Mazda, a brand name helps Thaco take the lead of sale in domestic automobile market in March.

HA NOI (Biz Hub) — The Truong Hai Automobile JSC (Thaco) has targeted to lead the domestic automobile market with an after-tax profit of VND1.85 trillion (US$88.09 million), an increase of 62 percent compared with last year.

The information was released at a shareholder meeting held on May 9. The group set plans to sell 35,160 units this year worth more than VND19 trillion ($904.76 million), raising by 58 percent over the last year and accounting for 33 percent of the Vietnam Automobile Manufacturers Association (VAMA).

A report at the meeting revealed that the group had sold 28,230 units including trucks, buses and passenger cars in 2013, occupying 29 percent of the market share. The group has since moved to the second position, behind Toyota.

According to a VAMA statistic, Thaco Group sold 10,794 units in the first four months of this year, taking the lead in the domestic market.

One of the reasons behind the success is that the group has invested in assembling and distributing two brand names Mazda and Kia, which reached a sale of 12,945 units in 2013, 36 percent higher than that of 2012.

This year, the group will invest an additional VND604 billion ($28.76 million) in producing plastic spare parts and focusing on assembling lines for new products including New Carens 2014, Mazda 6, Peugeot 3008 and Mazda 3.

The group will also invest more than VND478 billion ($22.76 million) in expanding distribution network, bringing the total to 146 agents and showrooms nationwide. — VNS