Representatives of Hyundai Group and Thanh Cong Group at the opening ceremony of Hyundai-Thanh Cong Commercial Vehicle joint venture (Photo: VNA) Hanoi (VNA) - Thanh CongGroup has officially signed a new joint venture with the Republic of Korea’sHyundai Group to manufacture and distribute commercial vehicles in Vietnam.
With the launch of the joint venture,which is named Hyundai Thanh Cong Commercial Vehicle (HTCV), Thanh Cong Grouphas become the only company in Vietnam to manufacture, assemble and distributeall models of Hyundai cars.
Ik Tae Kim, CEO of HTCV, said with thisco-operation, Hyundai and Thanh Cong were working together to create a unifiedbrand name" Hyundai" in Vietnam.
According to Kim, setting up the newjoint venture in the field of commercial vehicles is part of Hyundai Motor’sexpansion strategy in the global market. The Southeast Asia region has alwaysbeen considered an important market for future growth as other regional marketsshow signs of saturation.
Before the new deal, the production anddistribution of commercial vehicles under the Hyundai brand were carried out bydifferent units, creating variance in the market. The HTCV joint venture wasfounded to create uniform quality for customers in Vietnam.
Chairman of the Thanh Cong Group NguyenAnh Tuan, who is also Chairman of HTCV joint venture, said that the Hyundaicommercial vehicle manufacturing and assembling plant would be located in alarge-scale automobile manufacturing complex in the northern province of Ninh Binh.
The first phase of manufacturing in theplant will be carried out in an area of 25 hectares, with an estimatedproduction capacity of about 12,000 passenger cars and buses and about 30,000trucks per year.
“With available potential, experience,investment and technology transfer of the Hyundai Group, our products will notonly ensure the design and global quality but also competitive price,” said Tuan.
The Hyundai Group will transfer itsmost modern machinery and equipment to HTCV to help it meet the demand of theglobal exports.
The Thanh Cong Group now has threejoint ventures with the Hyundai Group, including joint ventures in the fieldsof elevators and passenger cars as well as commercial vehicles.-VNA
With the launch of the joint venture,which is named Hyundai Thanh Cong Commercial Vehicle (HTCV), Thanh Cong Grouphas become the only company in Vietnam to manufacture, assemble and distributeall models of Hyundai cars.
Ik Tae Kim, CEO of HTCV, said with thisco-operation, Hyundai and Thanh Cong were working together to create a unifiedbrand name" Hyundai" in Vietnam.
According to Kim, setting up the newjoint venture in the field of commercial vehicles is part of Hyundai Motor’sexpansion strategy in the global market. The Southeast Asia region has alwaysbeen considered an important market for future growth as other regional marketsshow signs of saturation.
Before the new deal, the production anddistribution of commercial vehicles under the Hyundai brand were carried out bydifferent units, creating variance in the market. The HTCV joint venture wasfounded to create uniform quality for customers in Vietnam.
Chairman of the Thanh Cong Group NguyenAnh Tuan, who is also Chairman of HTCV joint venture, said that the Hyundaicommercial vehicle manufacturing and assembling plant would be located in alarge-scale automobile manufacturing complex in the northern province of Ninh Binh.
The first phase of manufacturing in theplant will be carried out in an area of 25 hectares, with an estimatedproduction capacity of about 12,000 passenger cars and buses and about 30,000trucks per year.
“With available potential, experience,investment and technology transfer of the Hyundai Group, our products will notonly ensure the design and global quality but also competitive price,” said Tuan.
The Hyundai Group will transfer itsmost modern machinery and equipment to HTCV to help it meet the demand of theglobal exports.
The Thanh Cong Group now has threejoint ventures with the Hyundai Group, including joint ventures in the fieldsof elevators and passenger cars as well as commercial vehicles.-VNA
VNA
