On August 15, 2024, Mitsui & Co., a leading Japanese trading and investment group, officially became a strategic shareholder of Tasco Auto, a subsidiary of Tasco. Mitsui will also collaborate with Tasco Auto to implement various plans and development strategies in the coming years. The investment will be disbursed in tranches, with the first completed on July 31, 2024.
Representatives of Mitsui and Tasco at the event.
The partnership with Mitsui is considered a significant step forward in helping Tasco realize its strategic goals. Through this collaboration, Tasco Auto will have the opportunity to learn from Mitsui’s operational and international management experience, optimize efficiency, and leverage its partner’s established position and network. This will help Tasco Auto materialize the industry’s growth potential and continue pursuing its long-term development objectives. Meanwhile, Mitsui will bring technological solutions and consulting services to the table, assisting Tasco in enhancing operational efficiency and improving governance structures for a more streamlined and effective organization. For Mitsui, this partnership presents an opportunity to deepen its involvement in rapidly growing industries in Vietnam, a market of over 100 million people.
Tasco’s vision is to become the leading choice in Vietnam for automotive services and smart transportation infrastructure. Tasco Auto, therefore, plays a strategic role in this vision by joining forces with other units within the system to offer a comprehensive range of lifetime services for vehicles and their owners.
With its expansion of a network of 90 showrooms and a portfolio of 14 automotive brands, including Volvo, Lynk & Co, Toyota, Ford, and Mitsubishi, Tasco Auto has claimed the largest market share in Vietnam, reaching 13.3% in 2023. Recently, Tasco Auto also demonstrated its strong determination to move upstream in the industry with a car assembly project (CKD) to be developed in 2024. The company aims to introduce products in collaboration with a global partner ranking among the top 10 largest automotive companies in the world by 2025.
Mitsui is a Japanese trading and investment conglomerate with a presence in over 60 countries and regions, spanning diverse business fields. Automotive and transportation are among Mitsui’s key investment areas, with stakes in more than 100 companies across 26 countries. In this sector, Mitsui has extensive experience in supply chain involvement and developing next-generation mobility solutions.
The strategic collaboration between Tasco and Mitsui is driven by a shared vision to capitalize on the long-term growth opportunities in the automotive industry. It brings together Tasco’s leading advantages in automotive services in Vietnam and Mitsui’s international experience, global network, and strong capabilities. This combination will maximize the strengths of both parties to foster business development, expansion, and enhanced operational efficiency.
Moving forward, this partnership will present significant opportunities to innovate the business model, increase profit margins, and enhance shareholder value for both entities.
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