THACO’s Chairman Mr. Tran Ba Duong. (Photo: THACO Auto Corp.)
The Truong Hai Auto Corporation (THACO) has plans to invest up to VND2 trillion ($86 million) in the 451-ha THACO - Chu Lai Agriculture and Forestry Industrial Park in central Quang Nam province’s Nui Thanh district.
The Ministry of Planning and Investment has submitted documents to the Prime Minister for a decision on the project. Of the total investment, VND632.5 billion ($27 million) will be contributed by the corporation from January 1, 2019 to December 2022, with loans of VND1.462 trillion ($62.5 million) coming from Vietcombank’s Quang Nam branch.
THACO held a breaking ground ceremony for the industrial park in March 2019.
Project objectives are investing, constructing, and trading in industrial park infrastructure; producing and supplying agricultural materials and plant research and development; processing and preserving fruit, vegetables and aquatic products; producing food and packaging materials for agriculture; producing products from rubber latex and medicinal plants; and training personnel for agricultural production and cold storage business services.
THACO has already registered the project’s operational duration of 70 years, but the Ministry of Planning and Investment has proposed a duration of 50 years, with an extension considered based on actual implementation and legal provisions.
The ministry assigned the Quang Nam Provincial People’s Committee to be responsible for matters prescribed by law and ensuring project implementation is in accordance with local socioeconomic, infrastructure and other development plans.
Quang Nam also needs to ensure the investor’s right to use investment locations without disputes and complaints about land use rights.
Established in 1997, THACO is renowned for its automobile manufacturing, assembly, and distribution of and spare parts and maintenance services for commercial vehicles (trucks and buses) and motor cars from names such as Kia (South Korea), Mazda (Japan), and Peugeot (France).
The corporation was selected as the importer and distributor of luxury BMW and Mini vehicles in Vietnam by BMW Group Asia on January 1, 2018.
