Japan’s Mitsui Group has bought a stake in Vietnam’s Tasco Auto for an undisclosed amount. The investment is to be made in two tranches, with the first received on July 31 of this year, according to a Tasco press release.
Tasco claims a 13.3 percent share of Vietnam’s automotive market acting as a key distributor for major car markers including Toyota, Ford, Mitsubishi, Nissan, and Volvo.
Of note, back in June, it was also reported that Tasco was looking at moving in car assembly in Vietnam. The announcement, however, was somewhat vague and it’s not clear whether this is connected to this latest investment from Mitsui or not.
Data from the Vietnam Automobile Manufacturers’ Association from July found that vehicle sales of the group’s members increased significantly in July over June–about 13 percent. Year on year sales, however, were down, which is in line with broader economic challenges.