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The Korea Herald
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THE INVESTOR
March 28, 2024

Automobiles

Hyundai Motor heir meets Vietnamese president

  • PUBLISHED :March 29, 2017 - 15:23
  • UPDATED :March 29, 2017 - 17:22
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[THE INVESTOR] Hyundai Motor Group Vice Chairman Chung Eui-sun on March 28 met with Vietnamese President Tran Dai Quang during his visit to the country for the first time, highlighting the emphasis the automaker puts on one of the fastest growing markets in the world.

During the meet-up, Quang emphasized the friendly bilateral relationship between the two countries, while pledged to continue his administrative reforms and improve business environment for foreign investors in the country.


Hyundai Motor Group Vice Chairman Chung Eui-sun



“Hyundai Motor assembles vehicles in Vietnam through a local joint venture,” Chung was quoted as saying in local media reports. “We will expand local investments while actively engaging in social responsibility activities to help develop the community.”

During the trip, Chung plans to visit Hyundai’s assembly plants in the country and inspect the Vietnamese market.

Hyundai is currently constructing a commercial vehicle plant in Quang Nam province, with plans to roll out 20,000 units of truck and buses annually. The automaker and its Vietnamese partner Thanh Cong Auto have each injected 45 billion won (US$40.42 million) to set up a 50:50 joint venture for the new auto plant that will be completed by July.

When adding the production from Thanh Cong’s existing assembling facilities in the province, Hyundai’s production of commercial vehicles will reach 30,000 units annually.

While Vietnam’s auto market is relatively small in the Southeast Asia region, the market is growing at the fastest rate. Last year, Hyundai became the top seller in 2.5-ton or larger truck and bus segment, making up more than 25 percent of the market share.

In 2016, Hyundai sold 112,332 commercial vehicles in the country, up 23 percent from the previous year. Through the planned facility expansion, Hyundai aims to keep up with the growing demand for commercial vehicles in the country.

By Ahn Sung-mi (sahn@heraldcorp.com)

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