THACO joins forces with Quang Nam to achieve development goals

On March 16, Quang Nam province announced its development plan for 2021-2030 with a vision to 2050, along with the launch of National Biodiversity Restoration Year 2024. Attending the conference included comrade Tran Luu Quang, Vietnam's Deputy Prime Minister, Mr. Luong Nguyen Minh Triet, Secretary of the Quang Nam Party Committee and Mr. Le Tri Thanh, Chairman of Quang Nam People's Committee. THACO Chairman Tran Ba Duong graced the conference with his presentation.

The province's plan serves as a cornerstone for its development trajectory, establishing its long-term goals and outlining key socio-economic management policies. The plan emphasizes innovative and creative approaches to land and territory development, aligning with the national development direction as set forth in the Party's 13th Congress Resolution.

The Quang Nam Provincial People's Committee conferred approvals for sixteen projects within the province during the Conference. These approvals included investment policies, registration certificates, and location research agreements. The total registered capital for these projects amounts to approximately VND20,000 billion. Notably, THACO received investment registration certificates for seven industrial projects, with a combined investment capital exceeding VND3,940 billion. The approved projects encompass a THACO Premium Auto Glass Plant (nearly VND390 billion), a Passenger Car Wire Harness Plant (exceeding VND460 billion), a Passenger Car Interior Plant (exceeding VND540 billion), a Passenger Car Seat Plant (VND990 billion), an Auto Body Moving Part Plant (VND800 billion), a Mechanical & Electrical Plant (exceeding VND400 billion), and a THACO INDUSTRIES R&D Center (VND350 billion). Additionally, the Quang Nam People's Committee also approved the expansion and upgrades of Chu Lai port within the Tam Hiep port area, with a total investment capital of nearly VND1,590 billion.

Speaking at the Conference, THACO Chairman Tran Ba Duong said: "As a pioneer in the Quang Nam Open Economic Zone and playing a pivotal role in its success for the past two decades, THACO has established itself as a driving force for the province's development. In light of today's announced planning initiatives, THACO acknowledges its responsibility to continue project development as planned in the automotive and mechanical engineering sectors, supporting industries, pharmaceutical and agro-forestry production, especially establishing a logistics and container shipping center in central Vietnam."

In logistics, THACO has implemented a phased approach for the 50,000-ton port project, scheduled for completion by May 2024. The company further expresses strong interest in the Public-Private Partnership (PPP) bid for the Cua Lo channel project. It will also explore investment opportunities in short-haul roads through a Build-Operate-Transfer (BOT) model which will prioritize connecting Chu Lai to key trade routes from Southern Laos, Northern Cambodia, and Vietnam's Central Highlands. With these investments, the vision outlined in today's plan to establish a Logistics Center in central Vietnam by 2030 becomes highly achievable, particularly if the Cua Lo channel project is expedited. The development of this center will not only reduce logistics costs for THACO's import and export activities, but also attract further investment to the Central region and Quang Nam.

In automobiles, as Vietnam's infrastructure strengthens and the national economy experiences sustainable growth, the implementation of the "automotive normalization" program will pave the way for the realization of the Automobile Industry Center.

In Mechanics and Supporting Industries, in 2024, THACO plans to build 7 new production and export facilities. The multi-purpose mechanics and supporting industries center in Chu Lai, central Vietnam will specialize in heavy industry, auto parts, machinery and large equipment. To complement this focus, household goods production will be strategically located in the southern province of Binh Duong.

The medicinal material and agro-forestry production center envisions a production area of 85,000 hectares. This strategy aims for expansion in the highlands of Vietnam, Southern Laos, and Cambodia. The plan involves establishing preliminary processing facilities in these mentioned areas, while refined agricultural and forestry products will be produced within the Chu Lai Open Economic Zone. A large-scale medicinal herb cultivation area will be formed to integrate into the production value chain.

The THACO Chairman noted: "Deeply committed to the prosperity of Quang Nam province, the surrounding region, and key national industries, THACO enthusiastically aligns its strategic goals with the provincial development plan. Notably, THACO's current five-year plan, spanning 2022 to 2027, positions the company to achieve its industrial development objectives three years ahead of the provincial targets."

While THACO's industrial investments have generated revenue and employment opportunities, Mr. Tran Ba Duong acknowledges the need for a broader economic impact in Quang Nam and Central Vietnam. Leveraging his agricultural expertise, THACO plans to expand its agricultural operations, integrating local farmers into the value chain. He also encouraged collaboration among businesses, fostering a network of supporting industries to create a robust economic ecosystem that benefits not just THACO, but the entire region.

On the same day, Deputy Prime Minister Tran Luu Quang, Quang Nam Party Secretary Luong Nguyen Minh Triet conducted a visit to the THACO Chu Lai Industrial Park. They were particularly impressed by the scale of production, the cutting-edge technology employed in the automotive and mechanical factories, and the Chu Lai port.