Hyundai distributor reports revenue of $5B

By Anh Tu January 28, 2023 | 06:47 pm PT

An employee wearing a mask to prevent contracting the coronavirus disease (Covid-19) waits for custormers next to a Hyundai Motor's vehicle at Hyundai Motor Studio in Goyang, South Korea, April 21, 2020. Photo by Reuters

Thanh Cong, distributor of South Korea’s Hyundai automobiles in Vietnam, recorded a revenue of VND118 trillion ($5 billion) last year, an increase of 15.6% over 2021.

The Thanh Cong Group sold more than 81,500 Hyundai automobiles of all kinds during the year, accounting for some 16% of the country’s total automobile sales in 2022.

Late last year Thanh Cong inaugurated its second Hyundai automobile plant in Vietnam in the northern province of Ninh Binh, with a designed capacity of 100,000 vehicles per year. It is expected to only assemble the Hyundai Ionic 5 electric vehicle at the plant this year.

Established in 1999 as a manufacturer, Thanh Cong has now become a multi-industry firm, mainly operating in the spheres of automobiles, services and real estate.

Other automobile distributors in Vietnam also reported big revenues or profits last year.

Selling some 130,000 vehicles of all kinds, Truong Hai Auto Corporation (THACO), the local assembler and distributor of brands such as Kia, Mazda and Peugeot achieved a consolidated revenue of more than VND100 trillion, nearly doubling its revenues for 2021.

Haxaco, the distributor of Mercedes cars, posted a record after-tax profit of some VND245 billion, up 1.5 times over 2021.