On May 26, Joint Stock Company Tasco (ticker: HUT – HNX) successfully held its 2025 Annual General Meeting of Shareholders in Hanoi. The meeting reviewed the business results for 2024 and approved the development orientation for 2025, reaffirming automotive services as the core business and the central strategic pillar of the Group.
In 2024, Tasco recorded consolidated revenue of VND 30,249 billion, an increase of 175%, and consolidated profit after tax of VND 305 billion, up 441% compared to the previous year. These results were mainly driven by strong growth in core business activities, particularly in the automotive services segment.
Tasco Auto achieved sales of 40,555 vehicles, increasing its market share to 13.7% (according to VAMA), while expanding its network to 106 showrooms in 2024 and 126 showrooms at present. The Company also completed its investment to own the Volvo luxury car distribution chain, while becoming the distributor of global automotive brands such as Lynk & Co, Zeekr, and Geely, bringing the total number of international brands distributed within the system to 16. In the used car segment, Carpla strongly developed its automall system, combined with used-car showrooms within the Tasco Auto system, successfully transacting 5,833 vehicles.
The year 2024 also marked important milestones for Tasco as it established deep cooperative relationships with two international partners: Mitsui & Co. – a leading Japanese trading and investment conglomerate with extensive experience across the automotive supply chain and investments in more than 100 companies in 26 countries; and Geely Auto Group – a Top 10 global automotive manufacturer owning multiple international automotive brands.
In the field of electronic toll collection, through its subsidiary VETC, Tasco continues to lead the market with a 75% market share, serving 3.7 million customers. The cashless payment ecosystem has been expanded to include nearly 300 inner-city parking facilities, five airports, and a number of fuel stations, contributing to the implementation of the Government’s Project 06. The VETC e-wallet has also been strongly developed, with a focus on expanding additional transportation and financial utilities.
The insurance, finance, and real estate segments all recorded solid growth. Tasco Insurance achieved VND 650 billion in premium revenue, ranking among the Top 10 motor insurance companies in recent months after just over one year of operation. Total outstanding auto loan balances reached VND 3,500 billion. Two 5-star resorts and the BOT system continued to make stable contributions to the Company’s business results.
In 2025, Tasco identifies its strategic focus as vertical integration, connecting the One Tasco system with partners to serve customers across the entire product and service lifecycle: from new and used car purchases, insurance, financing, maintenance and repair, car rental, vehicle care, to smart transportation utilities – ensuring all touchpoints are seamlessly connected.
Developing Vertical Integration Across the Automotive Value Chain – from Distribution and Manufacturing to Downstream Services: Tasco will continue to move upstream in the automotive value chain, from import and distribution to the implementation of assembly projects (CKD), aiming to enhance profit margins, meet domestic demand, and capture export opportunities. According to the plan, the CKD factory joint venture between Tasco and Geely will have a total investment of approximately USD 168 million, with phase 1 capacity reaching 75,000 vehicles per year. Construction is scheduled to commence in 2025 and operations to begin in 2026. The Company plans to increase the number of showrooms nationwide to 150 and expand its portfolio of international brands. Tasco will complete its automotive ecosystem with Carpla – a used-car e-commerce platform (Carpla Ecommerce), repair services, genuine spare parts, after-sales services (Carpla Service), and Stargo car rental services, addressing comprehensive market demand.
Smart Transportation and Payment Intermediation – Expanding the Digital Ecosystem: VETC will continue to expand cashless payment solutions and develop its e-wallet with services such as parking search, test-drive booking, and financial overdraft facilities. Tasco will also accelerate the application of Big Data and Artificial Intelligence (AI) to optimize operations and enhance user experience.
Insurance – Finance – Real Estate: The insurance segment will continue expanding its network to 40 branches, maintaining a Top 10 market share in motor insurance, providing personalized insurance solutions for vehicles and vehicle owners, while expanding into personal insurance and technical property insurance to meet diverse customer needs. In finance, Tasco will cooperate with banks and financial institutions to develop flexible loan packages and expand “buy now – pay later” services for transportation, fuel, and other payments. In real estate, Tasco will continue the efficient operation of its two international 5-star resorts, while developing and exploiting its existing land bank of 159 hectares, including the implementation of a project in Viet Tri – Phu Tho.
People, Technology, and Customer Experience as Core Drivers of Growth: Tasco places strong emphasis on enhancing end-to-end customer experience, leveraging its base of 3.7 million VETC customers and nearly 700,000 automotive service customers annually. Together with its partners, the Company will focus on designing seamless, integrated, and reliable customer journeys – from pre-purchase to usage and after-sales services – enabling customers to truly benefit from the ecosystem in terms of cost efficiency, convenience, and service quality. The ultimate goal is to build a trusted brand with sustainable development, placing product quality and customer experience at its core.
Building on the strong performance in 2024, Tasco targets total revenue of VND 39,878 billion and profit after tax of VND 571 billion in 2025, representing increases of 31.8% and 87.2%, respectively, compared to the previous year.
