Leaders of THACO and LS Mtron signed the cooperation document. (Source: VNA)QuangNam (VNA) – The Truong Hai Automobiles Joint Stock Company (THACO)will partner with the LS Mtron Corporation from the Republic of Korea tomanufacture and distribute agricultural machines on the Vietnamese market.
Underthe terms of a deal signed in the central province of Quang Nam on January 17,LS Mtron will transfer its technology to THACO to manufacture agriculturalmachines with the localisation rate of 50 percent and THACO trademark for exclusivedistribution in Vietnam from October 2017.
Inthe second stage, the joint venture will expand production to export itsagricultural machines to foreign markets.
Themove is in line with THACO’s development strategy to turn itself into amulti-sector group, with a focus on mechanical engineering and automobileindustries.
JaEun-koo, Vice President of LS Mtron Corporation, said the company beganmanufacturing agricultural machinery in 1977. Its tractors with LS trademark currentlyaccount for the largest share in the RoK and are being produced in China andBrazil.
LSMtron has exported tractors to more than 40 countries and territories worldwide,including 12,000 machines to North America – the world’s largest agriculturalmachine market.
Speakingat the signing ceremony, Deputy Minister of Agriculture and Rural DevelopmentHoang Van Thang said the THACO – LS Mtron cooperation will contribute to industrialisationand modernisation in agriculture, thus helping to improve the competitivenessof Vietnam’s agricultural products and living conditions of farmers.-VNA
