Auto distributor Savico names new chairman

Before moving to Tasco, which indirectly owns a 54.07% stake in Savico, Do, 41, worked as an auditor for KPMG in Vietnam and Singapore, and held senior positions at securities companies and banks in Vietnam.

At its annual general meeting on April 28 Savico also named Ho Viet Ha, Tasco’s CEO and vice chairman, its CEO in place of Phan Duong Cuu Long.

Long and Mai Viet Ha resigned earlier but continued to work until replacements could be found.

Last year Savico had revenues of VND21.32 trillion (US$903.4 million) and pre-tax profits of VND692 billion.

This year the company expects revenues to increase by 39% to VND29.68 trillion but profits to decline by 22% to VND538 billion because of tough conditions faced by the auto market.

The company is investing in the second-hand car market, vehicles running on new fuels, and bringing more luxury car brands to Vietnam.