Choosing Vietnam to build the largest automobile production and assembly network in South East Asia, Hyundai (Korea) is urgently realizing its plan to build the Vietnam's 2nd automobile plant in Ninh Binh, according to an agreement recently reached by Hyundai and the local automobile producer of Thanh Cong Group.
Hyundai Motors, Thanh Cong Group and the Ninh Binh Provincial People's Committee recently signed a Memorandum of Understanding on expanding production and assembly of Hyundai automobile in Vietnam. Currently, Hyundai Motors and Thanh Cong are preparing for the groundbreaking of the 2nd production facility as soon as possible.
|Photo for illustration.
The move reflects the efforts of Thanh Cong Group and Hyundai Motor to produce and assemble various kinds of automobile in the country, but runs against the general trend, in which many automobile companies turn to import activities to enjoy tax exemptions.
The current joint venture between Thanh Cong Group and Hyundai Motors has a total capacity of producing and assembling over 60,000 automobile units per year, with such vehicles as Hyundai SantaFe, Elantra, Grand i10, Tucson and New Porter 150.
With two large-scale automobile plants Hyundai-Thanh Cong is trying to realize their goal of becoming the No.1 car brand in Vietnam and one of the leading car brands in Southeast Asia.
Particularly, Ninh Binh province vowed to create favourable conditions for Hyundai-Thanh Cong to further expand their production scale in Ninh Binh as well as develop the supporting industry network in the future, in accordance to the Government's orientation on the development of the automobile industry.
Along with the expansion of its production network, the joint venture has also committed to boost its distribution network, and improve the quality of its services network across the country. It will also help to develop the Hyundai car brand in a sustainable way by both increasing sales and satisfying consumers with high qualities and comfortable services.
By Linh Bui