Dear THACO employees,

In 2024, Vietnam's economy continued to face many challenges, with low purchasing power. Amid this landscape, THACO maintained its stable position and continued to expand investments across all its Sub-holdings in six business sectors: Automotive, Agriculture, Mechanical Engineering and Supporting Industries, Investment - Construction, Commerce - Services, and Logistics, achieving the set goals.

For 2025, the government has set an economic growth target of 8%, coupled with many efforts and positive solutions. However, due to some delay, I predict that the purchasing power will remain similar to 2024 and slightly increase in the last six months of the year. 2025 marks the third year and a pivotal year in our five-year plan, aimed at making THACO a regional multi-industry corporation, fully integrated into the international economy with comprehensive digital management and sustainable development by the end of 2027. Therefore, the plan for THACO and its Sub-holdings in 2025 is as follows:

1. THACO AUTO:

In 2025, THACO AUTO aims to sell over 100,000 vehicles, focusing on high-value products to achieve a revenue of VND 80,847 billion. The company also targets to export more than 4,000 vehicles, generating over USD 35 million in revenue. Spare parts service revenue is expected to exceed VND 5,400 billion. THACO AUTO plans to invest in the construction and operation of a new automotive R&D center equipped with modern facilities to enhance the research and development of new-generation vehicles tailored to market trends and specific customer requirements. Additionally, the company will invest in the development and launch of 29 new products and establish three new showroom complexes. The total investment disbursement is projected at VND 3,778 billion. THACO AUTO also plans to recruit 330 new employees in 2025, bringing the total workforce to 14,864.


2. THACO AGRI:

In 2025, THACO AGRI will enter a significant construction investment phase to develop agriculture and livestock farming based on successfully tested models from previous years, following a strategy of industrial-scale, integrated circular production with a closed value chain.

The company plans to invest in planting over 10,000 hectares of banana trees, achieving an export yield of more than 270,000 tons of fresh bananas. The cattle herd is expected to exceed 250,000 heads, and new cultivation of over 4,000 hectares of various fruit trees (durian, mango, pomelo, etc.) is planned. The pig herd is projected to reach over 190,000 heads. Furthermore, THACO AGRI will invest in and commence construction of industrial parks with factories in 2025, including agricultural materials, fertilizers, fruit processing, and cold storage facilities at agricultural complexes in Snuol, Koun Mom (Cambodia), Attapeu (Laos), and Gia Lai (Central Highlands of Vietnam). THACO AGRI's consolidated revenue is estimated to surpass VND 8,340 billion. The total investment disbursement is projected at VND 7,550 billion. The company plans to recruit 22,984 new employees, increasing the total workforce to 44,609.


3. THACO INDUSTRIES:

In 2025, THACO INDUSTRIES will effectively operate its overseas investments in the United States and South Korea, enhancing production efficiency and boosting both domestic and international business development.

The company will continue to invest in and upgrade technology to develop new products and expand production capacity. It plans to expand the specialized equipment factory, invest in and operate a new passenger car seat factory, a new passenger car interior factory, and a new automotive interior and exterior component factory in northern Vietnam. The company will also proceed with the investment for a mechanical and supporting industries industrial park in southern Vietnam, scheduled to begin construction in early 2026.

For 2025, THACO INDUSTRIES targets a revenue of over VND 14,400 billion, with export revenue of USD 225 million, focusing on markets in North America, Australia, and Europe. The total investment disbursement is projected at VND 2,050 billion. The company plans to recruit 1,240 new employees, bringing the total workforce to 9,567.


4. THADICO (DAI QUANG MINH):

The year 2025 will bring many changes in legal processes and management methods for THADICO to make breakthroughs, with plans to commence 32 projects and complete 16 projects as per business requirements, creating competitive advantages for THACO and its Sub-holdings. These include initiating 12 projects for THISO's shopping center system, completing the upgrade and transformation of 20 projects, and starting 11 new projects for THACO AUTO. THADICO will also complete 9 factory/center/office projects and invest in the industrial park project in southern Vietnam for THACO INDUSTRIES, along with continuing to implement industrial park projects and the Cua Lo channel route in Chu Lai. The company will simultaneously start various component projects in the Sala urban area and three other real estate projects in Ho Chi Minh City.

For 2025, the total investment disbursement is projected at VND 4,800 billion. The company plans to recruit 292 new employees, increasing the total workforce to 2,548.


5. THISO:

In 2025, THISO will continue to develop commercial real estate projects following its strategic model "One destination – Multiple service, utilities," integrating Thiso Mall, Emart hypermarkets, and Thiskyhall convention centers (brands developed by THISO); multi-brand automotive showrooms and service centers exclusively distributed by THACO AUTO, along with dining and entertainment areas developed in partnership with strategic partners. The company will proceed with the construction of the Thiso Tay Ho Tay complex in Hanoi; Thiso Binh Duong, Thiso Bien Hoa – Dong Nai, and Thiso Mekong Delta, which are scheduled to start operations in 2026.

Additionally, THISO will complete and launch the second Thiskyhall branch at Thiso TC-PHI Mall (Ho Chi Minh City) and introduce three new F&B concepts under its own brand. THISO's total revenue for 2025 is projected at VND 6,812 billion. The total investment disbursement is estimated at VND 4,527 billion.

The company plans to recruit 883 new employees, adding up the total workforce to 2,968.


6. THILOGI:

In 2025, THILOGI will pursue the strategy of developing an international multi-purpose logistics hub specializing in containers at Chu Lai – Quang Nam, with road connections to routes across Northern Cambodia, Southern Laos, Central Highlands, Quang Nam, and neighboring regions to the Chu Lai Port. The company aims to complete the existing channel to accommodate 30,000-ton ships in 2025 and invest in the Cua Lo channel to receive ships over 50,000 tons by 2028. THILOGI will also operate international maritime routes from Chu Lai to ports in Xiamen and Shanghai (China), Northern China, South Korea, Japan, Europe, the US, and vice versa.

THILOGI will continue to invest in loading equipment and transport vehicles, including three RTG cranes at the container yard and 200 tractors and trailers for the Indochina Cross Border Trucking Company to meet the transportation needs of THACO and external customers. The company will focus resources on investing in 2 container ships with a capacity of 1,800 TEUs each, with a total investment of nearly VND 3,000 billion, expected to be operational in Q1 2026.

The total cargo throughput at Chu Lai port is estimated at 5.5 million tons. THILOGI's consolidated revenue is expected to reach nearly VND 5,400 billion. The total investment disbursement is estimated at VND 1,500 billion.

In 2025, THILOGI plans to recruit 370 new employees, bringing the total workforce to 1,884.


7. THACO CHU LAI:

In 2025, THACO Chu Lai will enter the third year of a new investment cycle, establishing a new-generation multi-industry industrial ecosystem in Chu Lai - Quang Nam, focused on smart, modern, and sustainable industrial management and green development. This includes: Automotive Manufacturing and Assembly Center; Mechanical Engineering and Supporting Industries Center; Logistics Center; Agricultural and Forestry Production Center; Commerce - Services Center, and an Urban Area with comprehensive public infrastructure and essential social amenities. The development of THACO Chu Lai plays a crucial role in realizing the Quang Nam Province master plan by 2030.

In 2025, THACO will focus on implementing Maritime Transportation Infrastructure, Industrial Park, and Urban Area projects, ensuring strict adherence to legal procedures with the following progress:

Expansion of the Mechanical - Automotive Industrial Park (115 hectares): efforts will concentrate on completing legal procedures to commence the project in December, expanding land reserves to support mechanical and automotive supporting industries.

THACO Chu Lai Industrial Park (451 hectares): 363 out of 451 hectares (approximately 80% of the project's area) have been cleared. In 2025, the focus will be on clearing the remaining land to start infrastructure investment in Q3 2025.

Dredging the Ky Ha Channel to a depth of 9.3m: currently dredging the Ky Ha Channel according to an approved government policy, with completion and operationalization expected in June 2025.

Cua Lo Channel Project: actively pursuing legal procedures to submit investment policy approval documents and investor approvals after approved by the authorities.

Chu Lai Urban Area Project – Phase 01 (195 hectares): focusing on investment orientation research and completing profile documents to participate in the investor selection bidding in December, laying the groundwork to commence the project in 2026.

The total investment disbursement for Chu Lai in 2025 is projected at VND 3,594 billion. The total budget contribution in Quang Nam Province is estimated at nearly VND 22,000 billion, a 20% increase from 2024. The company plans to recruit 1,668 new employees, bringing the total workforce of THACO in Chu Lai to 15,520.


8. CORPORATE GOVERNANCE:

In 2025, THACO will refine a unique management model tailored to the distinctive strategy of THACO and its Sub-holdings, ensuring a consistent management system that includes comprehensive regulations and procedures, ensuring full compliance through corporate, specialized, and business operations. At the same time, THACO will implement digital transformation and technology application with a suitable roadmap, ensuring a solid and long-term foundation from the beginning. Concurrently, THACO will develop "excellent" human resources and leadership teams to meet the sustainable development needs of the company, as follows:

Digital transformation and technology application: Implementing ERP across THACO and its Sub-holdings, managing and integrating resources. Applying AI, IoT, and management software in production and business operations. Upgrading IT infrastructure to ensure stability and digital connectivity.

Human resource management and development: Building a workforce with professional expertise, management, and leadership capabilities, along with ethical qualities that meet new development requirements. Special emphasis will be placed on balancing long-term leadership and management teams with dynamic young employees to meet digital transformation and digital economy trends. THACO will focus on continuous training to enhance professional expertise and comprehensive leadership ability, capable of adapting to changes. Implementing a KPI management system linked to strategic goals, transparently and accurately assessing individual and department performance, creating development motivation and long-term commitment. In 2025, THACO plans to recruit 26,149 new employees, increasing the total workforce to 77,161.

Legal management: Strictly controlling investment activities and restructuring legal entities to optimize business efficiency. Ensuring all management, operational, investment, and business activities of THACO and Sub-holdings comply with legal regulations and internal management, to maximize their legal rights and interests.

Financial and Accounting Management:

- Accounting: Establish a management accounting system alongside a large-scale production and business management system, ensuring accurate bookkeeping that reflects the essence of production and business activities, and optimally managing costs and prices.

- Finance: Balance capital sources and manage cash flow for each legal entity to ensure sufficient funding for production, business activities, and investments according to monthly, quarterly, and annual plans. Provide financial analysis and advice for investment projects to ensure feasibility and financial efficiency.

Corporate Culture Development: Build a “Cultural – Convenient” working environment, emphasizing discipline, creativity, and strong engagement. Promote continuous training to develop a culture of real value and high responsibility in every task and action.

Communication and Social Responsibility: This is a key focus in 2025. THACO will enhance the information management center to meet internal and external communication needs promptly, with honesty and transparency. Simultaneously, the company will demonstrate social responsibility by more actively implementing education, culture, and sports sponsorship programs, especially long-term community support initiatives.

Dear employees,

The year 2025 is not only a year to accelerate the implementation of business production targets but also marks a significant step forward in the refinement, upgrading, and completion of management aligned with the business production model and the outlined strategy, along with the digital transformation plan across THACO. This core element ensures THACO's sustainable development amid international integration and the digital economy.

I urge all leaders and employees at all levels to perform their duties with the highest sense of responsibility, ensuring the completion of the business production and management objectives set out in 2025, as well as the five-year plan from 2023-2027.

Each employee shall uphold continuous innovation, be ready to adapt to challenges, and seize opportunities in the comprehensive transformation of the digital and intelligent era.

This is a crucial time for THACO to transform, break through, and rise, reaffirming its leading position and making substantial contributions to the local and national economy during the era of Vietnam's growth.

Yours sincerely,
THACO Chairman
Chủ tịch HĐQT TRẦN BÁ DƯƠNG
Tran Ba Duong