Vietnam’s largest auto distributor Tasco acquires sole Volvo distributor in country
Tuesday, July 09, 2024, 18:30 GMT+7
Tasco Auto, Vietnam’s largest auto distributor, announced on Monday that it is holding a 100-percent stake at Sweden Auto Co. Ltd., the only importer and distributor of Volvo cars in the Southeast Asian country.
Tasco said on Monday that Sweden Auto has made Volvo among the top three luxury car brands in Vietnam after five years of operation in the local market.
The company generated a pre-tax profit of VND335 billion (US$13.1 million) in 2022.
The figure plunged to VND54 billion ($2.1 million) last year due to difficulties in the local auto market.
However, its pre-tax profit bounced back to VND105 billion ($4.1 million) in the first five months of this year and its car sales increased 23 percent year on year.
Volvo held a 14-percent market share of the luxury car segment in Vietnam in May, Tasco reported.
Tasco currently distributes autos of many brands, such as Toyota, Ford, Hyundai, Mitsubishi, VinFast, Honda, Nissan, MG, and Suzuki.
The firm makes up 13.3 percent of the market share in Vietnam, according to the Vietnam Automobile Manufacturers' Association.
After acquiring Sweden Auto, Tasco has increased the number of its showrooms to 90 from the previous 86.
Last year, Tasco bought out SVC Holdings, the biggest car distributor in Vietnam at the time.
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