Following Chairman Tran Ba Duong's inspiring 2024 Message, the Year Opening Ceremony saw leaders at THACO and Sub-holdings respond with impassioned speeches outlining their proposed business strategies for the year. Their words resonated with a spirit of strong determination to achieve the set goals and targets.
THACO President Pham Van Tai's speech

THACO and Sub-holdings enter 2024 with a renewed focus on employee training and development as part of the "Management Upgrading" initiative.

The THACO Headquarters houses the company's core leadership bodies: the Board of Directors, Investment Council, Board of General Directors and the Basic Corporate Function Departments - Human Resources, Finance, Accounting, Legal, Strategy - System Administration, Corporate Culture - Communications, Marketing, Information Technology and Administration. These functions operate collaboratively to advise THACO leaders, offer expert support, supervise business activities and provide training classes. They also facilitate seamless coordination and integration within the entire group.

THACO President Pham Van Tai is making the response speech to THACO Chairman's 2024 Message at Ho Chi Minh City Office

2024 sees THACO prioritize "Upgrading Management" through a strong focus on human resources. To support this, HQ's Basic Corporate Function Departments will gain deeper insights into practical production and business activities across Sub-holdings, act swiftly on Sub-holding proposals regarding governance, offering timely consultations, support, and coordination, and create focused action plans addressing key challenges outlined by Sub-holdings:

Strengthening internal efficiency, THACO is streamlining its Basic Corporate Function Departments through improved structure, organization charts, and clearly defined functions. Additionally, they are implementing a methodical and data-driven approach to decentralize management by establishing clear regulations, frameworks, and operational procedures.

To bolster the leadership and expertise of THACO's Headquarters Function Departments, the company will prioritize recruiting high-potential candidates. These individuals should possess strong qualifications, ideally acquired through domestic and international training programs.

We will refine and strengthen the KPI-based performance management system at THACO and Sub-holdings using methodical and scientific methods.

Focus on digital transformation using both immediate solutions and long-term strategies. Implement individual digital applications to address specific needs, while simultaneously investing in research, development, and deployment of comprehensive digital platforms for public administration.

Tailor THACO and Sub-holdings' Cultural Projects to their unique work contexts and personnel roles. Foster a "civil and empowering" work environment through a comprehensive Code of Conduct, role model leadership, and employee development initiatives. This will solidify THACO's Headquarters as a hub of industrial excellence within the broader landscape.

THACO Headquarters, entrusted with guiding governance practices, is dedicated to working hand-in-hand with Sub-holdings to ensure optimal performance on the following:

Contribute to recruiting, evaluating, assigning, transferring, and rotating personnel, especially from Basic Corporate Function Departments, across THACO and Sub-holdings to optimize the workforce and meet production, business, and management needs.

Collaborate on crafting administrative documents tailored to each Sub-holding's specific needs. This input will inform subsequent adjustments and promulgation of THACO's regulations and frameworks, ensuring close alignment with the realities of production and business operations.

Strengthen management training for Sub-holdings. THACO Headquarters will serve as a training center for Basic Corporate Function Departments for THACO and Sub-holdings.

Advise on developing digital solutions for critical production, business, and management needs, ultimately building digital platforms for THACO and Sub-holdings.

With the Chairman's strategic guidance and the constant dedication of our workforce, we are fully committed to implementing the 2024 plan and the 5-year plan, ensuring we achieve the set goals.

With commitment, the employees of THACO Headquarters, and by extension, all of THACO, pledge to embody the spirit of contribution and dedication to our company and, through it, contribute positively to the nation's economic growth. We dedicate ourselves to continuous learning and strive to cultivate a positive mindset, enhancing our management and professional skills to fuel THACO's sustainable development and integration into the regional and global landscape. This aligns perfectly with THACO's aspirations for advancement.

THACO AUTO President Nguyen Quang Bao's speech

THACO AUTO thrives on a comprehensive strategy of manufacturing and selling a diverse range of trucks, buses, and passenger cars, catering to mid-range to high-end segments. We offer both international and our own THACO-branded vehicles, ensuring the unique needs of Vietnamese and export markets. We also manage the distribution and retail of spare parts and supplies, connected to our branded vehicle operations. We integrate all aspects of the automotive value chain, from product research and development to production, distribution, retail, and after-sales service. THACO AUTO has cultivated a multi-brand auto retail system stocked with a wide variety of models to foster integration and complementarity within THACO's multi-industry ecosystem.

THACO AUTO President Nguyen Quang Bao is making the speech in response to THACO Chairman's 2024 Message in Chu Lai

While 2024 presents the second year within our 5-year strategy (2023-2027), and industry experts predict continued challenges in the auto market, THACO AUTO remains steady in preparing production and business plans to achieve our targets in 2024 as follows:

THACO AUTO Production Division: Focus on R&D, upgrade current products to meet customer needs, launch THACO-branded buses and trucks by June 2024, invest and open an R&D center in December 2024.

3 Business Divisions at THACO AUTO Head Office: Following the recent restructuring, each business division has a streamlined focus on core functions. Their mission is to forecast market trends and identify business opportunities, secure key partnerships and execute strategic transactions, develop business plans to achieve sales and market share goals, optimize inventory management and streamline ordering through coordinated policies.

Retail systems in Northern and Southern Vietnam regions: Following the Chairman's vision, we've successfully implemented new retail models. In 2024, we'll take the next step by deploying comprehensive business solutions, conducting a comprehensive evaluation to establish achievable targets, implementing targeted solutions to optimize vehicle sales and after-sales service performance, consolidating and empowering our workforce to adhere to regulations and ensure smooth operations.

THACO AUTO will launch a restructuring program to optimize capital, minimize financial risks, and enhance transparency across affiliated companies and units, including consolidating and streamlining legal entities, capital sources, and assets, upgrading management practices in provincial agent companies, and supporting independent agents for sustainable growth alongside THACO AUTO.

THACO AUTO prioritizes workforce development, shaping talent aligned with THACO's philosophy, culture, industrial management practices, and global integration trends, meanwhile cultivating unique THACO AUTO characteristics. Our HR policies seamlessly integrate with THACO's framework. THACO AUTO is actively seeking new talents, including external candidates for executive and management roles, to bolster our corporate head office and provincial companies. In parallel, we're committed to developing our existing managers and leaders through practical and professional training.

Improve our KPI-based Performance Management Program, embrace comprehensive data and targeted actions to sharpen production efficiency, build the innovation engine and boost productivity.

THACO AUTO has designated 2024 as the year of "Management Advancement," aiming to enhance the capabilities of our nearly 15,000 workforce, with a particular emphasis on the 10,300 employees stationed in provincial companies. Echoing the Chairman's 2024 Message and its "Strict in Love" philosophy, THACO AUTO leadership is committed to exemplifying self-discipline, adherence to established procedures, and a sense of accountability for the performance of their respective units. THACO AUTO prioritizes fostering a nurturing, transparent, and high-functioning work environment. This commitment manifests through training programs, expert guidance, and the creation of opportunities for individual and organizational growth, ultimately aiming to cultivate robust successive leaders.

The 2024 message from the THACO Chairman has inspired and instilled a resolute commitment within all THACO AUTO employees to strengthen their minds, expertise, and management. This dedication is coupled with a spirit of confidence to overcome any challenge presented. THACO AUTO reaffirms its pioneering role in spearheading the development of groundbreaking solutions. The company remains steadfast in meticulously planned program to consolidate and enhance its governance frameworks, ensuring the successful implementation of our proposed strategies and plans.

THACO AGRI President Tran Bao Son's speech

Recognizing the criticality of 2024 within the context of the five-year plan (2023-2027), THACO AGRI prioritizes three core production endeavors: construction investments, banana cultivation production, and the combined development of cattle herds and fruit trees. Efforts are directed towards augmenting output and revenue within the Koun Mom, Snuol, and HAGL Agrico Laos complexes. In management and governance, emphasis is placed on human resource initiatives encompassing recruitment, training, and coaching programs. These aim to cultivate a robust force of leadership and management personnel at manufacturing enterprises and corporate function departments.

THACO AGRI President Tran Bao Son is making a speech in response to THACO Chairman's 2024 Message at Gia Lai Office

With the above tasks, on behalf of the Board of Directors and all employees of THACO AGRI, I respond to THACO Chairman's 2024 Message with the key tasks throughout the year as follows:

a, In crop and livestock production plans:

THACO AGRI will invest in the construction of 15 banana processing facilities and cultivate an additional 7,600 hectares of banana trees. This expansion will bring the total banana production area to 11,600 hectares, with an anticipated harvest area of 8,200 hectares by the end of 2024. Banana export output is projected to reach 260,000 tons. And a pilot program involving the planting of 350 hectares of pineapple will be implemented.

Establish a target of expanding its cattle herd to a total of 151,500 head by the end of 2024, encompassing six enterprises, yielding an output of 17,200 cattle for sale. Additionally, the company will dedicate a combined area of 7,100 hectares to the integration of fruit tree cultivation and cattle raising, alongside 580 hectares reserved for forestry trees integrated with cattle raising. A fruit output of approximately 7,200 tons is anticipated.

Undertake the organization of rubber latex care and harvesting activities across a total area of 9,500 hectares, encompassing eight individual enterprises, yielding an output of 14,400 tons of rubber latex.

Build a pig herd of 136,600 animals as part of its organized pig farming operations. This initiative is projected to yield an output of approximately 158,800 pigs for sale in 2024. The company anticipates producing 120,000 tons of animal feed.

Undertake the operational launch of three agricultural mechanical equipment plants, alongside a plastic material plant and a paper packaging plant. Additionally, producing raw banana fiber from banana trunks will be implemented across seven banana enterprises within the Snuol, Koun Mom, and Laos complexes.

b, Output and revenue targets at Koun Mom, Snuol and HAGL Agrico Laos complexes:

Koun Mom Complex: in 2024 anticipates achieving a banana output of 130,000 tons, 4,800 tons of mangos, 400 tons of grapefruit, and 5,770 tons of rubber latex. The total cattle herd will comprise 34,600 head. The complex forecasts total revenue of VND1,945 billion for the year.

Snuol Complex: projects a banana output of 78,800 tons, a cattle herd of 27,600 head and 16,000 tons of rubber latex. The complex forecasts total revenue of VND1,308 billion for the year.

HAGL Agrico Laos complex: anticipates achieving 51,800 tons of bananas, 1,200 tons of mango and 510 tons of grapefruit, 7,400 tons of dry rubber. The total cattle herd will comprise 17,890 head. The complex forecasts total revenue of VND980 billion for the year.

c, Management works:

THACO AGRI prioritizes the recruitment of local workers in Laos and Cambodia, along with foreign technical personnel specializing in cultivation and livestock production. The organization aims to hire a total of 12,600 personnel in 2024. Vocational training centers and basic management operations training programs will be established across various complexes. Furthermore, THACO AGRI plans to develop and promulgate KPI-based policies applicable to enterprises, farms, and factories within its operations.

Implement and manage utility services to fulfill the essential living and daily requirements of employees, with a particular focus on those stationed at manufacturing facilities and farms.

Foster the development of a corporate culture that embodies THACO's core values, striving to create a "civil and convenient" work environment.

Undertake the completion and synchronization of its IT infrastructure system across the Head Office, Complexes, and Enterprises.

Confident in the dedication, collective spirit, and innovative drive of the THACO AGRI team, I am

THACO INDUSTRIES President Do Minh Tam's speech

Operating as a THACO's Sub-holding, THACO INDUSTRIES pursues a strategic vision of manufacturing and trading mechanical and supporting industrial products through a specialized, large-scale production model committed to sustainability.

Anticipating the continued reinforcement of trade defense measures and technical barriers, such as carbon emission certificates and product origin requirements, in key export markets this year, alongside heightened competition from various countries, I, together with the THACO INDUSTRIES team, stand firmly committed to upholding the 2024 message of the THACO Chairman.

THACO INDUSTRIES aims to successfully execute its 2024 production and business plan, targeting a consolidated revenue exceeding VND13,000 billion, marking a significant 51% increase year-over-year with export revenues to reach $250 million. Here are our solutions:

Launch and oversee the construction of approved new factory projects, thereby ensuring the timely delivery to meet orders from partners and customers.

Inaugurate the newly constructed, large-scale R&D Center equipped with cutting-edge technology to facilitate seamless integration of design, experimentation, and testing activities, enabling the development of both in-house research and customized products requested by our customers. The center's mission is to ensure mass production capabilities that align with the evolving export demands in terms of type, origin, and quality of machinery, equipment, and components. To achieve this objective, the company will prioritize the recruitment of highly skilled experts and provide specialized training programs for R&D engineers, emphasizing both creativity and English language proficiency.

Prioritize sustained investments in upgrading and innovating technology across existing factories to align with anticipated sales demands. Targeted areas for improvement include: hot stamping line, non-ferrous metal sheet slitting and cutting line, ED line No. 2, steel casting line, hot dip galvanizing line, and electronic board assembly line. Implement lean production methodologies to ensure maximum efficiency, optimize productivity, maintain product quality standards, and effectively control costs throughout each stage of the production process.

In business operations: we will expand the product portfolio available to our existing customers, develop new markets and customer reach to meet production and business strategies. To effectively serve the vast North American market encompassing the United States, Canada, and Mexico, we will establish a dedicated company in the US during the second quarter of 2024.  We will also strategically expand our international reach by establishing representative offices in Australia and Europe. We are committed to solidifying the THACO INDUSTRIES brand and its sub-brands, including THACO Trailers, THACO Parts, and THACO Machinery, both domestically and internationally.

THACO INDUSTRIES President Do Minh Tam is making a speech in response to THACO Chairman's 2024 Message

In human resources development: THACO INDUSTRIES is committed to fostering a high-performing workforce aligned with THACO's corporate philosophy, cultural values, established industrial management methodologies, evolving global integration trends and its own production and business strategies. A crucial focus lies on grooming the next generation of leaders. Attract, retain, and nurture talent that embodies the spirit of contribution, dedication, discipline, creative thinking, management and leadership skills. Assign managers and executives according to the new structure, provide comprehensive training programs that cater to the development needs of each individual employee. In 2024, we plan to strategically recruit 980 new employees, with a particular focus on attracting skilled engineers to support current and future production, business activities, and upcoming projects, bringing our total workforce to over 8,600 by year-end.

In management and governance: THACO INDUSTRIES is committed to operating under the corporate model throughout 2024, as outlined in the recently approved restructured organizational chart. This strategic decision reinforces our dedication to adhering to established functions, processes, and regulations. Our three-tiered management system includes THACO INDUSTRIES Corporation, Subsidiary/Complex and affiliated companies, and Basic, Specialized and Business-related departments. The management orientations are as follows:

Formulate, implement, and manage strategic plans to attain defined production and business goals. Standardize regulations, processes, flow charts and compliance monitoring systems.

Prioritize the efficient utilization of capital resources and leverage cost management along the value chain to achieve operational efficiency and market competitiveness.

Implement risk management to control potential exposures across investment decisions, production activities, and legal compliance, with particular emphasis on international trade regulations.

Develop production and operations management applications designed for seamless integration with existing management software, forming the cornerstone of our digital platform.

Implement a comprehensive and individualized Key Performance Indicator (KPI) management system where team leaders actively participate in defining unit-specific KPIs, creating evaluation criteria, setting achievable targets, evaluating performance objectively, and conducting fair employee evaluations that acknowledge the importance of creativity and initiative.

THACO INDUSTRIES has become a leading Vietnamese corporation specializing in mechanics and supporting industries by leveraging THACO's rich history, strategic vision, and unwavering commitment to achieve its current position. Through continued integration into the global value chain and active participation in international markets, THACO INDUSTRIES has been exporting its products to 15 countries. The company remains committed to fostering a culture of self-reliance. In 2024, we aim to exceed VND 13,000 billion in revenues by year-end and reaching VND26,000 billion by 2027, increasing export value beyond $500 million.

THADICO President Nguyen Hoang Tue's speech

As part of the 2024 plan and the 5-year plan (2023 - 2027), THADICO (Dai Quang Minh) is implementing 71 projects for THACO and Sub-holdings, including:

Two projects for THILOGI, one of which is already underway, and two additional projects for THACO INDUSTRIES planned for completion in 2025.

40 projects planned for THACO AUTO, with 3 currently underway and 37 set to begin between 2024 and 2025.

For THACO AGRI, since 2023, THADICO has been streamlining resources to build both existing and new agriculture projects for THACO AGRI in a coordinated effort. These projects align with THACO AGRI's production and business plan set for 2024-2027.

THADICO is currently completing 4 construction projects for THISO and plans to initiate 12 more between 2024 and 2025. Key projects include Golf 1 Hotel Da Lat in Lam Dong, West Lake West Commercial Center in Hanoi, Bien Hoa Commercial Center in Dong Nai, and Hoang Mai Giap Bat Project in Hanoi. All projects align with THISO's commercial development strategy.

THADICO President Nguyen Hoang Tue is delivering a speech in response to THACO Chairman's 2024 Message at Ho Chi Minh City Office

THADICO is actively investing in 63 projects, including 5 construction projects started from 2023, 5 new projects will begin construction in 2024 and 10 more projects in 2025, 43 projects are in the research phase. For 2024, the estimated investment for these projects is VND3,085 billion. The number of projects that THADICO invests and implements according to the plans of THACO & Sub-holdings in 2024 and the following years is very large. Despite potential challenges in the real estate market, THADICO's projects have several advantages: most projects are built on land owned by THACO & Sub-holdings with solid financial planning. THADICO's real estate developments create a synergistic ecosystem within the THACO group, serving as customers and business locations for other Sub-holdings.

Therefore, THADICO's top priority in 2024 and beyond is the successful execution of its investment projects, including streamlining legal, design, and construction processes, optimizing project implementation to guarantee alignment with the Groups' production and business needs, prioritizing aesthetics and architectural significance to create impactful landmarks in the area.

THADICO plans to expand its workforce in 2024, capitalizing on the recent stabilization of the construction investment industry and employee loyalty. Therefore, from the current leaders, in 2024 THADICO continues to recruit more than 300 employees, focusing on leadership positions in Legal, Investment, and Design, and Project Management. By the end of 2024, THADICO aims to have more than 2,600 employees in total.

THISO President Nguyen Hoang Tue's speech

THISO kicks off 2024 with a concrete plan, building upon the successful completion of their strategic and management model in 2023. Three key areas will fuel our growth: (1) Premises rental business; (2) Wedding and convention center; and (3) Retail. Specifically:

In commercial space leasing business: Having mastered urban complex development with both THISO Sala Center in Ho Chi Minh City, Vietnam and the expansive THISO Myanmar Complex in Myanmar, THISO will leverage the commercial leasing model across new projects in 2024.

Convention and Wedding Center business activities: THISO completed its Wedding Convention Center model in 2023 with the launch of its Central Kitchen. Additionally, the successful Thiskyhall brand was established. Going forward, in 2024, Thiskyhall aims to refine its culinary model through operating restaurants and garden cafes, paving the way for future nationwide expansion according to THISO's strategic plans.

THISO President Nguyen Hoang Tue is making a speech in response to THACO Chairman's 2024 Message at Ho Chi Minh City Office

In retail business: Two years after acquiring Emart Vietnam, THISO has successfully launched 3 hypermarkets (Emart Phan Van Tri, Emart Sala, Emart Truong Chinh - Phan Huy Ich) and built a strong team of nearly 500 employees. These hypermarkets have earned consumer trust and appreciation. THISO has established a human resources system aligned with THACO's values and culture, while incorporating unique retail policies that complement THACO's existing framework. This strong foundation paves the way for the successful development of a hypermarket chain throughout 2024-2027.

To ensure smooth operations in 2024, THISO is establishing a dedicated Service Division. This team will specialize in recruiting and training staff tailored to each business segment's needs. They will then actively participate in managing day-to-day operations within each project, ultimately completing THISO's value chain.

THISO sets financial targets for 2024, aiming for VND5,800 billion in total revenue and VND7,900 billion in total investment spending. Notably, 83% of the investment budget will be allocated to project transfers from THADICO and THACO.

Dear leaders and staff! Subsequent to the 2024 Year Opening Ceremony held today, THADICO and THISO will undertake the dissemination of the proposed strategies and plans, accompanied by specific Key Performance Indicator (KPI) targets, to all Management Divisions, Subsidiaries, and Affiliated Units within the organization.

Reiterating the unwavering commitment of THADICO and THISO, on behalf of the Board of Directors and all employees, I affirm our steadfast dedication to completing key tasks as outlined in the esteemed THACO Chairman's 2024 Message.

THILOGI President Bui Minh Truc's speech

THACO's logistics Sub-holding, THILOGI, shines as a central hub for integrated and comprehensive logistics solutions which can empower businesses in Quang Nam, Central Vietnam, Southern Laos, and Northern Cambodia with the most efficient and cost-effective services.

THILOGI President Bui Minh Truc is making a speech in response to THACO Chairman's 2024 Message in Chu Lai

Ladies and gentlemen! Over the past few years, THILOGI has leveraged its expertise in transporting goods for THACO and Sub-holdings to strategically expand its network. By connecting customers and sourcing goods from the Central Highlands, Laos, and Cambodia, THILOGI has facilitated a significant increase in export volume through Chu Lai port. This upward trend is anticipated to continue in the coming years. The limited depth of the Ky Ha maritime channel presents a significant challenge for Chu Lai port. Currently, ships exceeding 20,000 tons cannot access the port, despite modern and synchronized infrastructure and port equipment investments. This restricts the port's capabilities to primarily serve THACO's goods. Consequently, regional customers from northern Binh Dinh to Quang Ngai and southern Quang Nam must incur additional logistics costs and reduced efficiency by transporting their goods to Da Nang or Ho Chi Minh City for export. Recognizing the limitations of the Ky Ha maritime channel, THILOGI proposes to act as a central coordinator in collaboration with THADICO and Quang Nam provincial authorities. The aim is to expedite the legal procedures for the completed Ky Ha channel dredging project phase 2 scheduled for completion in 2024. This initiative aligns with the broader strategy of transforming Chu Lai into an international logistics hub with competitive logistics costs comparable to those in the North and South. By achieving this objective, THILOGI anticipates attracting significant investment not only to Quang Nam, but also to neighboring provinces. Additionally, THILOGI intends to pursue legal procedures for investment in the Cua Lo channel, targeting completion before 2027. This development would enable the port to accommodate ships of up to 50,000 tons, thereby maximizing the utilization of THILOGI's existing infrastructure and investments in Chu Lai port.

In conjunction with THACO's consolidation and upgrade of Sub-holding management, THILOGI actively acknowledges its responsibilities and objectives for 2024 and beyond. We are committed to fostering a culture that integrates the core values of THACO with the unique requirements of the logistics industry within the framework of deepening global integration. This includes prioritizing the development of a civil, truthful, and honest workforce. Furthermore, we recognize the critical role of frontline staff in shaping our image. Therefore, we will prioritize instilling standardized service attitudes, behaviors, and styles within this group. For our leadership, continuous learning and development are essential. We encourage active engagement with emerging trends and the translation of vision into concrete actions. Ultimately, leadership teams must serve as exemplars of integrity, virtue, and exemplary behavior for the entire workforce.

2024 marks the second year of THILOGI's five-year plan (2023-2027). As a leader, I firmly commit to intensifying efforts, fostering proactive and perceptive management practices, and driving business activities within the Group to achieve the highest, most actionable results. These endeavors will, in turn, uphold the trust and expectations entrusted upon us by the THACO Chairman. Furthermore, we prioritize the development of our personnel through comprehensive training programs to bolster management capabilities and cultivate a team of highly qualified individuals characterized by their strong sense of responsibility, integrity, and dedicated work ethic.

THILOGI aims to propel Chu Lai port to become the leading regional hub as Quang Nam once had. To achieve this objective, we will spearhead the swift and comprehensive implementation of synchronized solutions outlined in the proposed plan.