‘Mega’ company eyes $1 bln revenues

By Minh Son   June 16, 2021 | 10:19 am GMT+7
‘Mega’ company eyes $1 bln revenues
Bitexco Financial Tower in Ho Chi Minh City where Auto Investment Group is set to be located. Photo by Shutterstock/Binh Ho image.
The CEO of Auto Investment Group, a company dubbed “mega” for its outsized plans despite being impecunious, said it has a revenue target of $1 billion for 2022.

The company, which seeks to raise capital of VND500 trillion ($21.8 billion), or 7 percent of Vietnam’s GDP, wants to become a tech company that "represents Vietnam in competing with global giants," Nguyen Vu Quoc Anh, 35, said at an online press briefing Tuesday.

"Honestly I have nothing; I have no money."

He said he would raise funds from large companies like Vingroup and FPT and by working with global investment funds.

The company targets revenues of $434 million this year, $1 billion next year and $30-50 billion in the next 20-30 years mostly from selling software products.

Vingroup, the largest private company in Vietnam, reported revenues of less than $5 billion last year.

Anh said his company only needs around $200 million to "begin operating."

The company, which is registered at the Bitexco Financial Tower in HCMC’s District 1, is required to raise the capital within 90 days from May 20, when it was incorporated.

 
 
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