Hanoi, Vietnam – July 8, 2024 – Tasco Auto has announced the acquisition of 100% Sweden Auto Co., Ltd., the sole authorized importer and distributor of Volvo cars in Vietnam. Sweden Auto distributes Volvo through a network of four dealerships in Hanoi, Ho Chi Minh City, and Da Nang.
With a network of nearly 90 showrooms nationwide, the acquisition of Sweden Auto further strengthens Tasco Auto’s position as the largest automotive distributor in Vietnam.
Beyond its distribution business, Tasco Auto is also reaffirming its long-term investment strategy for the automotive industry by continuing to develop its vertically integrated business model, becoming the authorized importer of premium car brands such as Volvo (through Sweden Auto) and Lynk & Co (through GreenLynk). Tasco Auto has also recently shared plans to move upstream with The CKD (Complete Knock Down) assembly plant project in partnership with a top 10 global OEM manufacturer.
Sweden Auto, after 5 years entering the Vietnamese market, has become one of the Top 3 luxury car brands in Vietnam. Car sales in 5M2024 have also surged by 23% yoy. Volvo’s market share continues to climb, capturing 14% of the luxury car segment in May 2024.
Volvo, renowned for its world-class safety features and environmental responsibility (meeting Euro 6 emission standards), is increasingly being chosen by Vietnamese customers. Volvo has established a strong foothold within a short timeframe, boasting a remarkabke compound annual growth rate (CAGR) of 164% for the first six years.
Volvo’s reputation for excellence has been highly regarded by the car enthusiast community and industry experts, evidenced by its prestigious awards worldwide, including Car of the Year, Best Family Luxury Car 2023, Best Design Award 2024, and Top Safety Pick+ by the IIHS (Insurance Institute for Highway Safety – USA) for many years.
