Tasco acquired Volvo importer in Vietnam
- 169
- Brand
- 17:17 11/07/2024
DNHN - Volvo is currently a leading luxury car brand in Vietnam, five years after entering the market. Volvo's market share continues to grow, accounting for 14% of the luxury car market share this May, according to Tasco.
Tasco Auto, a member of Tasco's automotive ecosystem, has acquired 100% of the capital of Sweden Auto, the official importer and distributor of Volvo cars in Vietnam.
This information was recently announced by Tasco Joint Stock Company (HUT). Accordingly, the acquisition of Sweden Auto allows Tasco Auto (formerly Savico Holding) the rights to import and officially distribute Volvo cars in Vietnam. This agreement also helps Tasco expand its network of showrooms nationwide, continuing to hold its position as the largest car distributor in Vietnam.
Volvo is currently a top luxury car brand in Vietnam, having joined the market five years ago. Volvo's market share continues to grow, accounting for 14% of the luxury car segment's market share this May. In 2022, Sweden Auto, the importer and distributor of Volvo cars, achieved a pre-tax profit of over VND 330 billion. Last year, the unit's profits declined due to market difficulties but have rebounded in the first half of this year.
In addition to the distribution segment, companies within Tasco's ecosystem are also developing a vertically integrated business model, becoming the official importer of brands like Volvo (through Sweden Auto) and Lynk & Co (through GreenLynk).
Tasco Auto maintains a 13.5% market share (according to VAMA, for the first nine months of 2023), distributing a variety of brands including major ones like Toyota, Ford, Mitsubishi, and the luxury brand Volvo, with its automotive segment revenue exceeding USD 1 billion.
The company also invests in Carpla, a platform for distributing used cars with unique features from online to offline.
Last year, Tasco completed the acquisition of SVC Holdings, a company that owns the largest car distribution system in Vietnam.
Currently, Tasco's Chairman of the Board is Mr. Vu Dinh Do. He was elected to the highest position of Tasco's Board of Directors in April 2022, replacing Mr. Ho Viet Ha.
On the stock exchange, Tasco's HUT shares are trading at VND 17,200 per share, up more than 1% after a week but down nearly 11% over the past year. Tasco's market capitalization is over VND 15 trillion.
Tasco's charter capital is currently VND 8,925 billion. It also owns VET Automatic Toll Collection Company and the Six Senses Ninh Van Bay resort...
Thu Hang
Related news
#worldwide national brand
“Profile” of the new startup partnering with VinFast
Recently, Otoklix announced the signing of an agreement with VinFast, becoming an authorized service provider for customers across Indonesia.
Vietnam - a ray of hope in the process of establishing and growing a worldwide national brand
According to a recently published Brand Finance report on brand valuation, many countries will be unable to maintain their international brand rankings in 2021 due to the severe impact of the COVID-19 pandemic on the global economy, but Vietnam will retain its 33rd position in the top 100 strongest national brand values in the world. This result validates that the country's national brand is being developed and built according to the correct standards and procedures.
Starting with only 2 million VND, Vietnamese bread brand now has 1,000 franchise partners
In 2020, Ma Hai Bread achieved total revenue of $2 million. However, due to the impact of the Covid-19 pandemic, the company reported a loss in 2021. Currently, Ma Hai Bread’s revenue has recovered, averaging between $200,000 to $300,000 per month.
VF 5 Plus – A "Green, Trendy, Wallet-Friendly" car for young families
With many young customers, the VF 5 Plus with its special color range deserves to be a "triple-fit" car – fitting the wallet, fitting the trend, and fitting the personality of each owner.
Practical applications of carbon credits for the economy. Part VII: Enhancing national image in the fight against climate change
Reducing carbon emissions has become a top priority. In this context, carbon credits have emerged as a crucial tool to enhance a nation's image in the battle against climate change.
Đọc thêm Brand
Hoàng Hải Anh and his young peers launch MR. Burgers – a Halal dining destination in Hanoi
At the age of 18, Hoàng Hải Anh (Haris) and his friends have introduced MR. Burgers, bringing the clean Halal food experience to visitors in Hanoi.
SK Innovation and HD Hyundai (South Korea) step up cooperation with Khánh Hòa Province (Vietnam)
The new cooperation and investment expansion plans of South Korea’s leading conglomerates reaffirm Khánh Hòa’s growing appeal in the eyes of international investors.
A trade fair organizer surprises by joining the ranks of top-earning listed companies
Financial results for Q2 and the first half of 2025 have been announced by numerous companies listed on the Vietnamese stock market.
HDBank secures USD 215 million syndicated loan from JICA, SMBC, and FinDev Canada
HDBank has signed a syndicated loan agreement worth USD 215 million with three international financial institutions: Sumitomo Mitsui Banking Corporation (SMBC), FinDev Canada, and the Japan International Cooperation Agency (JICA).
Sao Mai Group’s pangasius export segment embraces new opportunities
IDI – a member of Sao Mai Group – is building its third factory, aiming to significantly enhance export capacity to capitalize on new opportunities in the U.S. market.
The foundational mark of pioneers in renewable energy amidst an evolving legal framework
Vietnam’s renewable energy journey was marked by bold early investment at a time when the legal framework was still taking shape.
LAMORI – The Spirit of Lam Kinh in Every Breath
LAMORI is more than a luxury retreat—it is a harmonious convergence of boundless nature and sacred historical roots.
The Đại Dũng Group: A 30-Year journey of developing a sustainable value chain
In the context of globalization and sustainable development trends, Đại Dũng Group stands out with its 30-year journey in the fields of mechanical manufacturing, construction, and steel structure.
Rediscovering connection – a journey of discovery at LAMORI
LAMORI Resort & Spa is more than just a retreat; it is a destination for souls seeking reconnection, where every moment brings a meaningful experience.
Southern Vietnamese woman takes Ngoc Linh netted rice paper to all corners of the world
The Cai Be craft village has long been famous for many specialties of the Southern region of Vietnam. However, if it weren't for an unexpected event over 20 years ago, people would not know how Ngoc Linh netted rice paper has spread globally.