Over 100 foreign investors hold stakes in Vietnamese conglomerate THACO

THACO’s charter capital stands at VND30.51 trillion (US$1.16 billion), of which domestic private capital accounts for VND22.32 trillion ($847.3 million), or roughly 73.2 percent.

The remaining 26.8 percent, equivalent to nearly VND8.2 trillion ($312 million), is held by foreign shareholders.

The disclosure includes a detailed list of 108 foreign investors.

Among them, Singapore-based Jardine Cycle & Carriage Limited (JC&C) holds the largest stake, valued at VND8.1 trillion ($308 million), or a 26.6-percent stake in THACO.

Cheah Kim Teck has been appointed as the authorized representative for JC&C’s entire shareholding.

Most of the remaining foreign investors are based in South Korea, followed by those from Vietnam, Canada, Japan, and other countries.

On its website, JC&C traces its origins to a start-up founded in Kuala Lumpur, Malaysia in 1899, later expanding into motor trading and eventually becoming a major corporation listed on the Singapore Exchange.

The firm has also subscribed to THACO’s $350 million private convertible bond issuance, set to mature in 2027.

In Vietnam, JC&C’s investment footprint extends beyond THACO.

The group holds over 41 percent of REE Corporation’s stake and a 10.6-percent stake in Vinamilk.

THACO is one of Vietnam’s largest private enterprises and is currently among the contenders proposing investment in the North-South high-speed railway project.

The company originated from Truong Hai Auto Corporation, founded in Dong Nai Province by Tran Ba Duong, who continues to serve as its chairman and legal representative.

THACO last updated its charter capital in late 2020, raising it from VND16.95 trillion ($643 million) to VND30.51 trillion.

THACO reported a post-tax profit of VND3.025 trillion ($115 million) in 2024, a 14-percent year-on-year increase.