Tasco reports strong Q1 growth

In Q1, the company recorded consolidated revenue of VND11.03 trillion ($440 million), equivalent to 158 per cent of the same period last year. Gross profit from sales and services reached $47.3 million, up 65 per cent on-year, while consolidated after-tax profit climbed to$2.07 million, representing 145 per cent on-year growth.

Growth was primarily driven by strong gains in core business segments, including automotive distribution and services, insurance, and VETC’s electronic toll collection (ETC) services and digital ecosystem, which grew by 136 per cent, 210 per cent, and 177 per cent on-year, respectively. Additional contributions also came from the water infrastructure and manufacturing segments following the consolidation of Dong Nai Plastics (DNP) as a subsidiary in December 2025.

The automotive distribution business remained the group’s primary growth engine, generating $292.3 million in revenue during the quarter, up 36 per cent compared to Q1 2025.

Tasco Auto signature showroom in Ho Chi Minh City

A strategic highlight was the launch of the Geely EX2 and EX5 EM-i new energy vehicle models, which drew strong market interest and earned recognition from Guinness World Records and VietKings. The vehicles secured nearly 1,200 orders within five days of launch. By the end of Q1, Tasco had delivered 570 vehicles and recorded around 1,500 deposits.

To support long-term customer retention, Tasco continued expanding its mobility infrastructure, which now includes 220 sales and service points nationwide, comprising 150 showrooms and more than 70 Carpla workshops.

The group plans to open nearly 200 quick-service workshops, branded Carpla Stop & Go, by late 2026. All facilities will operate on a unified ERP/CRM platform designed to streamline services across the vehicle lifecycle, from purchase and maintenance to insurance, automated tolling, roadside assistance, and financial services.

VETC’s service segments generated $8.62 million in revenue, up 177 per cent on-year, as the company accelerates its transformation into Tasco’s Digital Hub ecosystem.

The company is accelerating its transformation into a digital mobility platform through both payment and operational infrastructure upgrades. In addition to its e-wallet and mobile application serving more than 4.5 million users, VETC launched its Corporate Wallet solution in January 2026.

On the operational side, VETC has established a 24/7 roadside assistance network covering all communes and wards nationwide, supported by more than 300 specialised vehicles. Within just over one quarter of deployment, RSA policy issuance exceeded 180,000 units, providing direct physical support to the Tasco Auto ecosystem.

VETC 24/7 roadside assistance service

From March 2, VETC also began operating five additional North-South Expressway sections, expanding its nationwide network to 136 toll stations and 765 lanes, with an estimated processing capacity of approximately 700 million transactions annually.

As Vietnam continues to invest heavily in transport infrastructure and traffic volumes increase, the ETC segment is expected to maintain long-term growth momentum.

Tasco’s insurance business also posted strong results, with Q1 revenue reaching $22.4 million, more than doubling compared to the same period last year.

The company said it was focusing on digitalising the entire insurance journey, from policy issuance and loss assessment to claims settlement, with customer experience and service quality positioned as key growth drivers. Product development is also being tailored to the broader mobility ecosystem, including motor, personal accident, property, engineering, and cargo insurance solutions.

Meanwhile, the investment segment continued to benefit from growth in essential services and manufacturing activities.

The water infrastructure business achieved stable growth, reaching 114 per cent compared to the previous year, with further upside expected as new projects are scheduled to commence operations in 2026.

Traditional manufacturing segments also recorded positive momentum, particularly in March as international orders increased. Construction materials revenue rose by 68 per cent on-year, while packaging and premium household products increased by 21 per cent.

During the quarter, an 18-hectare industrial complex at Dat Do Industrial Park came into operation, establishing a major production hub for DNP, packaging, and premium household brand Inochi.

DNP’s 18-hectare industrial complex at Dat Do Industrial Park

The new facility is expected to improve production centralisation and operational efficiency while supporting large-scale export orders and higher technical standards across more than 20 international markets.

Although the first quarter is traditionally a low season for Tasco’s ecosystem, the company said broad-based growth across all business segments had created strong momentum for the rest of the year. The Q1 results mark the beginning of a new growth phase for Tasco, supported by an integrated ecosystem spanning mobility services, showroom networks, digital ERP/CRM platforms, and real estate assets.

Meanwhile, the Viet Tri Legacy Lakeside project, comprising 92 luxury villas, has completed land levelling and remains on track for construction and launch. The development is expected to begin contributing revenue and profit during the 2026 fiscal year.

China's Geely to build $168 million automobile facility with Tasco in Thai Binh Chinese automaker Geely Auto Group (Geely) has signed a joint venture agreement with Tasco JSC for the manufacturing and assembly of automobiles in Vietnam.

Chinese carmaker Geely moves into Vietnamese market On March 21, Geely Auto officially entered the Vietnamese market with the launch of its intelligent SUV model, the Coolray—marking a significant step in the Chinese carmaker’s global expansion strategy and deeper engagement in Southeast Asia.

Geely production decision could impact Tasco plans The decision by China’s Geely Auto to halt all car-building plants globally has raised questions over the future of its high-profile joint venture in Vietnam with local firm Tasco.