Hyundai Motor to set up joint sales venture in Vietnam


0

Hyundai Motor has signed a memorandum of understanding with Vietnam’s Thanh Cong Group to set up a joint sales venture as part of efforts to expand its presence in the Southeast Asian country, the company said Thursday.

Under the agreement, the companies will work together to expand sales and after-service networks to cater to growing demand in the country’s auto market. Vietnam’s auto market grew 27 percent last year.

(Hyundai Motor)

Established in 1999, Thanh Cong Group is a Vietnamese conglomerate operating construction businesses through it 23 affiliates. The group has been selling Hyundai cars since 2009.

Hyundai expects to build a sales network capable of selling around 100,000 units a year. The carmaker sold more than 50,000 units last year for the first time in Vietnam, securing market share of 19.4 percent. Hyundai was the No. 2 carmaker in terms of sales in the Vietnamese market, which has been long dominated by Japanese competitors, the company said.

Meanwhile, the automaker posted a net loss of 203.3 billion won ($180 million) for the fourth quarter of last year due to a strong Korean won and a drop in demand. For the entire 2018, net profit plunged 64 percent from a year earlier to 1.645 trillion won.

By Cho Chung-un ([email protected])

Source : koreaherald


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win

Comments

comments

Powered by Facebook Comments

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format