Investment firm Mitsui becomes Tasco Auto’s shareholder

The Japanese company has completed an initial investment on July 31, Tasco, the parent company of Tasco Auto, said in a press release Friday. It did not reveal the size of the investment.

The cooperation is considered an important step to help Tasco realize the company's strategic goals by increasing performance and improving management.

Tasco Auto distributes vehicles of 14 brands including Volvo, Toyota and Ford. The company said it owned 13.3% of Vientam’s auto distribution market share last year.

The company recently announced plans to assemble vehicles in partnership with a major global brand which it has not disclosed.

Mitsui is a commerce and investment firm with presence in over 60 countries and territories. In terms of auto and transportation it has invested in over 100 companies in 26 countries.

Auto sales in Vietnam rose 1% year-on-year to 163,800 units in the first 7 months of this year, according to Vietnam Automobile Manufacturers Association.