THACO LORRY ASSEMBLY & MANUFACTURING COMPANY LIMITED: A Strategic Force in Vietnam’s Truck Manufacturing Industry

In the ever-evolving landscape of Vietnam’s automotive sector, THACO LORRY ASSEMBLY & MANUFACTURING COMPANY LIMITED has emerged as a critical player in the manufacturing of commercial trucks and industrial vehicles. Established on May 25, 2016, and headquartered in the Chu Lai Truong Hai Automobile Mechanical Industrial Park in Quang Nam Province, the company has played an instrumental role in meeting Vietnam’s growing demand for transportation and logistics solutions.

THACO Lorry operates as a one-member limited liability company, wholly owned by THACO AUTO LIMITED LIABILITY COMPANY—one of Vietnam’s largest and most influential industrial conglomerates. The company's chairman, Mr. Tran Ba Duong, is a visionary business leader widely credited with pioneering Vietnam’s localized automotive production. Under his guidance, and with Mr. Nguyen Cong Dinh serving as Director, THACO Lorry has built a reputation for operational precision and manufacturing excellence.

The company’s principal activities include the assembly and manufacturing of trucks, trailers, semi-trailers, and auto parts. It also engages in the maintenance and repair of motor vehicles, installation of industrial equipment, and specialized technical training. In addition to its manufacturing capacity, THACO Lorry contributes to the national economy by training workers in advanced industrial practices and offering comprehensive service support for vehicles across the country.

Financially, 2023 was a turbulent year for the company. THACO Lorry reported total assets of USD 169.3 million, with an unchanged equity position of USD 20.54 million. However, its total revenue declined sharply to USD 196.85 million—a 36.66% drop from the previous year. Even more concerning was its net profit, which plummeted by 97.37% to just USD 548,629. Despite these figures, the company significantly improved its working capital, suggesting a shift toward liquidity-focused financial management and short-term cost control. While the revenue contraction reflects macroeconomic challenges and declining demand in the trucking sector, THACO Lorry’s maintained capital base and industrial footprint point to long-term resilience.

What makes THACO Lorry particularly noteworthy is its integration within THACO Group’s vertically aligned supply chain. As part of the broader THACO ecosystem, the company not only assembles vehicles but also supports Vietnam’s industrial infrastructure by manufacturing essential components and offering post-sale services. THACO Lorry has also been recognized as one of Vietnam’s top auto parts importers in recent quarters, contributing substantially to the nation's truck component supply chain.

According to industry intelligence compiled by VANGUARD BUSINESS INFORMATION LLC (VBI), THACO Group’s entities—including THACO Lorry—rank among the top five importers of automotive components in Vietnam, with their combined import volume valued at over USD 160 million in the first quarter of 2025. This underscores the company’s role not only in manufacturing but also in sustaining and expanding Vietnam’s automotive parts ecosystem.

Nevertheless, THACO Lorry is not immune to market headwinds. It faces challenges from rising production costs, foreign competition, and increasingly stringent regulatory requirements. The Vietnamese government's move to implement stricter environmental standards and the global shift toward electrification will demand future investments in clean technology and green manufacturing processes. For now, THACO Lorry's heavy reliance on traditional combustion engines could pose a transitional risk unless strategic pivots are made toward electric truck development.

Government policy continues to play a pivotal role in the company’s strategic outlook. Vietnam favors domestic manufacturers through tax incentives and import tariff protection, particularly under regional trade frameworks such as the ASEAN Trade in Goods Agreement (ATIGA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These agreements allow THACO Lorry to benefit from zero-tariff imports of raw materials and parts, while also positioning itself as a regional supplier to nearby markets.

Before entering into partnerships, contracts, or credit agreements with THACO Lorry, businesses and investors are encouraged to perform rigorous due diligence. VBI provides a full suite of business intelligence services tailored for this purpose. These include business verification reports, credit risk assessments, litigation background checks, and financial benchmarking tools. As one of Vietnam’s leading providers of private financial data and business information, VBI ensures that clients can make informed, risk-mitigated decisions.

Looking ahead, THACO LORRY ASSEMBLY & MANUFACTURING COMPANY LIMITED must navigate a complex matrix of economic shifts, policy changes, and technological transitions. While 2023 exposed operational vulnerabilities, the company remains structurally sound and strategically relevant within Vietnam’s commercial vehicle sector. With strong parent-company support and continued demand for logistics vehicles, THACO Lorry retains the potential to reclaim its growth trajectory—especially if it adapts quickly to trends in automation, electric vehicle production, and regional supply chain optimization.

For more insights into this company or to access exclusive business reports, visit www.vnbis.com. VANGUARD BUSINESS INFORMATION LLC is your trusted gateway to verified intelligence, financial transparency, and strategic business decisions in Vietnam and across Southeast Asia.