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    VIC   VN000000VIC9

VINGROUP JOINT STOCK COMPANY

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Vingroup JSC : VINFAST AND GENERAL MOTORS SIGN LANDMARK STRATEGIC PARTNERSHIP AGREEMENT IN VIETNAM TO DRIVE FUTURE GROWTH

06/28/2018 | 03:33am EST

06/28/2018 02:24

HANOI, VIETNAM: General Motors (GM) and VinFast - a subsidiary of leading Vietnamese corporation, Vingroup - today announced a landmark strategic partnership agreement which will drive long-term growth and expansion for GM's Chevrolet brand and VinFast in Vietnam.

Ms Le Thi Thu Thuy - Vice Chairwoman of Vingroup, President of Vinfast and Mr Barry Engle - Excecutive Vice President and President, GM International sign on the landmark strategic partnership agreement in Hanoi, Vietnam, 28th June 2018

As part of the alliance, VinFast will become the exclusive distributor for the Chevrolet brand in Vietnam. Using Vingroup's unmatched domestic retail presence and the existing Chevrolet dealer network, VinFast will drive the Chevrolet brand forward while rapidly expanding its own local operations and leading the Vietnam automotive industry into a new era.

VinFast will assume ownership of the GM Hanoi factory, and will implement a significant investment program to build an all-new, global small car licensed from GM and manufactured and sold under the VinFast brand. Production of this vehicle will begin in 2019, greatly increasing capacity and output at the Hanoi plant and growing the manufacturing base of the dynamic VinFast operation.

GM will become a preferred automotive technology provider to VinFast, opening potential pathways for future product sharing and technology transfer, providing opportunities to drive both brands forward.

'We are incredibly excited about the opportunities presented by this landmark announcement,' said Jim DeLuca, CEO of VinFast.

'VinFast is pleased to be driving the rapid expansion of Vietnam's domestic automobile industry. Our vision is to build an automobile manufacturing eco-system that will include assembly plants, local automotive suppliers and dealers, and a string of supporting industries. Our plan is to launch a portfolio of five VinFast vehicles in 2019 and this strategic partnership is integral to that.

'This partnership will act as a catalyst as we work tirelessly to bring our VinFast vision to life,' said DeLuca.

'The automotive industry in Vietnam is set to become a key growth engine for economic development and we now have the strongest possible local partner in VinFast to grow Chevrolet and drive our brand forward,' said Barry Engle, Executive Vice President and President, GM International.

Chevrolet's extensive national dealer network will continue to serve customers around the country and GM is actively working to expand its Chevrolet vehicle portfolio in Vietnam.
'We are very excited about the opportunity to play a key role in developing the automotive industry in Vietnam. The GM-VinFast strategic partnership will best position the Chevrolet brand and dealer network for long-term growth in Vietnam by leveraging GM's global scale and expertise, married with VinFast's domestic strength and insight,' said Engle.

VinFast and GM will closely work together to ensure a smooth transition for customers, employees, suppliers, dealers and other stakeholders. The transfer date for the GM Vietnam operation - including the Hanoi plant, dealer network and employee base - is expected to be by the end of 2018.

Chevrolet customers will continue to receive service, parts and warranty support from their local Chevrolet dealers. At the time of handover, GM Vietnam employees will continue their employment under VinFast ownership of the company.

For more information, visit www.chevrolet.com.vn.


Disclaimer

VINGROUP JSC published this content on 28 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 June 2018 07:32:07 UTC


© Publicnow 2018
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Net income 2021 3 288 B 145 M 145 M
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Last Close Price 95 800,00 VND
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Quang Viet Nguyen Vice Chairman & Chief Executive Officer
Vuong Nhat Pham Chairman
Hiep Khac Le Vice Chairman
Marc Villiers Townsend Independent Director
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