Mr. Tran Ba Duong wins 2020 Asean Entrepreneurial Excellence award

For this year, EY (Ernst & Young) presented onlytwo honorary awards in the Asean region: for Mr. Tran Ba Duong in Vietnam andHong Leong Group in Malaysia. The honorary awards aim to recognize successfulSoutheast Asian businesses that have been making substantial contributions toregional economies and communities.

 “From anautomotive apprentice to now leading a conglomerate with a workforce of 22,000as Chairman of THACO, Mr. Duong’s entrepreneurial journey and commercialsuccess is inspiring. Beyond that, the socio-economic impact made in terms ofjob creation and community contribution is commendable. In addition tosponsoring community activities, providing scholarships to the needy, andsupporting infrastructure development in the country, this year, the companyhas also donated money and provided medical equipment to support the fightagainst the Covid-19 pandemic,” Mr. Max Loh, Singapore and Brunei ManagingPartner, Ernst & Young LLP, said in a press release from Singapore.

Joining the EY Entrepreneur of the Year Singapore virtualawards celebration, Mr. Tran Ba Duong expressed his gratitude towards allpartners and colleagues, who have always been with THACO’s impressivedevelopment periods to overcome many challenges such as the 1997 Asianfinancial crisis, the global economic crisis in 2007 – 2009, Vietnam’s economiccrisis in 2012, and especially the current Covid-19 pandemic.

He added, “THACO and I will always uphold the spirit of entrepreneurship, and seek motivations to cross coming challenges as well as changes in the global business environment due to the Covid-19, international economic integration, and the 4.0 revolution in order to create more and more substantial contributions to the economy and society of Vietnam.”

In 1997, Mr. Tran Ba Duong founded THACO. Based on the industrial management experience and the 5 main pillars after more than 20 years of development, THACO has formed its post-2018 strategy to become “a leading multi-industry group in Asean.”

THACO has engaged in 5 industries which belong to Vietnam’s strategic business sectors, support one another to create synergies and improve competitive advantage, i.e. Automobiles and Mechanics, Agro-forestry, Investment and Construction, Logistics, and Commerce.

Starting its automotive assembly in Chu Lai Open Economic Zone in the central province of Quang Nam since 2003, THACO has always been compliant with the Government’s Decision No. 175 “approving the development strategy of Vietnam’s auto industry to 2010 and vision to 2020” which stresses on supporting and encouraging the participation of domestic enterprises in the auto industry.

THACO Chu Lai Industrial Zone has joined deeper in the global automotive value chains by partnering with Kia (Korea), Mazda (Japan), Peugeot (France), Mitsubishi Fuso (Japan) and Mercedes-Benz (Germany), having the biggest local content ratios in Vietnam and being considered the largest centralized automotive industrial park in Vietnam and a top one in the Asean region.

Moreover, THACO has exported Kia passenger cars – Kia Sedona, Kia Cerato and Kia Soluto to Myanmar and Thailand markets, aiming towards shipping its entire THACO-made Kia lineup to Myanmar. The corporation has also succeeded with its THACO-branded buses with a 60% localization ratio, and exported the products to the Philippines and Thailand markets.

For 2021 and beyond strategy, THACO will operate under the multi-industry growth model, aiming at sustainable development.