Joint venture with local conglomerate aims to keep top market spot
HANOI — A joint venture between South Korea’s Hyundai Motor and Vietnamese conglomerate Thanh Cong Group has opened a sprawling new factory in northern Vietnam, as it looks to expand production and hold on to its top spot in the market.
The plant, located in Ninh Binh province, has an annual production capacity of 100,000 units. Combined with existing facilities, the joint venture’s output capacity is expected to reach 180,000 by 2025. The new plant will produce cars for export to other countries in the region, in addition to the domestic market.
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