14:46 (GMT +7) - Saturday 25/11/2017

Business

Navistar signs MoU with local distributor

Released at: 11:33, 14/11/2017

Navistar signs MoU with local distributor

Photo: Navistar

Up to $1.8 billion worth of International trucks to be imported into Vietnam over next decade under MoU.

by Linh San

The Navistar International Corporation has signed an MoU with Hoang Huy, its distributor in Vietnam, that paves the way for the import of up to $1.8 billion in International trucks into the country over the next ten years.

The MoU represents the next phase of an already successful relationship between Navistar and Hoang Huy to grow its business in Vietnam over the next decade through the sale of new trucks, used trucks, and service parts.

The signing took place at the Presidential Palace in Hanoi on November 12 and was witnessed by State President Tran Dai Quang and US President Donald Trump.

“Navistar is bullish about the Vietnamese market and we have established a strong and successful relationship with our partner, Hoang Huy,” said Mr. Persio Lisboa, Navistar’s Executive Vice President and Chief Operating Officer. “Working together, our exports of International brand trucks to Vietnam over the past two years have been phenomenal. We are poised to reach new heights in the months and years ahead as a result of this agreement. We could not have been in this position without the strong support of the US State Department and the US Department of Commerce.”

Navistar was introduced to Hoang Huy in 2015 via a Gold Key partner search conducted by the US Department of Commerce. The Gold Key service provides US firms seeking foreign business partners with introductions to pre-screened candidates. Hoang Huy has sold more than 7,000 International ProStar trucks to trucking and logistics companies, capturing 50 per cent of the heavy truck market in Vietnam. The trucks are used to transport merchandise between Vietnam’s largest cities and carry export products to neighboring countries.

Navistar also exported 21 new International DuraStar trucks to Vietnam earlier this fall. The medium-duty trucks, which were manufactured at the company’s Springfield, Ohio plant, were purchased by the Vietnamese Government. The sale marked the company’s first sale of new trucks in Vietnam.

“I am encouraged by the flexibility and performance of the new trucks and am confident they will be enthusiastically received by customers,” said Mr. Do Huu Ha, Hoang Huy’s Chairman.

The Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International brand commercial and military trucks, proprietary diesel engines, and IC Bus brand school and commercial buses. An affiliate also provides truck and diesel engine service parts. Another affiliate offers financing services.

Hoang Huy is currently the leading truck distributor in Vietnam and is listed on Ho Chi Minh Stock Exchange (HoSE) under stock code TCH.

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