Agriculture becomes revenue earner for auto firm Thaco

By Phuong Dong   April 26, 2020 | 11:00 pm PT
Agriculture becomes revenue earner for auto firm Thaco
Bananas seen in an agriculture farm of Thaco. Photo courtesy of Thaco.
Auto firm Thaco has reported its first revenues from agriculture, in which it has invested hundreds of millions of dollars.

Income from the farm last year was VND1.5 trillion ($64 million), the company said in its recent financial report, adding that agriculture accounted for 3 percent of its revenues and a loss of VND15 billion ($640,600).

Last year it made three major acquisitions of rubber and fruit companies for over VND7.6 trillion ($324 million). 

It established the Thadi Agriculture Farming Processing and Distribution Jsc (Thadi) in March last year. Chairman Tran Ba Duong targets revenues of VND17 trillion ($725 million) this year and exports of 150,000 tons of fruits.

Thaco owns almost 20,000 hectares of farmlands in Cambodia where it grows banana, mango and other fruits.

Auto sales remain the biggest source of revenues, accounting for 82 percent. Last year it sold 91,700 units to account for a 30 percent market share, according to the Vietnam Automobile Manufacturers Association (VAMA).

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