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Tasco Auto, a prominent automotive company in Vietnam, has made a strategic move by acquiring 100% of Sweden Auto, the sole importer and authorized distributor of Volvo cars in the country. This acquisition, announced on July 8, further strengthens Tasco Auto’s position in the Vietnamese market.
Prior to this acquisition, Sweden Auto boasted a network of four luxury car dealerships under the Volvo brand, located in Hanoi, Danang, and Ho Chi Minh City. With this latest development, Tasco Auto reinforces its standing as Vietnam’s largest automobile distributor, operating nearly 90 showrooms across various provinces nationwide.
Tasco Auto is also the official importer of prestigious car brands, including Volvo (through Sweden Auto) and Lynk & Co (through GreenLynk). These automotive brands are owned by the Chinese conglomerate, Geely, suggesting that Geely-branded vehicles may soon enter the Vietnamese market as well.
Additionally, Tasco Auto has shared its plans to venture into automobile assembly in Vietnam, partnering with a top 10 global OEM manufacturer. This expansion demonstrates the company’s commitment to solidifying its presence in the Vietnamese automotive industry.
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Volvo, now under the Tasco Auto umbrella, offers a range of luxury vehicles in Vietnam, including the XC40 SUV priced at VND 1.79 billion, the XC60 SUV at VND 2.32 billion, and the XC90 SUV at VND 4.05 billion. The S90 sedan, with a price tag of VND 2.32 billion, completes the lineup. Additionally, Volvo provides plug-in hybrid variants of the XC90, XC60, and S90, starting at VND 2.89 billion.
In 2022, Sweden Auto, the newly acquired importer and distributor of Volvo cars, recorded an impressive pre-tax profit of VND 335 billion. While their performance dipped in 2023, the company has shown a strong recovery in the first five months of this year. As of May, their pre-tax profit stood at VND 105 billion, almost double the figure for the entire previous year. Volvo currently holds approximately 14% of the luxury car market share in Vietnam as of May.
With the addition of Geely-owned brands and the potential assembly of Geely, Lynk & Co, and Volvo vehicles, Tasco Auto is poised to become a major player in Vietnam’s automotive industry.
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Mitsui & Co. Becomes Tasco Auto’s Strategic Investor
Mitsui & Co. – a leading Japanese trading and investment company with a global presence in 60 countries – has officially become a strategic shareholder of Tasco Auto.
“Japanese Conglomerate Becomes Strategic Shareholder in Volvo and Lynk & Co.’s Vietnam Distributor.”
The Japanese trading and investment giant, Mitsui & Co., has officially become a strategic shareholder of Tasco Auto, a subsidiary of the Tasco Group.
“Tasco Acquires Sweden Auto, Becoming the Authorized Distributor of Volvo in Vietnam”
“In a strategic move, Tasco Auto Joint Stock Company has acquired Sweden Auto Limited – the sole authorized importer and distributor of Volvo cars in Vietnam. This takeover signals a significant shift in the automotive landscape in the country, as Tasco Auto expands its footprint and strengthens its position in the premium car market.”
Volvo Car Vietnam Successfully Hosts Volvo Golf Championship Vietnam 2024 – Southern Qualifier
On March 29, 2024, the Volvo Golf Championship – Vietnam 2024 qualifying round for the Southern region was held at the Hill and Lake Golf Course – Long Thanh Golf Course, Dong Nai with the message “Recharge To Shine”, nearly 280 golfers who are Volvo car owners and some invited guests are business people who love cars.
