Tasco Auto, a subsidiary of auto distributor Tasco, has bought out Sweden Auto, the sole distributor of Volvo cars in Vietnam.
The deal made Tasco the importer and distributor of the Chinese-owned Swedish luxury brand, and it has since increased its number of showrooms by four to almost 90, maintaining its position as the biggest auto distributor in the country, the company said in a statement.
Sweden Auto started distributing Volvo cars five years ago and reported pre-tax profits of VND54 billion ($2.1 million) last year, but the figure jumped to VND105 billion in the first five months this year thanks to a double-digit surge in sales.
In May Volvo accounted for 14% of Vietnam’s luxury car market, Tasco said.
The distributor of 15 auto brands last month announced that it would branch into car assembling and launch its first products next year.
Tasco Auto chairman Pham Van Dung said at the time the company wanted to work with a global top 10 auto producer.
