Japan's Mitsui becomes strategic shareholder in Tasco Auto

The move strengthens Mitsui’s collaboration with Tasco Auto on its upcoming strategic plans. The initial investment was disbursed on July 31.

The partnership between Tasco and Mitsui at Tasco Auto is considered a significant milestone that will enable Tasco to realise its strategic objectives. Through this partnership, Tasco Auto will have exposure to world-class operational and management standards, and to a worldwide network of partners. Furthermore, Mitsui brings advanced technological solutions and valued consultancy to enhance efficiency, improve governance structure, and streamline operations.

The collaboration will help Tasco to capture the growth potential of the industry and continue to pursue its long-term strategy. For Mitsui, this presents an opportunity to tap into a rapidly growing market of 100 million people.

Tasco is expanding its network of 90 showrooms with 14 car brands such as Volvo, Lynk&Co, Toyota, Ford, Mitsubishi, and Nissan, holding the largest market share in Vietnam (13.3 per cent in 2023). The company has recently demonstrated a strong commitment to upstream integration with a complete knock-down assembly project. This project is scheduled to commence in 2024 in partnership with a top 10 global automotive manufacturer to deliver passenger vehicles by 2025.

Mitsui is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries. The automotive and transportation sectors are key investment areas for Mitsui, with investments in over 100 companies across 26 countries. From this, Mitsui has developed profound expertise by engaging in the supply chain and developing next-generation mobility solutions.

Within this framework, the strategic partnership between Tasco and Mitsui is driven by a shared vision of capturing strong long-term growth opportunities in the automotive sector. This partnership brings together Tasco's leading advantages in automotive services in Vietnam with Mitsui's international experience, extensive network, and robust global capabilities. This combination will maximise the strengths of both parties to develop and expand their business operations, enhancing overall efficiency.

In the future, this partnership will unlock remarkable opportunities to enhance innovation in business models, increase profit margins, and create greater value for shareholders of both entities.

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