Vietnamese auto-manufacturer loses $11 million in fire

February 13, 2017 | 15:29

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An earlier fire this month at Truong Hai Auto Corporation (Thaco)’s factory in the central province of Quang Nam caused VND250 billion ($11 million) in damages to the company.

Vietnamese auto-manufacturer loses $11 million in fire

According to information released at the February 12 press conference held by Thaco and the Quang Nam People’s Committee, the fire at Thaco’s bus factory in the Chu Lai-Truong Hai complex in Nui Thanh district on February 2 was caused by electric malfunction.

The company said that before the fire, the company had taken out an insurance for the factory in which the value of the facility was set at VND600 billion ($26.43 million)

The company’s initial calculations showed that the fire caused about VND250 billion ($11 million) in damages. Thaco chairman Tran Ba Duong said that the factory resumed operations five days afterwards.

“It was fortunate that our workers detected the fire early on and moved our assets to safety,” he said. “Otherwise the damage would have been even higher.”

Duong said that this year Thaco targeted a revenue of VND71 trillion ($3.12 billion). “This equals to VND250 billion ($11 million) of revenue each day, and we expect to submit to the budget of Quang Nam province VND50 billion ($2.2 million),” he said.

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