Vietnam’s THACO (Truong Hai Group) is preparing to launch its own Vietnamese-branded passenger car in 2027, officially shifting from a long-time vehicle assembler into a domestic automaker, a plan confirmed by chairman Tran Ba Duong that would position the company as the country’s second major local passenger car brand after VinFast, founded by billionaire Pham Nhat Vuong.
The move marks a significant moment for Vietnam’s auto industry, which previously saw the rise and fall of Vinaxuki, established by Bui Ngoc Huyen, once known for its “made in Vietnam” ambition and leadership in the light truck segment between 2006 and 2009 before collapsing under mounting bad debts.
THACO’s expansion comes amid shifting dynamics in Vietnam’s car market, where domestic brands are gaining ground, highlighted by VinFast’s 175,099 electric vehicle deliveries in 2025, a record figure that matched the combined annual sales of three major foreign brands operating in Vietnam: Toyota (71,954 units), Hyundai (53,229), and Ford (50,450).
Looking ahead to 2026, THACO has identified the year as a phase of acceleration following restructuring, with plans to invest around USD 1.4 billion across automotive, real estate, agriculture, and logistics, while its automotive arm, Thaco Auto, is scheduled to introduce and begin sales of a Thaco-branded minibus line in June.
Thaco Auto has set a 2026 revenue target of VND 65.5 trillion (about USD 2.58 billion) from sales of 96,600 vehicles, supported by a workforce of around 13,000 employees, with export revenue projected to exceed USD 30.5 million, underscoring the group’s broader ambition to strengthen Vietnam’s position in the regional automotive landscape.
