President Nguyen Xuan Phuc has asked both public and private businesses to focus on adopting and implementing technologies and innovations to improve productivity, product quality and competitiveness in order to conquer the global market.

The president was speaking at a meeting on the occasion of the 25 years of the establishment and development of Truong Hai Group (THACO) on December 11.

Phuc also awarded the First Class Labour Medal to the Group.

After 25 years of development, from a company which traded and repaired second-hand vehicles in Dong Nai Province, THACO has become a multi-industry corporation, he said.

THACO built Chu Lai Port in Quang Nam Province in 2012 after it built the Chu Lai Open Economic Zone.

It is a bold example of a private economy which has successfully increased productivity to bring higher profit and opportunities for more investment, according to Phuc.

“THACO’s success has inspired the spirit of “Dare to think, dare to do and dare to inspire” for Vietnamese enterprises,” he said.

Phuc has called on THACO to continue to inspire Vietnamese businesses to develop a green, circular and eco-friendly economy, protecting people’s health and ensuring the quality of the environment.

He also asked it to continue to create more jobs for employees.

Based on THACO’s success story, Phuc has recommended businesses see obstacles as opportunities to take their businesses to the next level.

Truong Hai Group, formerly known as THACO Auto Corporation (THACO), was founded in 1997 in Dong Nai Province.

THACO is a multi-industry corporation which operates automobiles, agriculture production; mechanics and supporting industries; logistics; investment and construction; and commerce and services.

In 2021, THACO acquired the Vietnamese retail operations of E-Mart, the largest retailer from South Korea. — VNS