Sime Darby sets up Vietnamese subsidiary hinh anh 1Illustrative photo (Source: Internet))
Kuala Lumpur (VNA) - Malaysian Sime Darby Bhd, seller of 30 different brands of vehicles across Asia, recently established a unit in Vietnam to retail cars and spares.

Among the brands sold by Sime Darby are Rolls Royce, Hyundai, Ford and Land Rover.

The company's unit Euro Auto has secured approval from Vietnamese authorities to incorporate its 90 percent-owned Performance Motors Vietnam Joint Stock Company, which mainly sells vehicles and spare parts, Sime Darby said in a stock exchange filing.

The Vietnam Automobile Manufacturers' Association said vehicle sales rose 58 percent year on year in the first 10 months of 2015 to 163,855 units, making the country one of the fastest growing automotive markets in Asia.

Sime Darby has been selling MINI – and BMW-branded luxury vehicles in Vietnam through its Euro Auto unit since 2007 and owns showrooms in HCM City and three outlets in Hanoi.

The incorporation of Performance Motors Vietnam is not expected to have a material effect on the earnings or net assets of Sime Darby for the financial year ending June 30, the company added.-VNA