Truong Hai Group Joint Stock Company ( Thaco) has just announced its financial situation in 2024 on the Hanoi Stock Exchange (HNX).
According to financial reports, in 2024, Thaco achieved a profit after tax of more than VND 3,025 billion, an increase of 14% compared to VND 2,655 billion in 2023. Correspondingly, the Company's united tax profit increased to VND16,763 billion.
Profit increased, however, this figure is considered modest compared to the scale of assets. Previously, the enterprise was under pressure when rescuing HAGL Agrico from Mr. Doan Nguyen Duc (Bao Duc) and investing heavily in agriculture and real estate. Some other deals, such as with Hung Vuong Seafood, have not achieved the expected results.
As of the end of 2024, Thaco's equity reached more than VND 55,827 billion (nearly 1.7 billion USD), a slight increase of 6.4% compared to VND 52,450 billion at the end of 2023.
Thaco's total assets reached more than VND195.5 trillion (equivalent to USD7.4 billion), a sharp increase compared to VND170.7 trillion in early 2024. With this scale, Thaco surpasses Masan Group (123 trillion VND in mid-2025) and Sovico Group, behind giants such as Vingroup (more than 958 trillion VND in the first 6 months of 2025) and Hoa Phat (242 trillion VND).
Along with the expansion to real estate, retail, logistics, agriculture and the plan to participate in the North-South high-speed railway project, Thaco's scale is increasingly large. In particular, the automobile segment is still a pillar, but real estate and agriculture play an important role, helping the group become one of the large multi-industry enterprises in Vietnam.
To expand, Thaco increased its loans. The debt/equity ratio payable to owners by the end of 2024 is 2.5 times, higher than the 2.24 rate at the end of 2023. Outstanding loans are at nearly VND139,754 billion (USD5.3 billion), a significant increase compared to VND117,355 billion at the end of 2023. Of which, bank loan debt was at VND91,118 billion, up nearly 53%; outstanding bond debt was over VND13,333 billion, fluctuating slightly compared to the end of 2023.
Thaco currently owns an ecosystem including: Thaco Auto (car manufacturing and distributing with nearly 400 showrooms and 7 factories in Chu Lai), Thaco Agri (agriculture), Thaco Industries (mechanical, supporting industry), Thadico (construction investment), Thilogi (logistics) and Thiso (commerce and services).
This enterprise also left its mark in the real estate sector with the Sala project in Thu Thiem (HCMC), turning the muddy land into a model urban area.
Although the scale of corporate assets increased, Mr. Tran Ba Duong's personal assets decreased. From March 2025, he is no longer on the list of USD billionaires published by Forbes.
According to the latest update on September 18, Vietnam has 5 USD billionaires, led by Mr. Pham Nhat Vuong - Chairman of Vingroup with 14.5 billion USD, followed by Ms. Nguyen Thi Phuong Thao - Chairman of VietJet (3.6 billion USD), Mr. Tran Dinh Long - Chairman of Hoa Phat (2,5 billion USD), Mr. Ho Hung Anh - Chairman of Techcombank (2.6 billion USD) and Mr. Nguyen Dang Quang - Chairman of Masan (1.2 billion USD).
Mr. Tran Ba Duong is not on the list, although his assets were estimated by Forbes at 1.5 billion USD in early 2023 and 1.2 billion USD in early 2024. The main reason comes from the decrease in Thaco valuation.
In 2019, Jardine Cycle & Carriage Limited bought a locally issued shares of Thaco with a valuation of more than 9.2 billion USD. However, by the first half of 2023, according to a report by VietinBank Securities (CTS), the transfer price of Thaco shares was only about 30,000 VND/share, equivalent to a business valuation of about 91,500 billion VND (3.8 billion USD), much lower than before.
