has announced plans to develop and sell mini-buses in 2026 and passenger cars under the THACO brand from 2027, supported by investment in an automotive R&D center in Chu Lai. Within the broader ecosystem, THACO AUTO’s role is therefore both financial and industrial. It provides scale, technical know-how, supplier relationships, and cash flow that support THACO’s expansion into mechanical engineering, logistics, and agriculture.

THACO AUTO Sale Situation, 2022-2025[6][7][8][9][10]

B&Company’s synthesis

The after-sales segment continues to serve as a high-margin stabilizer. Service and parts revenue exceeded 7.2 trillion VND in 2024 and is projected to surpass 8.9 trillion VND in 2025. 1 This downstream dominance, supported by a network of over 450 showrooms and service centers, provides the group with a steady cash flow even when new vehicle sales are under pressure.[11]

THACO INDUSTRIES: Industrial Backbone Supporting Demand

Established in 2022, THACO INDUSTRIES has successfully transitioned from a captive internal supplier into a regional-scale component manufacturing hub. It operates a centralized component manufacturing hub in Chu Lai, Quang Nam, with a total investment of USD 550 million across 12 advanced factories. These facilities specialize in body parts, chassis, high-end glass, and electrical equipment, meeting international standards such as IATF 16949:2016.

A key competitive differentiator is the 30,000-square-meter THACO INDUSTRIES R&D Center, representing a USD 50 million investment and housing 1,000 engineers who apply AI and IoT to industrial solutions. In 2024, the sub-holding reported consolidated revenue of 10.8 trillion VND. For 2025, revenue is projected to rise to 13.7 trillion VND, with over 55% expected from external partners. Looking toward 2026, THACO INDUSTRIES targets 15.8 trillion VND in revenue as it enters the railway sector through a localization agreement with Hyundai Rotem to manufacture automated metro trains and high-speed rail equipment at a new 320-hectare complex in Ho Chi Minh City.[12][13][14]

Source: Thaco Industries

THACO AGRI: Agriculture Platform Requiring Support

Established in 2019, THACO AGRI manages over 84,000 hectares across Vietnam, Laos, and Cambodia. Its model is based on “industrial-scale circular organic production”, where fruit cultivation (primarily bananas) is integrated with livestock farming. Agricultural waste is converted into animal feed, while livestock waste is processed into organic fertilizer.

After years of heavy losses, THACO AGRI reported a profit of 42 billion VND in 2023 and expects 2025 revenue to surpass 8.34 trillion VND, supported by a 7.55 trillion VND investment disbursement. Success depends on industrializing farming operations and connecting production areas with export markets through logistics[15]

THACO AGRI Scaling Targets (2025)[16]

Source: Thacogroup Website

THILOGI: Synchronizing the Integrated Value Chain

Established in 2020, THILOGI (Truong Hai International Logistics) serves as the indispensable link that allows THACO’s manufacturing and agricultural operations to function as a unified ecosystem. By providing a “full-package” logistics service—encompassing cross-border trucking, port services, and international maritime shipping—THILOGI optimizes the group’s internal costs while attracting external clients seeking efficient Indochina trade corridor solutions.

A pivotal development in 2025 was the inauguration of the 50,000-DWT berth at Chu Lai Port, which increased the total wharf length to 836 meters. This upgrade, combined with state-of-the-art loading equipment capable of handling nearly 100 containers per hour, has significantly enhanced the port’s capacity as a regional logistics hub. THILOGI’s specialized fleet of 200 trucks is dedicated to transporting agricultural products from complexes in Laos and Cambodia to Chu Lai, where they are exported to markets in China, Japan, and Korea.[17][18]

Furthermore, THILOGI is investing in its own maritime capability to reduce reliance on third-party shipping lines. By Q1 2026, the sub-holding plans to operate two new 1,800-TEU container ships to serve international routes. This move is essential for the agricultural arm, as it ensures dedicated cold-chain capacity for perishable fruit exports. In 2025, the revenue target is set at VND 5,400 billion, a 40% increase compared to 2024[19].

Source: THACO

Conclusion

THACO’s subsidiaries show how the group is moving from an automotive-led business toward an integrated ecosystem. While the strength of integration differs, THACO INDUSTRIES, THACO AGRI, and THILOGI form the direct Industrial–Logistics–Agri chain. This allowed THACO to control more stages of the value chain, from production to export. The model offers advantages in cost control and coordination but faces execution risks due to high capital requirements across diverse industries. The next few years will assess whether THACO can turn this model into a sustainable competitive advantage.

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Cover image: THACO Group

[1] The exchange rate of USD to VND in 2024: 1 USD = 24,164.89 (Worldbank)

[2] Thitruongtaichinhtiente (2025): THACO’s profits rebound, and its total assets exceed 195,000 billion VND.<Assess>

[3] Doanh nhan & Phap Luat (2024): Thaco Group, owned by billionaire Tran Ba ​​Duong, has set a series of new targets for 2024. <Assess>

[4] The Investor (2026): Vietnam conglomerate Thaco’s 2025 profit jumps 65% to $251 mln <Assess>

[5] DFF.VN (2026): Thaco to earn 6,600 billion VND in profit in 2025, real estate sector leads growth.<Assess>

[6] THACO Website <Assess>

[7] THACO Website <Assess>

[8] THACO Wesbite <Assess>

[9]^,11,14 THACO Wesbite <Assess>

[10] Nguoi Quan Sat (2026): Billionaire Tran Ba ​​Duong declares that THACO will still earn over 5,000 billion VND in profit in 2025, despite sacrificing short-term profits.<Assess>

[12] Bao Moi News (2026): THACO INDUSTRIES aims for revenue exceeding VND 15,800 billion in 2026. <Assess>

[13] THACO Website <Assess>

[15] THACO Website <Assess>

[16]^,17 THACO Website <Assess>

[18]^,19 THACO Website <Assess>