MESSAGE NO. 19 - 2024 OF THACO CHAIRMAN TRAN BA DUONG

Dear all THACO staff,

In 2024, the economy is forecast to have difficulties, challenges and low consumption as in 2023 and is expected to grow slightly in the last 6 months of the year. This is also the second year that THACO continues to implement the Multi-industry Strategy and 5-year Plan (2023 - 2027) . THACO and its member corporations strive to implement the production and business plan in 2024 according to the set strategic goals as follows:

1. THACO AUTO: In 2024, continue to promote investment in the retail system with models according to the set strategy: Multi-brand passenger car showroom complex, Passenger car showroom complex combined with Trade - Service Center, THACO Truck & Bus Showroom with 17 newly invested showrooms. At the same time, focus on upgrading and perfecting the management apparatus comprehensively according to the approved structure and organizational chart.

Developing new products, introducing and selling to the market including 09 passenger car models; 13 truck models and 06 bus models under the THACO brand. At the same time, investing in building a new R&D Center with a larger scale, with synchronous and modern equipment to meet the requirements of technological development in automobile manufacturing and assembly.

Develop repair service business & spare parts business to become main business line, at the same time pilot used car business.

THACO AUTO's sales plan in 2024 is 95,400 cars of all kinds, including 76,200 passenger cars and 19,200 trucks and buses, accounting for 38% of the domestic automobile market share; Exporting more than 1,600 cars. Consolidated revenue is 68,400 billion VND. Total investment capital is more than 2,100 billion VND. By the end of 2024, the total number of employees will be 14,986 people. In 2024, THACO AUTO will prioritize recruiting additional leaders and managers of basic operations; strengthening vocational training, improving productivity in the field of after-sales services at showrooms and affiliated dealers.

2. THACO INDUSTRIES: In 2024, continue to invest and put into operation new factories in Chu Lai, including: High-end Passenger Car Glass Factory; Auto Frame & Body Components Factory; Passenger Car Interior Complex. At the same time, continue to upgrade existing factories to improve productivity, efficiency and quality in production. Continue to study the feasibility of the Investment Project for Spare Parts Factories in the North and the Mechanical Engineering and Supporting Industry Center in the South.

Continue to invest, research and develop new products and put into operation the new THACO INDUSTRIES R&D Center specialized for THACO AUTO with a larger scale and modern equipment to meet the increasingly high export requirements in terms of types and quality of machinery, equipment and components.

Established and operated a sales company in the US for the North American market (including the US, Canada, Mexico), established and managed 2 Representative Offices in Europe and Australia to support existing customers and develop the market.

THACO INDUSTRIES' consolidated revenue in 2024 is VND 13,000 billion, of which export revenue is USD 250 million. Total investment capital is VND 2,100 billion; recruiting 980 additional employees (including 321 engineers for the R&D Center). By the end of 2024, THACO INDUSTRIES' total number of employees will be 8,620 .

3. THACO AGRI: In 2024, continue to invest in construction to complete the model of a large-scale, integrated/circular agricultural production complex on an organic basis with stable output and quality (including 1 complex in the Central Highlands, 2 complexes in Cambodia and 1 complex in Laos), including:

Regarding fruit trees: Completely new banana and fruit trees of all kinds are planted according to the plan, with completely new industrial care and harvesting methods. By the end of 2024, the total specialized banana area will reach more than 11,600 hectares ; The total area of fruit trees combined with cattle farming will be 7,100 hectares .

Regarding livestock: By the end of 2024, the total herd size will reach over 151,500 heads (including 104,500 breeding cows and 47,000 beef cattle ) ; The herd size will reach 136,600 heads (including 20,000 breeding pigs) . The output of animal feed will reach 120,000 tons . Continue to develop the high-value freshwater fish farming project, including completing fish hatcheries and mass farming of meat fish.

Regarding industrial production in agriculture: Complete the infrastructure of industrial clusters in Agricultural Complexes and simultaneously put into operation important and urgent factories such as: Factory producing specialized equipment and tools in agriculture; Packaging factory; Plastic materials factory... At the same time, deploy investment in other factories to put into operation in 2025 according to the set plan.

Continue research to invest in the Seed Center and apply science, technology and new generation specialized machinery in agriculture.

In 2024, THACO AGRI's consolidated revenue is estimated at 6,600 billion VND , of which export revenue is 190 million USD ; Total investment capital is 5,800 billion VND ; Recruiting 12,600 additional employees, by the end of 2024, THACO AGRI's total number of employees is 34,300 .

4. THADICO (DAI QUANG MINH): With the role of self-investing in construction in the field of transport infrastructure, industrial parks, urban areas and complex projects, and at the same time comprehensively managing construction investment projects of THACO and its member corporations.

In 2024: THADICO continues to invest in completing the infrastructure of 03 specialized industrial parks in Chu Lai - Quang Nam and Thai Binh, and at the same time researches investment in industrial parks in Binh Duong; Complete and hand over the Chu Lai port expansion and upgrade project; Implement dredging of the existing Ky Ha channel. At the same time, actively carry out legal work for investment in Cua Lo channel in Chu Lai. For complex real estate, THADICO will continue to complete the THISO Mall Truong Chinh - Phan Huy Ich project; upgrade the Thiso Yangon Complex in Myanmar. Start construction of 12 projects including 02 projects in the North, 10 projects in the South to meet the development plan of THISO's commercial center chain system in the period of 2024-2027. For the multi-brand automobile complex, THADICO completes and hands over 03 projects in Hue, Da Lat and Tien Giang; started 06 new projects (02 projects in the North, 04 projects in the South) implementing the plan to upgrade 28 existing auto showroom projects. In addition, THADICO continues to implement 36 projects on THACO's existing land funds.

THADICO - DAI QUANG MINH's total investment capital in 2024 is 3,085 billion VND ; recruiting 306 additional employees, by the end of 2024 the total payroll staff will be 2,645 employees.

5. THISO: Is a Group that owns, operates and manages real estate with the model of "One destination - many utilities and services" , including complex types: THISO Complex (large scale), THISO Center (medium scale); THISO Mall (mid-range and high-end). At the same time, THISO Retail (Emart Vietnam) and other types of Trade & Services through the following forms: association, joint venture and self-employment.

In 2024, THISO will continue to put into operation phase 2 of THISO Mall Truong Chinh - Phan Huy Ich. Construct and complete to put into operation the first THISO Mall Tay Ho Tay in Hanoi, in Bien Hoa - Dong Nai and the 4th shopping center in Ho Chi Minh City in early 2025.

THISO's consolidated revenue in 2024 is VND 5,880 billion, total investment capital is VND 9,469 billion; recruiting 414 additional employees, by the end of 2024 the total number of employees is 3,060 .

6. THILOGI has the role of implementing the strategy of forming an International Logistics Center in Chu Lai and developing a logistics network connecting Quang Nam - Central region with the Central Highlands, Southern Laos, Northern Cambodia and the two regions of the South and the North with the strategic goal of optimizing logistics costs in Chu Lai towards equality between the South and the North.

In 2024, THILOGI will complete and put into operation a 50,000-ton port with modern equipment to improve container loading and unloading capacity, continue to invest in road transport vehicles suitable for each route to minimize transportation costs. Deploy the construction of a new Executive Office, with a total investment of nearly 1,000 billion VND in 2024.

The 2024 business plan is to transport more than 20,100 containers of fruits and agricultural supplies by convection. Carry out domestic sea transport services with more than 46,600 containers and international routes with 56,600 containers. The total volume of goods through Chu Lai port is estimated at 5 million tons, an increase of 62% compared to 2023.

Total consolidated revenue in 2024 is expected to reach 3,800 billion VND (of which revenue from external business activities accounts for 40%); total investment is nearly 1,000 billion VND. Recruiting 239 additional employees, by the end of 2024, the total number of employees will be 1,605 .

7. THACO Chu Lai: In 2024, THACO Chu Lai will enter a new development investment cycle, forming a new generation of THACO's multi-industry industrial ecosystem in Chu Lai - Quang Nam on the basis of industrial management, green, smart, sustainable and modern development; including the following centers: Automobile manufacturing and assembly; Mechanical engineering and supporting industry; Transportation; Agricultural and forestry processing; Trade - Services and Urban areas with full social infrastructure, making significant contributions to the development of Quang Nam province in particular and the Central region in general.

In 2024, THACO will focus on continuing to implement projects with strict compliance with legal procedures in Chu Lai - Quang Nam as follows:

Chu Lai - Truong Hai Automobile Mechanical Industrial Park Expansion Project (115 hectares): THACO has submitted to the Ministry of Planning and Investment a proposal to expand the Automobile Mechanical Industrial Park by an additional 115 hectares, bringing the total area to 358 hectares. In 2024, focus on implementing legal procedures to carry out compensation and site clearance.

THACO Chu Lai Specialized Agricultural and Forestry Industrial Park Project (451 hectares): Complete site clearance of the remaining 100 hectares of the project, complete and put into use route N2 and simultaneously deploy investment in infrastructure construction of the industrial park in 2024.

Port, Logistics and Non-tariff Area (173 hectares): Focus on completing legal procedures and putting into use the infrastructure and warehouse system, ensuring synchronous exploitation with Chu Lai port after completing the upgrade and expansion.

Dredging the existing Ky Ha Navigation Channel: Together with Quang Nam province, research and propose mechanisms and policies for THACO to invest in dredging Ky Ha Channel and exploit and organize management and operation in 2024.

Cua Lo channel and Tam Hoa port project : Complete the planning scheme of the duty-free zone associated with Tam Hoa port, evaluate investment efficiency and carry out related legal procedures to determine to start the project and complete it in 2027.

Chu Lai Urban Area: Focus on investment research so that after the Provincial People's Committee approves the 1/2000 Zoning Plan, THACO will participate in bidding to select investors in 2024.

THACO's total investment capital in Chu Lai disbursed in 2024 is 3,894 billion VND. Total budget contribution in Quang Nam province is 20,000 billion VND, an increase of 16% compared to 2023. Recruiting additional personnel is 1,453 employees, by the end of 2024, THACO's total staff in Chu Lai is 15,385 employees.

8. ADMINISTRATION WORK:

With the goal of completing the Governance Model of a large-scale multi-industry group by 2027 with a complete governance platform and successfully applying digital transformation. The 5-year plan for governance is to focus on "Completing and Upgrading Governance" based on the principle of 3-level governance throughout the entire system: THACO - Member Group - General Company or Management Block - Subsidiary Company through business groups: Basic, Specialized and Business with standardized regulations and processes. 2024 is the second year that THACO has been restructured from an automobile manufacturing and assembling group and investing in developing many other industries to become a parent group that only manages capital and investment with 6 member groups operating in 6 different large-scale production and business fields. Therefore, the key management tasks of THACO and its MEMBER GROUPS in 2024 are specifically as follows:

Continue to manage in a standardized manner to enhance the "Integration and Complementarity" between MEMBER GROUPS, considering this an important strategic characteristic , forming an ecosystem that brings business efficiency to THACO, to customers and to the economy.

Continue to restructure legal entities with separate capital sources and all production and business activities, focusing on investment legal management and consistency in production and business, especially in international relations.

Focus on and control with high discipline the work of Planning and managing production and business plans by month, quarter, year and 5 years based on the goals of the set strategy.

Consolidate and continue to develop human resources in line with THACO's philosophy, culture and industrial management methods and the trend of international integration; at the same time, have specific characteristics according to each industry of the TVTs with policies in line with THACO's practices and framework policies. Focus on recruiting human resources with systematic regulations and processes, with specific and clear "suitable" Criteria - Standards, meeting the needs of management and production and business with a total of 14,746 new recruits, of which member corporations are 14,685 employees, THACO General Management Office is 61 employees (increasing the total number of VPTQ employees to 301 employees); by the end of 2024, the total number of employees of the entire THACO is 65,520 employees. Continue to develop a team of "superior" leaders from within THACO and recruit from outside through planning, training and rotation in accordance with practical production and business requirements.

Improve the administrative apparatus at all levels step by step according to the needs of administration and business production based on the Structure, organizational chart and administration, operating according to the functions, tasks and approved regulations and processes.

Applying Information Technology and digital transformation with a roadmap suitable for production and business requirements and completing digital transformation by 2027 at the latest: In 2024, continue to use individual digital applications to solve immediate problems and conduct research, seek consultants and partners to develop a long-term digital platform .

Continue to implement the KPI-based Performance Management Program in a more comprehensive, systematic and scientific manner at THACO and its member corporations to better control the objectives of the Strategy, improve the efficiency of production and business activities , create development motivation, increase income for employees, promote innovation and increase labor productivity .

Complete the Cultural Project of THACO and its member corporations according to the characteristics of production and business activities and personnel by industry; Compile and disseminate the Code of Conduct , promote the exemplary role of leaders, aiming to build a "Cultural - Convenient" working environment. Organize internal cultural - sports - art activities and implement social responsibility through sponsoring cultural - sports - art programs and sharing the remaining difficulties in society in a planned and regular manner. Issue regulations on the framework and decentralization of external and internal communication management at MEMBER GROUPS. Invest in and centrally manage the Information Management Center to serve the general communication work of THACO and its member corporations.

Regarding ADMINISTRATIVE work: Deploying centralized administrative management to optimize costs and effectively use assets and administrative equipment; Carrying out administrative work to support and improve the living conditions of low-income workers working at Agricultural Complexes and at retail, trade and service units of THISO Retail (Emart Vietnam).

Dear staff!

2024 is a year with many economic difficulties, certainly bringing many challenges in production and business, but also bringing many advantages in implementing the program of Perfecting and upgrading THACO's management , in which the focus is on human resources. I request that THACO leaders at all levels focus on human resources work in the spirit of "strictness in love" so that human resources can develop along with the development of THACO. In addition, I call on each THACO employee to continue to promote the spirit of contribution and dedication to THACO and through THACO to contribute to the economy and the social community ; at the same time, strive to practice a positive attitude , always improve management capacity and expertise to accompany THACO to continue to overcome challenges towards the sustainable development of THACO and of each of our THACO employees.

Warm greetings and solidarity!

Chairman of THACO Board of Directors