On July 8, 2024, Tasco Auto Joint Stock Company announced its acquisition of 100% of Sweden Auto Co., Ltd. – the sole importer and official distributor of Volvo cars in Vietnam. Sweden Auto currently has a retail network of 4 Volvo car dealerships in Hanoi, Ho Chi Minh City, and Danang.
The acquisition of Sweden Auto brings Tasco Auto’s nationwide car showroom count to nearly 90, making it the largest automobile distributor in Vietnam.
In addition to Volvo, the Tasco Group subsidiary also distributes vehicles for 13 other brands, including Toyota, Ford, and Mitsubishi. Tasco Auto was also the company behind the introduction of the Chinese automobile brand Lynk & Co. to Vietnam in late 2023.
The official importer and distributor of Volvo cars in Vietnam is now under the Tasco Auto umbrella.
Aside from distribution, Tasco Auto has reaffirmed its long-term investment strategy in the automotive industry by continuing to develop an integrated business model. During their shareholder meeting in June 2024, Tasco Auto’s leadership revealed plans for an automobile assembly project in Vietnam, with the aim of launching finished products into the market by 2025.
Tasco Auto’s management has not yet disclosed which automobile brand they will be assembling in Vietnam. Mr. Pham Van Dung, Chairman of Tasco Auto, stated that the company aims to partner with one of the top 10 automobile manufacturers in the world that already has successful products in the Vietnamese market.
Furthermore, Tasco Auto plans to only assemble vehicles for their partner instead of establishing a new automobile brand. The cars assembled by the company will be exported to countries with preferential tariffs based on Vietnam’s signed Free Trade Agreements, in addition to serving the domestic market.
Sweden Auto, on the other hand, entered the Vietnamese market 5 years ago and has been profitable. In 2022, the company recorded a pre-tax profit of VND 335 billion. However, in 2023, due to difficulties in the domestic car market, Sweden Auto’s business results decreased, with a pre-tax profit of only VND 54 billion. Fortunately, in the first five months of 2024, the company’s business results recovered quickly, with a pre-tax profit of VND 105 billion, almost doubling that of 2023.
Sweden Auto’s car sales volume in the first five months of this year increased by 23% over the same period. Volvo’s market share continued to grow, accounting for 14% of the luxury car segment in Vietnam in May 2024.
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