Established in 1994 by American investors, Anthony D. Salzman and Ruby Shang, the V-TRAC Group was the first 100% foreign-owned company permitted to operate a Sales and Service Business in Vietnam.
The Group started operations in 1994 in Vietnam as distributor for Caterpillar (NYSE: CAT) and within a few short years, helped Caterpillar achieved market leadership in mining and construction machinery in Asia. To complement it’s distribution operations, V-TRAC Group ventured into financial leasing in 2000 and established the first 100% foreign-owned Financial Leasing company in Vietnam through a joint venture with Australia’s ANZ bank.
By 2009, V-TRAC Group has grown into a diversified conglomerate, with it’s main focus on the distribution of numerous brands of industrial heavy equipment, engines and automotive. The Group’s efforts won the highest market share in Asia for the brands it represents. The Group maintained it’s holdings in financial leasing and also expanded to property acquisitions. Over that 15 year period, V-TRAC Group had over 500 employees, trained more than 15,000 Vietnamese skilled workers and the Group generated annual revenue exceeding USD 100 million.
In 2010 V-TRAC Group restructured to focus more on real estate developments to meet the rising distribution and logistics needs of multinationals in Vietnam. To date, the Group has completed facilities in Hanoi and Ho Chi Minh City that supports Komatsu (TYO: 6301) and Marubeni (TYO: 8002); the new heavy equipment market leaders in Vietnam. The Group currently has residential and industrial property developments in progress.