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GM files for bankruptcy, Vidamco still afloat
Vietnam Daewoo Motor Company (Vidamco) has announced that it will maintain normal operations, though its parent group General Motors in the US has filed for bankruptcy.
Vidamco on June 2 stated that it would continue operating as normal, which means that employees’ working hours and salaries, payment terms and contracts with suppliers will remain unchanged, while customers will be provided with warranties and service support as normal.
The press release of the automobile manufacturer said that Vidamco’s manufacturing operations would continue to run to meet domestic market demand.
Prior to that, on June 1, 2009, General Motors GM, the biggest automobile manufacturer in the US, filed for bankruptcy. It will be nationalised temporarily with 60 percent of stakes to be held by the US government.
A new GM will be set up which will concentrate on four main brands – Cadillac, Chevrolet, Buick and GMC.
GM confirmed that all of its overseas subsidiaries, including Vietnam Daewoo Motor Company (Vidamco), which was established in 1993, and Chevrolet-Europe as well as GM Korea will become part of the “New GM”.
“We will support the launch of the ‘New GM’ and our parent’s accelerated drive to reinvent itself as a stronger and more competitive company,” said Jung In Kim, Vidamco’s general director.
He added that Vindamco’s vehicle development activities, including GM’s global new mini and small car programmes based at GM Daewoo, are continuing as planned.
He also said that Vidamco will play an important role in the new company’s global business strategy.
Vidamco’s headquarters is located in Tu Hiep Commune in Thanh Tri district in Hanoi. The manufacturer has the capacity of 10,000 cars a year.
VietNamNet, TBKTVN
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