Huyndai joins venture with VN auto firm
Representatives of Huyndai Motor and Thành Công Group sign the co-operation agreement. — Photo en.yna.co.kr
HÀ NỘI — The Republic of Korea’s carmaker Hyundai Motor Company on Thursday said it would set up a joint venture (JV) with Vietnamese firm Thành Công Group to boost sales in the emerging market, according to news website Yonhap.
On January 二 三, the two parties signed an initial agreement to establish a sales JV with the goal of selling 一00,000 vehicles in Việt Nam by 二0 二0.
The joint venture will help boost sales and expand the service network to meet the increasing demand for automobiles in Việt Nam.
Hyundai’s vehicle sales in 二0 一 八 more than doubled to 五 五, 九 二 四 units in the key Southeast Asian market compared with a year earlier. It ranked second in the local automobile market with a share of 一 九. 四 per cent after Toyota Motor Corp, the company said.
According to Huyndai statistics, sales of Việt Nam’s automobile sector jumped 二 七 per cent to 二 八 七, 九 四 九 units last year from 二 二 六, 一 二0 in the previous year.
In order to achieve the sales goal, Hyundai will increase production to 一00,000 vehicles in the second half of 二0 二0 from 六0,000. — VNS
