Through direct investment and subsidiaries such as JC&C, the 200-year-old conglomerate Jardine Matheson holds substantial stakes in three of Vietnam’s top companies: Thaco, REE, and Vinamilk.

Strategic investor behind Thaco

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William Jardine and James Matheson. Photo: Wiki

Jardine Matheson first invested in Thaco in 2008 and significantly increased its stake in early 2019. By the end of 2023, Jardine had purchased nearly VND 9 trillion (approximately USD 353 million) in Thaco bonds.

Recently, Thaco chairman Tran Ba Duong revealed plans to sell shares in Thaco and its subsidiaries to raise capital for the North-South high-speed railway project. His family intends to retain only 51% ownership.

In October 2023, Thaco signed a share purchase agreement with Jardine Cycle & Carriage Limited (JC&C), a Singapore-based subsidiary of Jardine Matheson. JC&C agreed to acquire shares at a price equivalent to 20 times Thaco’s projected consolidated earnings in 2027.

The roots of Jardine Matheson: Breaking East India’s monopoly

Jardine Matheson, founded in 1832 in Canton (now Guangzhou), China, by Scottish businessmen William Jardine and James Matheson, rose to prominence across Asia, especially in China. In 1834, the company ended the monopoly of the British East India Company, a private trading empire that dominated commerce in India and Asia from the 17th to 19th centuries.

By 1844, Jardine Matheson had set up its headquarters in British-occupied Hong Kong and expanded operations along China’s coast. Originally a trader of tea, spices, and cotton, the group has since diversified into industries such as automobiles and real estate across Southeast Asia, including Vietnam.

JC&C, Jardine’s automotive-focused subsidiary, has made notable investments in Vietnam via Platinum Victory. This entity holds stakes in Thaco, refrigeration giant REE, and dairy leader Vinamilk.

Jardine also has a real estate presence in Vietnam through Hongkong Land.

Jardine Matheson’s strategy focuses on investing in market leaders with long-standing operations. However, in the real estate sector, the group tends to avoid acquiring shares in emerging property giants, preferring not to invest in companies that have only risen to prominence in the past decade or two.

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Jardine Matheson headquarters in Hong Kong. Source: JD

Investments in Thaco, REE, and Vinamilk

Jardine Matheson has historically targeted leading enterprises in China and Southeast Asia. In Vietnam, it has invested only in a select group of long-established, top-tier companies.

JC&C entered Thaco in 2008 with a 20.5% stake, later increasing its holding to 26.6% in 2019. In late 2023, JC&C bought USD 350 million worth of convertible bonds set to mature in 2028, which may further raise its equity stake.

JC&C’s involvement with REE began in 2012 when it acquired over 10% of the company, chaired by Nguyen Thi Mai Thanh, through Platinum Victory. JC&C has since raised its ownership to over 35%, and by late May 2025, Platinum Victory held nearly 196 million REE shares, equivalent to 41.6% of the company. This gives JC&C veto power over major decisions.

In November 2024, Mai Thanh stepped down as Chairwoman and became CEO. Alain Xavier Cany, JC&C’s representative, took over as chairman.

As of June 3, JC&C’s REE stake was valued at VND 14.5 trillion (about USD 569 million). It also holds roughly 221.9 million shares of Vinamilk (10.6%), worth approximately VND 12.2 trillion (USD 478 million).

Jardine Matheson’s 2024 financial report showed a sharp drop in after-tax profit, from nearly USD 2.4 billion in 2023 to USD 555 million in 2024.

Thaco, meanwhile, is a multi-industry conglomerate with business in automobiles, agriculture, engineering, supporting industries, construction, commercial services, and logistics. It is leading a USD 67 billion proposal for Vietnam’s North-South high-speed railway project.

Thaco is currently under financial pressure due to its large agricultural investments - mainly inherited from HAGL (HAG) led by Doan Nguyen Duc. In the auto segment, it faces stiff competition from VinFast, the EV brand founded by billionaire Pham Nhat Vuong, and a surge in Chinese car imports.

In real estate, Jardine is active via Hongkong Land, which owns projects in prime locations such as Central Building on Hai Ba Trung Street in Hanoi and The Nassim in Ho Chi Minh City. The group also has ties to popular F&B chains in Vietnam, including Pizza Hut, Starbucks, and KFC.

Manh Ha