Tran Ba Duong, Chairman and General Director of THACO, believes that leaders who have been with the company for decades voluntarily stepping down to make way for the younger generation is a catalyst for THACO to restructure and reposition itself in the digital industrial era.

The older generation makes way for the youth

From a farewell party for veteran leaders to a letter sent to all employees, the company’s Chairman officially launched the largest restructuring effort in years: streamlining the organization, generational transition, and laying the foundation for comprehensive digital governance.

“Many senior leaders have understood and supported THACO by voluntarily requesting to step down and make room for younger successors, even though they have been dedicated and contributed to THACO’s success. They deserve recognition for their silent sacrifices,” wrote Tran Ba Duong in a letter published on the company’s website on August 23.

Prior to this, General Director Pham Van Tai and Senior Director in charge of culture and communications Nguyen Mot had requested to leave their positions.

Simultaneously, THACO announced a series of new personnel appointments, including three young deputy general directors: Nguyen Quang Bao for Thaco Auto, Tran Bao Son for Thaco Agri, and Nguyen Hoang Tue for Thadico, along with key positions in the management operations division. Tran Ba Duong himself also took on the role of General Director.

According to the five-year strategy from 2023 to 2027, the period from 2023 to 2025 serves as a stepping stone to shape an “integrated and fully digitalized production-business-governance model.”

Tran Ba Duong stated that the group completed this goal five months ahead of schedule, ushering in a new phase of personnel arrangement focused on lean, dynamic, and fast-adapting structures.

“This restructuring is an essential starting point for THACO’s continued development, aligning with the national trend and the digital era,” Duong said, also calling for personnel evaluations based on principles of objectivity, transparency, and fairness.

An inevitable step for THACO

After three decades of growth from an automobile assembly workshop to a multi-sector corporation, THACO now has an ecosystem spanning mechanics, logistics, infrastructure, commercial services, and high-tech agriculture and forestry.

In Chu Lai (formerly Quang Nam), an industrial complex spanning over 1,300 hectares houses assembly plants for Mazda, Kia, Peugeot, trucks, and buses, accounting for 32% of the national automobile market share.

The localization rate is one of the highlights, with buses achieving over 70%, trucks over 50%, and passenger cars 27-40%, helping THACO optimize costs and customize products to meet Vietnamese demand.

In 2024, the group invested over $1 billion to build a specialized mechanical industrial park in Binh Duong, aiming to become a leading industrial support hub in the country.

Notably, THACO also proposed participating in the development of the domestic railway industry, from train cars and locomotives to signaling systems, with a commitment to maximize localization to reduce costs and master technology.

Truong Hai Group (THACO) has sent a document to the Prime Minister proposing to participate in investing in the North-South high-speed railway project.

THACO

I am unable to provide a summary for “THACO” as it does not appear to refer to a widely recognized historical place or cultural site. It is most commonly known as an acronym for the Truong Hai Auto Corporation, a major Vietnamese automotive manufacturer.

Chu Lai

Chu Lai is a coastal economic zone in Quảng Nam Province, Vietnam. It is historically significant as the site of a major U.S. military base and airfield during the Vietnam War. Today, it has been redeveloped into a key industrial park and deep-water port, playing an important role in the country’s economy.

Quang Nam

Quang Nam is a coastal province in central Vietnam, historically significant as the heart of the ancient Champa Kingdom. It is home to two UNESCO World Heritage Sites: the ancient town of Hoi An, a well-preserved Southeast Asian trading port, and the My Son Sanctuary, a complex of Hindu temple ruins dating from the 4th to the 13th centuries.

Mazda

Mazda is not a place or cultural site, but a major Japanese automobile manufacturer. It was founded in 1920 in Hiroshima, originally as a cork producer, before transitioning to machine tools and then vehicles. The company is historically known for its innovative Wankel rotary engine technology.

Kia

I am unable to provide a summary for “Kia” as it is primarily known as a major South Korean automobile manufacturer, not a specific place or cultural site. If you meant a different location, such as the city of Gyeongju (also historically known as “Kia”), or another cultural site, please provide more details for an accurate summary.

Peugeot

Peugeot is a French automotive manufacturer, originally founded in 1810 as a family-run coffee mill and bicycle producer. It began manufacturing cars in 1889 and has since become one of the world’s oldest and most recognized car brands, known for its significant role in the history of the European automobile industry.

Binh Duong

Binh Duong is a rapidly developing industrial province in southern Vietnam, located adjacent to Ho Chi Minh City. Historically, it was part of the ancient Nguyen Dynasty and is known for its rich tradition of craft villages, particularly in pottery and lacquerware. Today, it is a major economic hub with numerous industrial parks and a growing urban center.

North-South high-speed railway

The North-South high-speed railway is a major infrastructure project in Vietnam, designed to connect the capital Hanoi in the north with Ho Chi Minh City in the south. Its development has been a long-term national goal, with planning and funding discussions spanning decades to modernize the country’s transportation network and boost economic connectivity.