Dear distinguished leaders, shareholders, partners, customers and THACO employees,

2023 concluded with a shortfall in anticipated economic growth, coinciding with a period of global geopolitical uncertainty due to ongoing conflicts. Domestic consumption reportedly decreased by 35-40% compared to 2022, presenting significant challenges for the business community. Despite these adverse circumstances, THACO persevered, adhering to its established investment and business strategies while adapting them to the declining market and economic climate. Concurrently, THACO prioritized the implementation of a management strengthening and improvement program, establishing a foundation for the development of the multi-industry strategy and the business strategies of its Sub-holdings.

In Automobiles, THACO AUTO maintained its leadership position in the domestic market in 2023, capturing over 36% market share. The company exported 2,600 vehicles during the year. THACO AUTO undertook a significant expansion of its retail and after-sales service network, totaling more than 440 dealerships nationwide. Notably, the company opened a new multi-brand passenger car showroom complex in Binh Duong Province and a combined passenger car showroom cluster and commercial center in Go Vap District, Ho Chi Minh City.

In Mechanics & Supporting Industries, THACO INDUSTRIES established itself as a key player in the sector in 2023. The company diversified its product portfolio by developing a wide range of mechanical products, industrial and agricultural equipment, and auto spare parts. This move enabled it to expand its export markets into Europe and North America. As a result, the company generated revenue of nearly VND8,700 billion in 2023, reaching export sales exceeding $105 million.

In Agriculture, THACO AGRI was committed to a large-scale, integrated, and circular organic agricultural production model. The company achieved a total fruit output of over 123,000 tons, maintained a substantial herd of nearly 79,000 cattle heads and 58,000 pigs, produced 84,000 tons of animal feed, earning total revenue of nearly VND3,500 billion (approximately $150 million) in 2023. HAGL Agrico secured an Investment License from the Lao Government, authorizing the company to undertake agricultural production and business projects within the Lao territory.

In Construction & Investment, THADICO successfully invested in and constructed several industrial parks and complex real estate projects. The company efficiently managed the development of all construction projects undertaken by THACO and its Sub-holdings. Notably, THADICO completed and delivered key projects on schedule, including: Thiso Mall Truong Chinh - Phan Huy Ich and Thiso Sala Center in Ho Chi Minh City, BMW-MINI-BMW Motorrad Binh Duong Showroom Complex. THADICO also implemented the construction of essential infrastructure at THACO's agricultural complexes, including: transportation, irrigation, and electricity systems; buildings vital for production and business operations (farms, factories, warehouses, training centers, etc.), and facilities dedicated to employee well-being (worker housing, medical center, sports center, etc.).

In Commerce & Services, THISO owns, sells, manages, and operates a diverse range of commercial and service real estate properties. The company achieved two key milestones in 2023: Emart Truong Chinh - Phan Huy Ich Hypermarket successfully opened and began operations in Go Vap District, Ho Chi Minh City, and Thiskyhall Sala Wedding & Convention Center completed construction and officially launched operations.

In Logistics: THILOGI is undertaking a project to build and expand a 50,000 ton terminal equipped with advanced loading equipment, including ship-to-shore gantry cranes for container ships, rubber tyred gantry cranes using semi-automatic electrical systems to improve productivity and efficiency. The project is expected to be completed and operational by April 2024.

Dear leaders, shareholders, partners, customers and THACO employees.

In 2024, early projections suggest limited economic growth in the first half of the year compared to 2023, with potential for moderate expansion in the latter half. Despite market uncertainties, THACO and Sub-holdings remain committed to overcoming challenges and exceeding performance targets. The group intends to surpass its results from 2023 and fulfill the outlined objectives of its five-year plan (2023-2027).

In particular, THACO AUTO transforms its retail system management model, characterized by the introduction of multi-brand showroom complexes, and integrated showroom complexes with shopping centers. The company comprehensively enhances its management capacity and is committed to developing new automobile products to meet market requirements, aiming to acquire more than 38% of the domestic automobile market share.

THACO INDUSTRIES maintains its commitment to investment in production expansion, research and development (R&D), and product diversification, encompassing auto parts, machinery, agricultural and industrial equipment, expanding its export markets, achieving a 40% growth compared to 2023.

THACO AGRI further refines its large-scale integrated and circular organic agricultural production model, accelerating investment in construction, new planting and livestock projects to strengthen the foundation for sustainable development, delivering 100% growth compared to 2023.

THADICO continues investment in three specialized industrial parks, facilitates the successful completion of the expansion project at Chu Lai port and dredging of the Ky Ha channel in Quang Nam Province. Furthermore, it will finalize construction on four projects and initiate investments in twelve new real estate endeavors.

THISO continues to refine its "One Destination - Multiple Services, Utilities" model, further enriching the service offerings at Thiskyhall Sala Wedding and Convention Center. Concurrently, the company is embarking on the construction of three new commercial centers and a 5-star hotel.

THILOGI establishes a logistics network, encompassing efficient routes and strategic stations, to connect the Central Highlands, Laos, and Cambodia with Chu Lai Port. This infrastructure plays a role in facilitating the export activities of THACO AGRI's fruit products. Notably, the company also extends comprehensive and integrated logistics services throughout Central Vietnam and the Central Highlands region.

Dear leaders, shareholders, partners, customers and THACO employees.

Since the first days, THACO has been contributing in excess of VND198,000 billion in taxes to the Vietnamese government. In 2023 alone, the number was VND21,000 billion, and projections for 2024 anticipate an increase to VND24,500 billion. Beyond its core business activities, over the past year, THACO actively engaged in corporate social responsibility initiatives by sponsoring research and educational projects, as well as social, educational, sports, and traffic safety television programs, invested over VND390 billion in initiatives that promote and uphold humanistic values.

THACO is engaged in the second year of implementing its multi-industry strategy and five-year plan (2023-2027). This comprehensive initiative aims to achieve the successful transformation of THACO into a large-scale, multi-industry corporation by 2027. The plan encompasses the development of a robust management platform and the strategic implementation of digital transformation initiatives.

On behalf of THACO Board of Directors and all employees, I'd like to express our sincere gratitude to the esteemed leaders, valued shareholders, trusted partners, loyal customers, and dedicated media agencies for your unwavering trust and steadfast support in THACO's ongoing growth and success.

As the Year of the Dragon dawns upon us, I extend my sincere wishes for a prosperous and fulfilling new year to each of you and your loved ones. To the dedicated members of the THACO workforce, I offer a special message of encouragement. As we embark on this new chapter, may we continue to embrace a spirit of enthusiastic learning and unwavering dedication in tirelessly pursuing the objectives outlined in our 2024 plan, and remaining steadfast in our adherence to the established strategy.

Yours truly,


THACO Chairman


Tran Ba Duong