For this year, EY (Ernst & Young) presented two honorary awards in the ASEAN region, with Hong Leong Group of Malaysia being the other awardee.

The awards aim to recognize successful Southeast Asian businesses and individuals for making substantial contributions to regional economies and communities.

"From an automotive apprentice to now leading a conglomerate with a workforce of 22,000 as chairman of THACO, Mr. Duong’s entrepreneurial journey and commercial success is inspiring," a press release quoted Max Loh, Singapore and Brunei managing partner, Ernst & Young LLP, as saying.

"Beyond that, the socioeconomic impact made in terms of job creation and community contribution is commendable. In addition to sponsoring community activities, providing scholarships to the needy, and supporting infrastructure development in the country, this year the company has also donated money and provided medical equipment to support the fight against the Covid-19 pandemic," he added.

THACO chairman Tran Ba Duong. Photo courtesy of THACO

Duong, speaking at the EY Entrepreneur of the Year Singapore virtual awards ceremony, thanked all partners and colleagues for having always been with THACO as the company fought challenges such as the 1997 Asian financial crisis, the 2007 - 09 global economic crisis, Vietnam’s economic crisis in 2012, and, especially, the ongoing Covid-19 pandemic.

"THACO and I will always uphold the spirit of entrepreneurship, and seek motivation to overcome challenges as well as changes in the global business environment due to Covid-19, international economic integration and the fourth industrial revolution to make more and more contributions to the Vietnamese economy and society."

Duong founded THACO in 1997 as a small private enterprise that repaired and traded used vehicles in Dong Nai Province in southern Vietnam.

It is now a conglomerate, though automobile and mechanics remain its core business, that has diversified into strategic sectors such as agriculture, logistics, investment, construction, and commerce.

In Vietnam, THACO is the leader of the automotive market with a 35 percent market share.

In 2003 the company started to build the THACO Chu Lai Automotive & Mechanic Industrial Park at the Chu Lai Open Economic Zone in Quang Nam Province in central Vietnam.