Vietnamese conglomerate Thanh Cong Group is expected to continue promoting investment in technology and environmentally friendly products, raising the localization rate to contribute to the formation of the Vietnamese automobile industry, according to Secretary of the Hanoi Party Committee Vuong Dinh Hue.

Secretary of the Hanoi Party Committee Vuong Dinh Hue. Photo: Thanh Hai

Speaking at the meeting with Thanh Cong Group’s leaders and employees on February 17, Hue suggested that the group should expand its operation scope to the field of production infrastructure, high-tech industrial parks, supporting industries and software parks. 

The Hanoi Party Chief suggested that, in addition to implementing approved projects, the automobile manufacturer should think of deploying strategic projects in the capital.

Hue asked city’s relevant agencies to soon remove obstacles for the city’s businesses, including Thanh Cong Group, to well perform the dual task of both effective prevention of Covid-19 and obtaining good business results, thereby, contributing to the city’s fulfillment of socio-economic goals. 

In the last five years, Thanh Cong Group has boosted automobile production and assembly through expanding its manufacturing factories in the northern province of Ninh Binh and Quang Ninh with a capacity of 300,000 vehicles per year. In addition, it also expanded its operations to the fields of finance and real estate. 

In 2020, its revenue was estimated at VND108 trillion (US$4.7 billion). The group paid VND15 trillion (US$651.2 million) to the State budget.