The MoU, which was signed on Thursday, demonstrates the efforts and actions of Thanh Cong Group and Hyundai Motors to invest and expand the assembly of Hyundai cars in Viet Nam.

The current joint venture factory between Thanh Cong Group and Hyundai Motors, named Hyundai Thanh Cong Commercial Vehicle, has a total capacity of producing over 60,000 units per year. Currently, the factory is producing and assembling vehicles such as Hyundai SantaFe, Elantra, Grand i10, Tucson and New Porter 150.

Thanh Cong Group president Nguyen Anh Tuan said his group would strive to invest capital, expand production scale, improve product quality and contribute to the development of the automobile industry in Viet Nam.

With the construction of the second automobile assembly plant, the corporation would bring to the market the latest eco-friendly model and help Vietnamese consumers get quick access to the achievements of the world automotive industry.

Byung Kwon Rhim, vice president of International Sales Division-Hyundai, said his firm saw opportunities and growth potentials of the Vietnamese market in Southeast Asia. This will be the basis for Hyundai Motors to promote and expand in the Asia Pacific region, with the centre being Viet Nam, he said.

Along with the expansion of production scale, the joint venture also committed to expand the distribution system and improve service quality across the country. It will also help to develop the Hyundai car brand in a sustainable way not only in sales but also in meeting the satisfaction of consumers.