Thaco-Kia Motors Co., Ltd (Vietnam)

The subject was formed in 2007 on the basis of cooperation between Thaco Group (Vietnamese partner) and KIA MORTORS CORP (South Korean partner) with the goal of assembling cars under the trade name "KIA" in Vietnam. In 2020, TRUONG HAI AUTO CORPORATION has set up a wholly subsidiary - THACO AUTO LIMITED LIABILITY COMPANY to manage the subject and some other car companies. Therefore, since Dec 2020 the subject has become a wholly subsidiary of THACO AUTO LIMITED LIABILITY COMPANY. As shared by a female staff of the accounting department, most of the company's output is consumed in the local market. Sometimes, it exports components to Malaysia, Pakistan, Uzbekistan.The year - 2022 witnessed a new milestone in the Vietnamese automobile market. The three biggest "powers" of the Vietnamese auto market at this time were Toyota, Hyundai Thanh Cong and Thaco, which were still the market leaders. In terms of market share, Thaco had a successful year when the two big brands they chose to assemble and distribute, Kia and Mazda, accounted for 13.7 and 7% market share respectively, reaching a total market share of 20.7%. According to a report by the Vietnam Automobile Manufacturers Association (VAMA), in 2022, Thaco sold 130,300 vehicles. Among these, the brand that brought the best volume to Thaco was KIA with 60,729 vehicles, followed by Mazda brand with 36,052 vehicles, Thaco Truck with 21,157 vehicles, etc.According to the forecast made by Thaco Group, the auto market will be gloomy in 2023. Accordingly, the sales target is over 120,000 vehicles (of which, 96,000 passenger cars, 23,500 trucks, 1,500 buses and minibus ). In the first 5 months of 2023, the sharp decline in sales made Kia no longer the 3rd best-selling car brand in the market but fell to 4th position.