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Singaporean group becomes Truong Hai auto’s strategic partner
Singapore ’s leading auto distributor Jardine Cycle & Carriage group (JC&C) became Truong Hai Auto Company’s strategic partner under an agreement signed in Ho Chi Minh City on August 21.
Under the agreement, JC&C will hold a 20 percent of stake in Truong Hai Auto (Thaco) with total investment of 77 million USD, becoming the company’s largest shareholder.
As a strategic partner, JC&C will help Thaco distribute cars in Vietnam and map out a development strategy to earn a place in the regional market.
The two partners will also exchange staff, build up a joint distribution system with focus on tourism coaches in Vietnamese market and later in the AFTA and boost investment in industrial zones and financial services.
Established in 1997 in Bien Hoa II industrial park, southern Dong Nai province, Thaco has a factory to assemble Kia light truck with an annual capacity of 5,000 units. The company has recently put into operational another plant in Chu Lai, central Quang Nam province.
In the first half of 2008, Thaco sold 11,207 cars of all kinds compared to 12,140 units of the whole 2007.
Thaco’s partner, JC&C was established in 1899 and is now holding 50.1 percent of stake in Astra, one of the leading auto groups in Indonesia and Southeast Asia.
VNA
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