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| A THACO bus in a test run (Photo: VNA) |
Additionally, the company will establish and operate a sale company in the US for the North American market.
THACO AUTO, a subsidiary operating in the field of automobile and motorcycle import, assembly and distribution, will increase investments in its retail system, build a new and larger research and development centre equipped with modern and synchronous facilities to meet technological demand for automobile assembly and production, expand repair services and parts trading, and launch the pilot sale of used vehicles.
In 2024, THACO AUTO's sale plan aims to reach 95,400 units of various automobile types, including 76,200 passenger cars and 19,200 trucks and buses, capturing a 38% domestic market share. It also targets to export over 1,600 vehicles, resulting in a consolidated revenue of 68.4 trillion VND (2.85 billion USD).
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| THACO Truong Hai in Chu Lai, Quang Nam province (Photo: VOV) |
Alongside THACO AUTO, THACO INDUSTRIES, a subsidiary of THACO engaged in mechanical manufacturing and supporting industries, will continue its investment strategy in 2024 by initiating the operation of new factories in Chu Lai, upgrading existing factories, putting a research and development centre into operation, and running a sale company for the North America and two representative offices in Europe and Australia.
Its consolidated revenue is expected to reach 13 trillion VND this year, with export revenue reaching 250 million USD. Total capital will amount to 2.1 trillion VND.
Vietnamese organic products garner attention at Biofach 2024
Vietnam has for the 7th consecutive year made its presence at the world's leading trade fair for organic food, Biofach, in Nuremberg city of Germany's southern Bavaria state, said the Vietnam News Agency.
Led by Dang Thi Bich Huong, Vice Chairwoman and Secretary-General of the Vietnam Organic Agriculture Association (VOAA), eight Vietnamese enterprises participated in the fair. The participation was part of a national trade promotion programme carried out by VOAA.
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Liquid aminos, sugar, and vinegar from coconut flower by Sokfarm Vietnam showcased
at Biofach 2024. (Photo: VNA) |
This year, the country showcased distinctive products that caught the attention of customers, such as liquid aminos, sugar, and vinegar from coconut flower, grass and bamboo straws, and organic farm products like peppercorn, cinnamon, and cashew nuts.
At the fair, Do Viet Ha, a representative of the Vietnam Trade Office in Germany, said that the agency will coordinate and provide full support to attract more businesses joining Biofach in the future.
This year's expo, lasting from February 13-16, brought together over 3,000 stalls from more than 100 countries, displaying the latest and most innovative products.
First teams in Clipper Round World Yacht Race dock at Ha Long port
The first teams competing in the 2023-2024 Clipper Round the World Yacht Race docked at Ha Long International Cruise Port in the northeastern province of Quang Ninh ahead of schedule, according to the Vietnam News Agency.
The first team to berth at Ha Long was Qingdao, making landfall at 1:20pm on February 18, followed by team Zhuhai at 1:55pm.
The Vietnamese sailing team named "Ha Long Bay, Viet Nam" is also scheduled to dock at the Ha Long port on the same day.
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| Qingdao team dock at Ha Long (Photo: VNA) |
The race, drawing nearly 400 sailors aboard 11 sailing yachts, is divided into eight legs and 16 individual races, including six ocean crossings. They can choose to either complete the full circumnavigation or opt for one or multiple legs.
The Vietnamese destination is on the fifth leg within the Asia-Pacific Challenge where sailors will take part in the race and different activities during the 10-day event.
As planned, the teams will make a stop in Quang Ninh until February 27 for rest and relaxation. There will be numerous sightseeing activities at tourist landmarks, with cultural exchanges along the way.
The Clipper Race was first organised in 1996 in the UK. Since then, almost 6,000 race crew from diverse backgrounds representing more than 60 nations have undergone training and taken part in the competition.
It is the only race in the world where the organisers supply a fleet of identical racing yachts, each with a fully qualified skipper and first mate to safely guide the crew. Crews must complete four levels of intense ocean racer training before they compete.
Renowned for its grueling nature, it is one of the most formidable challenges in the natural realm and an unparalleled test of endurance and resilience.
Vietnam’s automobile market stands 5th in the region
The decline in domestic automobile consumption and its drop to 5th place in Southeast Asia can be attributed to both external and internal factors, the Vietnam News Agency quoted the information of industry insiders.
The Association of Southeast Asian Automobile Manufacturers Association (AAF) reported that Indonesia took the lead in car sales with more than 1 million units in 2023, down 4% over the same period last year. Malaysia was in second with 799,731 units, an increase of 10.9% compared to 2022, meanwhile Thailand came in third with 775,780 units, a decrease of 8.7% compared to 2022.
The Philippines stood fourth with 429,807 cars, an increase of 21.9% compared to 2022. Vietnam dropped to fifth with 301,989 cars, down 25.4% compared to the figure of 2022. They were followed by Singapore and Myanmar with 38,670 vehicles and 3,357 vehicles respectively in 2023.
According to the Vietnam Automobile Manufacturers Association (VAMA), in 2023, all three vehicle segments decreased sharply. Passenger cars decreased by 27%, commercial vehicles decreased by 16% and specialised vehicles decreased by 56% year-on-year.
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| A production line of Thanh Cong Group’s plant in the northern province of Ninh Binh. (Photo: VNA) |
In specifics, 181,380 locally assembled cars and 120,600 CBU vehicles were sold, down by 20% and 32% compared to 2022, respectively.
These figures did not include sales from non-member brands such as VinFast, Audi, Jaguar, Land Rover, Nissan, Subaru and Volkswagen, as they have yet to publicise their sales data. VinFast currently does not provide monthly sales data in Vietnam.
According to experts, the auto industry has been experiencing a decline due to various factors such as unpredictable developments in the economy and unstable bank interest rates. These factors have affected the purchasing power of people, leading to a slowdown in car sales.
To address this situation and stimulate the market, the Government has implemented certain measures. One of these measures is a 50% reduction in registration fees for domestically produced and assembled cars from July 1, 2023, to December 31, 2023. In addition, businesses have been encouraged to support the remaining 50% of the fees or provide 100% fee incentives for imported cars. However, despite these efforts, the auto market has not achieved a significant breakthrough in sales.
It is anticipated that car purchasing power may improve in early 2024 due to increased shopping needs associated with the celebration of the Lunar New Year. However, the future purchasing power in the following months remains uncertain, as car manufacturers may adjust their incentives and business policies, potentially impacting sales./.