PSA Group and its partner THACO (Truong Haï Auto Corporation) have signed a contract to accelerate development in Vietnam by committing to local assembly and bringing to market two new SUVs, to be produced in Chulai (Quang Nam Province).

The new local assembly line will start in October this year and is aiming to cover the needs of the Vietnamese market for a volume of 27,000 from 2017-2020.

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THACO Group, has been the assembler, importer and distributor of the Peugeot brand in Vietnam since 2014.

The two new SUVs will complement the current range comprising the Peugeot 208, 3008 and 508.

“After a first phase 2014-2016 marked by the return of the Peugeot brand in Vietnam, this agreement materialises the acceleration of our ambitions in the Vietnamese market,” said THACO president, Tran Ba Duong.

For his part, PSA Group EVP China and ASEAN, Denis Martin, added: “A dynamic network development plan will accompany the growth of the brand in Vietnam by 2020.

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“The strengthening of our partnership in Vietnam with THACO group is part of the Group’s long-term strategy to increase sales in South East Asia, a strategic region with strong growth potential.”

“The development of our local production capacities with THACO will allow us to aim for 5% market share in Vietnam in 2020, a market that should rapidly exceed 300,000 vehicles per year.”