Sunday , May 19 2024

THACO Group establishes subsidiary for supporting industries

THACO Industries, a new subsidiary of automaker THACO Group, will use its $550 million in registered capital to mass-produce machinery and supporting industrial products for export and domestic sale.

The establishment of the subsidiary on Saturday means Vietnam will have another enterprise producing industrial and agricultural equipment – including auto parts and components, semi-trailers and other supplemental machinery.

THACO Chairman Tran Ba Duong said the new company would complement other THACO businesses. He said THACO Industries would first focus on outsourcing and later move into developing manufacturing and supporting industries.

He said that manufacturing industry is the backbone of the economy and it acts as the roots of a tree.

“For trees to live and grow, they need strong roots. With a strong manufacturing industry, there is a good chance of building large-scale supporting industry along with added value along the supply chain,” he said.

The new unit will use the ONE-STOP model, which is an all-in-one set of services that includes R&D, production, machinery, supporting industrial goods, and large-scale manufacturing.

THACO Industries’ ONE-STOP model aims to provide a comprehensive package for large-scale manufacturing.

The subsidiary aims to use the model to provide missing links in different sectors, including automotive, industry, agriculture, forestry, construction, and mining. Duong said THACO Industries would fill in supply chain gaps for domestic and foreign producers.

Do Minh Tam, general director of the company, said that to satisfy a wide variety of customer demands, THACO Industries will develop value chains that cover many production stages, from research and development, to manufacturing and maintenance services.

“We hope that ONE-STOP is suitable for the rising trend of global mechanical and supporting industry supply chains moving to Vietnam…we hope [the model] can help small to medium-sized businesses enter larger supply chains,” he said.

The company has been receiving many orders from foreign businesses, including orders for plastic molding, paint and the manufacture and procurement of other industrial products. Tam said THACO Industries’ foreign customers don’t want to seek all these goods from multiple suppliers.

Small and medium-sized businesses can work with THACO Industries through its ONE-STOP model in many different ways to obtain whatever they don’t have from manufacturing services to the R&D process, from small businesses management consultancy and workforce training to other industrial solutions.

This month, THACO Industries will open a machinery center at THACO Chu Lai Industrial Park in Quang Nam Province, the largest of its kind in Vietnam. The site will supply materials such as steel billets, non-ferrous metals, and different types of molds.

The new facility will also provide mechanical processing and surface treatment services, as well as the manufacture of semi-trailers, heavy components and equipment for a wide range of industries.

The company is also building a well-equipped modern R&D center employing 1,000 highly-skilled experts to develop products that satisfy market demands and specific customer needs. At a total cost of $20 million, the center will open in August 2023.

The two above centers will serve to enhance the effectiveness of the ONE-STOP model, experts said.

Vietnam currently has over 7,000 machinery businesses and 5,000 businesses operating in supporting industries.

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