HA NOI – The country's largest truck and bus maker Thaco Truong Hai (Thaco) said it had acquired a 51 per cent share in Korean special purpose vehicle maker Soosung.
The US$3.5 million deal will help Thaco to expand its production scope to special purpose vehicles like crane trucks, dump trucks and cement mixer trucks.
According to Thaco's general director Tran Ba Duong, Soosung would transfer production technologies as well as production lines and help Thaco to operate more efficiently.
Based in the Korean city of Incheon, Soosong employs 500 people and has an annual sales volume of $10 million.
Thaco recently invested US$104 million on a diesel machine production factory using Hyundai technology in an effort to increase the local content in its products.
The Quang Nam based company sold 32,000 vehicles last year, accounting for 29 per cent of the local automobile market and earning VND11 trillion ($ 527 millions) in revenue. – VNS