THACO to participate in high-speed rail car production research

At the recent Government and Business Meeting, the THACO Chairman announced that THACO would focus on participating in urban rail development, particularly in producing rail cars and steel components.

On February 10, 2025, the Government organized the Spring Business Meeting with the theme "Solutions to Empower Private Enterprises’ Breakthroughs for Sustainable National Development in the New Era."

Prime Minister Pham Minh Chinh, along with Deputy Prime Ministers, leaders of ministries, and many private economic groups, attended the meeting.

In his opening speech, the Prime Minister emphasized that in 2025, the Government aims for at least 8% GDP growth to set the stage for achieving double-digit growth in the later years. To accomplish this, the contribution of the business community, especially large enterprises, is crucial. Acknowledging their efforts and achievements, the State leader urged the private businesses to participate in large-scale state projects. Among these, THACO received the job to research, transfer technology, produce rail cars, and eventually produce locomotives for the high-speed North-South railway.

Responding to the Prime Minister's directives, THACO Chairman Tran Ba Duong stated: “We will participate in urban rail development, particularly in producing rail cars and steel components. With our R&D engineers and experience, along with cooperation with international partners, we will ensure efficient technology transfer and organize local production to reduce costs. Additionally, Vietnamese enterprises will be involved, taking responsibility for quality and cost issues. We will emphasize collaboration through large projects, helping small and medium-sized enterprises join the production chain and coordinating to order steel according to product standards.”

Additionally, the THACO Chairman presented a report on the group's production and business activities in 2024, along with development directions for the new phase. Specifically, in automotive, THACO met localization requirements with local content rates, passenger cars reaching 27-40%, trucks over 50%, and buses over 70%, thus reducing costs and meeting customization requirements and usage conditions in Vietnam. The group established a foundation for both product research and development and production. In mechanical engineering and supporting industries, THACO will participate in the mechanical global value chain and break ground on a 700-hectare mechanical and supporting industry park in Binh Duong in September 2025. In agriculture, THACO has formed large-scale, integrated/circular organic farming models in Cambodia and Laos, and took responsibility for establishing agricultural production models in Vietnam’s Central Highlands.

In logistics, THACO will invest in two 1,800 TEU vessels to connect Chu Lai directly to Shanghai, and then to Europe, the US, North China, South Korea, and Japan, optimizing logistics costs in central Vietnam to be comparable to those in northern and southern Vietnam. In investment and construction, THACO completed the Ba Son Bridge connecting downtown Ho Chi Minh City to Thu Thiem, basically completed Thu Thiem urban area’s 4 main roads, and enhanced anti-waste measures to accelerate infrastructure development and land use. In commerce-service, THACO continued to develop commercial complex real estate projects under the model of "One destination - Multiple utilities, services."

With THACO’s solid foundation, the THACO Chairman is committed to leveraging multi-industry strengths to develop transportation infrastructure, support small and medium-sized enterprises in the value chain, and contribute to sustainable economic development.