Tasco Joint Stock Company (stock code: HUT) has just announced two important personnel joining and taking on key positions in the ecosystem, including Mr. Pham Van Dung and Mr. Nguyen Thien Minh.

Mr. Pham Van Dung has been appointed Chairman of SVC Holdings Company Limited (SVC Holdings), a member company of Tasco, since November 1. At SVC Holdings, Mr. Dung will directly participate in managing and developing strategic partners; preside over research and propose new projects aiming to gradually participate in mastering the industry's supply chain and participating in regional and global markets.

Mr. Dung is introduced to have more than 20 years of experience working for global corporations such as GM-Daewoo, Ford, Inchcape... and holding senior executive positions in the automobile industry. Most recently, he held the position of General Director of Ford Vietnam from 2015 to 2022 and is the first Vietnamese person to be appointed to this position.

In September, Tasco issued 543.8 million shares in private placement to exchange 100% of its shares with shareholders of SVC Holdings Joint Stock Company. After the deal, SVC Holdings became a limited liability company with 100% capital belonging to Tasco. This enterprise owns Savico - the largest automobile distribution system in Vietnam today.

SVC Holdings also owns a series of prime lands such as Savico Megamall shopping center in Hanoi, Savico Da Nang shopping center, Savico Tower Nam Ky Khoi Nghia (HCMC).

Mr. Nguyen Thien Minh is Chairman of the Board of Members of VETC Automatic Toll Collection Company Limited (VETC) and Chairman of Tasco's Technology Council.

According to his introduction, Mr. Minh has more than 20 years of experience in building technology platforms in businesses, startups, and multinational corporations in the US, Europe, and Singapore such as PayPal, Wells Fargo, BestBuy, OpenTV, DTT, Callaway Golf Interactive, American Airlines, etc. and in Vietnam such as ILA, Geniebook. He is also the co-founder and CTO of startups such as the Vietnamese ride-hailing app Be or the digital bank Cake.

Tasco Joint Stock Company (formerly Nam Ha Bridge Team) was established in 1971. By 2020, the Company was equitized and renamed Nam Dinh Traffic and Infrastructure Construction Joint Stock Company. Typical projects that the company has constructed are Cua Nhuong Bridge project, Phu Van Bridge project, and construction of National Highway 10 from Quan Toan Bridge to Nghin Bridge (Hai Phong City).

In 2008, Tasco's HUT shares were officially listed on the Hanoi Stock Exchange (HNX).

This enterprise currently has business lines including transport infrastructure, automobiles, real estate, and insurance. VETC currently provides 80% of non-stop ETC toll collection services, connecting 112 toll stations and 635 expressway lanes nationwide.

Tasco is also operating and owning 6 large BOT projects on the main routes of National Highway 10 Hai Phong, My Loc Nam Dinh, Quang Binh, Dong Hung and National Highway 39 Thai Binh.

The financial report shows that in the first 9 months of the year, Tasco recorded VND3,180.4 billion in net revenue, 4.2 times higher than the same period last year. After deducting the cost of goods sold, gross profit reached VND513.5 billion, up 58.7% compared to the first 9 months of last year.

However, recently, the company's expenses have increased sharply. In particular, sales expenses amounted to more than VND 101 billion, 6.5 times higher than the same period. Business management expenses were VND 201 billion, up 43%. Financial expenses also increased by nearly 20%. This caused the company's after-tax profit to drop sharply by nearly 74%, reaching VND 29.3 billion compared to VND 111.4 billion in the first 9 months of 2022.