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.
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@example.com)