Business

Hyundai to set up joint venture in Vietnam to boost sales

Car maker Hyundai Motor Co. of the Republic of Korea (RoK) will set up a joint venture with Vietnam’s Thanh Cong group to boost sales in the emerging market, according to Yonhap news agency.
Hyundai to set up joint venture in Vietnam to boost sales ảnh 1Vice President Jeong Bang-sun (2nd from L), head of the Asia-Pacific, Africa & Middle East Operations Division at Hyundai, and Thanh Cong Group CEO Le Ngoc Duc (2nd from R) shake hands with each other after signing an initial agreement to set up a sales joint venture in Vietnam. (Source: Yonhap)

Hanoi (VNA) - Car makerHyundai Motor Co. of the Republic of Korea (RoK) will set up a joint venturewith Vietnam’s Thanh Cong group to boost sales in the emerging market,according to Yonhap news agency.

The RoK news agency quoted astatement of Hyundai as saying that the company and Thanh Cong Group signed aninitial agreement to establish a sales joint venture that will be tasked withselling 100,000 vehicles in Vietnam by 2020.

For the whole of 2018, Hyundai'svehicle sales more than doubled to 55,924 units in the key Southeast Asianmarket compared with a year earlier. It ranked second in the local automobilemarket with a share of 19.4 percent after Toyota Motor Corp., the statementsaid.

Vietnam's automobile sectorjumped 27 percent to 287,949 units last year from 226,120 in the previous year,it said. 

To help meet the sales goal,Hyundai said it will expand its plant in Vietnam to 100,000 units by 2020 fromthe current 60,000.-VNA
VNA
#Hyundai Motor Co. #Republic of Korea #Thanh Cong group #emerging market #Yonhap news agency #Toyota Motor Corp. #joint venture #Vietnam #VietnamPlus #Viet Nam News
Follow VietnamPlus

Related News

RoK firms keen to invest in Hanoi: FKI Chairman

RoK firms keen to invest in Hanoi: FKI Chairman

Many investors and enterprises of the Republic of Korea are very interested in doing business in Vietnam in general and in Hanoi in particular, hoping to capitalize on the advantages of the country and the city, said Chairman of the Federation of Korean Industries (FKI) Huh Chang-soo on September 12.
RoK firms interested in doing business in HCM City: official

RoK firms interested in doing business in HCM City: official

A line-up of businesses from the Republic of Korea (RoK) hope to land investment in Ho Chi Minh City, especially in the sectors of high technology and IT, said Chairman of the Federation of Korean Industries (KDI) Huh Chang-soo on September 13.
RoK businesses appreciate Binh Duong’s investment climate

RoK businesses appreciate Binh Duong’s investment climate

Enterprises from the Republic of Korea (RoK) have highly valued the investment climate in the southern province of Binh Duong, which boasts great administrative reform, potential for development, and policies to facilitate businesses.

See more

Furusawa Yasuyuki, General Director of AEON Vietnam Company Limited, speaks at a meeting with Can Tho city's leaders. (Photo: VNA)

Can Tho creates enabling environment to attract Japanese investors

The Mekong Delta city of Can Tho is committed to creating the best possible conditions for Japanese companies to study, invest and develop projects, Standing Vice Chairman of the municipal People’s Commitee Duong Tan Hien said at a January 20 meeting with representatives from the Japanese Embassy and businesses in Vietnam.

Representatives of the Vietnamese Ministry of Industry and Trade and the Office of the US Trade Representative sign an agreement regarding anti-dumping on Vietnamese fish fillets on January 20 (Photo: moit.gov.vn)

US anti-dumping duty removed from Vietnamese fish fillets

A bilateral agreement between the Vietnamese and US Governments regarding anti-dumping duties on Vietnamese fish fillets was signed on January 20, marking the end of relevant disputes in Case DS536 at the World Trade Organisation (WTO).

The red carps for the ritual remain reasonably priced at 25,000-75,000 VND for three fish, depending on sizes. (Photo: VNA)

Hanoi markets bustle as residents prepare for Kitchen Gods’ Day

Markets across the capital city of Hanoi are teeming with fresh produce and traditional offerings as locals are preparing to bid farewell to the ong Cong (Land Genie) and ong Tao (Kitchen Gods) to the heaven, an important precursor to the Tet (Lunar New Year) celebrations.

Illustrative image (Photo: cafef.vn)

Banks step up capital mobilisation policies

Many banks have promoted capital mobilisation policies right from the beginning of 2025 to improve financial strength and meet the credit demand that is forecast to increase sharply this year.

Illustrative image (Photo: VinFast)

VinFast officially enters India market, unveils two EVs

Vietnamese electric vehicle manufacturer VinFast has unveiled two all-electric B-segment and C-segment SUVs, VF6 and VF 7, that will be sold in the Indian market within the framework of the Bharat Mobility Global Expo 2025 on January 18.

WEF’s Head of Regional Agenda for Asia-Pacific Joo-Ok Lee. (Photo: VNA)

WEF expert believes in Vietnam’s new era

As the world transitions into a new era, Vietnam is emerging as a key player in multilateral cooperation mechanisms and a beacon of growth and development, said the World Economic Forum (WEF)’s Head of Regional Agenda for Asia-Pacific Joo-Ok Lee.

VinFast's green bus fleet is ready to supply to three transport companies. (Photo: VNA)

VinFast launches new e-bus model

VinFast, a leading Vietnamese electric vehicle manufacturer, on January 17 launched a new electric bus model with the capacity to carry up to 60 passengers.