The Vietnamese government has given Honda Motor the green light to build and sell cars, Kyodo News reported.
Go deeper with GlobalData
Honda Vietnam will soon start construction of a new, modern automobile manufacturing facility adjacent to its current motorcycle plant with total investment of about $US60 million over the next five years, the report said.
”The new automobile production plant will have an initial annual production capacity of 10,000 units and plans to start production in mid-2006 with the launch of the Honda Civic, which is one of the company’s most popular mid-sized sedan models in the region,” Satoshi Toshida, managing director and chief operating officer of Honda’s Asia-Oceania region, told Kyodo News at a press conference.
The news agency said it is the fifth automobile facility for Honda in an Association of Southeast Asian Nation (ASEAN) country – it already has already plants in Thailand, the Philippines, Indonesia and Malaysia.
Kyodo said there were 11 other automobile producers in Vietnam.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData”Honda is now ready to make a long-term commitment to the development of Vietnam’s automobile industry,” Toshida reportedly said.
Honda Vietnam was established in 1996 with capital of about $45 million and was first to start exporting motorcycles, the report added.
