Vietnam PM suggests automaker THACO study high-speed train car production
Vietnam PM suggests automaker THACO study high-speed train car production
During his working trip to central Quang Nam Province on Saturday morning, Vietnamese Prime Minister Pham Minh Chinh suggested that Truong Hai Auto Corporation (THACO) study and produce high-speed rail cars, with a goal of eventually producing locomotives.
Prime Minister Pham Minh Chinh (front row, C) visits a factory of THACO in Quang Nam Province, central Vietnam, February 8, 2025. Photo: L.Trung / Tuoi Tre |
The government leader was visiting THACO’s factories, HS Hyosung Vietnam – an arm of South Korea’s HS Hyosung Group, Chu Lai International Port, and Chu Lai Airport.
THACO is one of the largest private enterprises in Vietnam, operating across various industries, including automobile, agriculture, mechanics, supporting industries, construction, commerce-services, and logistics.
In the automobile sector, THACO sold more than 91,000 vehicles, accounting for over 32 percent of the domestic market share, with exports exceeding 1,100 vehicles and generating revenue of more than US$12.6 million in 2024.
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| Prime Minister Pham Minh Chinh (L, 4th) visits a factory of THACO in Quang Nam Province, central Vietnam, February 8, 2025. Photo: L.Trung / Tuoi Tre |
The group aims to complete and operate a new automotive research and development center this year.
It has set a target of selling over 100,000 cars, with a focus on high-value products to achieve revenue of over VND80.8 trillion ($3.2 billion) and export more than 4,000 vehicles, earning upwards of $35 million this year.
THACO chairman Tran Ba Duong was committed to striving to implement strategic projects to establish THACO's new-generation multi-industry industrial ecosystem in Quang Nam, based on industrial governance, green, smart, modern, and sustainable development.
THACO has inaugurated a 50,000-DWT berth at Chu Lai International Port, which carries a price tag of VND1.59 trillion ($62.9 million), along with several factories.
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| Prime Minister Pham Minh Chinh (front row, second left) visits Chu Lai International Port in Quang Nam Province, central Vietnam, February 8, 2025. Photo: L.Trung / Tuoi Tre |
PM Chinh praised THACO for its achievements, highlighting its production of higher-quality products with increased localization, more competitive pricing, greater digitization and automation, job creation, significant contributions to the state budget, and commitment to social responsibility.
He urged the company to lead in innovation, drive growth, and pursue comprehensive, sustainable development while further advancing digital transformation, green transition, and the creative economy.
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| Prime Minister Pham Minh Chinh visits HS Hyosung factory in Quang Nam Province, central Vietnam, February 8, 2025. Photo: L.Trung / Tuoi Tre |
Earlier, PM Chinh visited HS Hyosung, which specializes in the research, development, and production of advanced materials, such as automobile tire cords, high-performance fibers, and carbon fibers, customer services for luxury automotives, logistics services, global supply chains, AI research, and big data centers.
PM Chinh congratulated HS Hyosung on its achievements in production and business in Quang Nam, asking the provincial authorities to support and create favorable conditions for the group’s operation.
On the same day, the prime minister also visited Chu Lai International Port and Chu Lai Airport.
