Bankrupt South Korean automaker Ssangyong Motor has signed a deal to export up to 15,500 vehicles to Vietnam over the next five years.
The company, granted court protection from creditors a year ago, said it would begin exports this week of complete knock-down (CKD) units of its Kyron SUV. The kits will be assembled by Vietnam’s Xuankien Vinaxuki Motor. No value has been put on the deal.
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Ssangyong was hit by a crippling strike last summer after filing for court protection as workers protested at mass redundancies, occupying the main plant for 77 days, sparking violent clashes with riot police.
In December the firm’s rescue plan won court approval giving it a new lifeline.
