Hoàng Huy Finance, Navistar Inc sign $1.8b agreement
Hoàng Huy Investment Financial Services Joint Stock Company (Hoàng Huy Finance) and Navistar Inc of the US on Sunday signed a Memorandum of Understanding (MoU) on business co-operation of trucks and tractor-trailers of the International brand with total value of US$1.8 billion.
The signing was witnessed by US President Donald Trump and Vietnamese President Trần Đại Quang and senior leaders of the two countries.
Under the agreement, Hoàng Huy Finance will co-operate with Navistar to develop all range of trucks, tractors and genuine spare parts in the Vietnamese market in 10 years from 2018 to 2027.
Hoàng Huy Finance and the US Navistar Inc signed a MoU worth US$1.8 billion on business co-operation of trucks and tractor-trailers witnessed by US President Donald Trump and Vietnamese President Trần Đại Quang. — Photo
courtesy of Hoàng Huy
"Navistar puts a great deal of trust in the Vietnamese market because of the successful partnership with its partner Hoàng Huy Finance. Since the cooperation with Hoàng Huy Finance (TCH), export and consumption quantities of International trucks and tractor-trailers in Việt Nam have been very impressive over the past two years. Navistar is looking forward to seeing new breakthroughs and new heights following the cooperation agreement reached today,” Jim Spangler, vice president, Corporate Affairs and chief communications officer of Navistar, said after the signing ceremony.
Navistar, a leading global manufacturer with International trucks and tractors in the United States is committed to transferring technologies to Hoàng Huy Finance (TCH) to build service centres and train engineers to have high professional qualifications. It has given authorisation to Hoàng Huy Finance to provide genuine care services as well as to recall expired vehicles in accordance with Vietnamese standards and regulations. Navistar is also assisting Hoàng Huy Finance to build the largest training centre worth millions of dollars in Southeast Asia to train engineers. Hoàng Huy Finance is being supported to achieve these breakthroughs and create new heights in occupying the entire market of trucks and tractors in Việt Nam.
The presence of American International trucks and tractors with outstanding technology advantages, high longevity, durability, fuel efficiency and environmental friendliness has contributed to improving the quality of transportation and logistics for import-export and production in Việt Nam in the direction of best-reducing logistic costs and improving economic efficiency.
Hoàng Huy Finance’s chairman of the management board Đỗ Hựu Hạ said: “We are optimistic in promoting the partnership and business relationship with Navistar. We are of the belief that the American International trucks and tractors with high quality and reasonable price will always be the first choice for Vietnamese consumers.
Just over two years ago, on May 7, 2015, in Chicago, the two corporations initially finalised the cooperation contract when Navistar selected Hoàng Huy as the sole general distributor of its International trucks, tractors and genuine spare parts throughout the territory of Việt Nam. The MoU is the continuation after more than two years of fruitful partnership between the two corporations, giving the two corporations more opportunities to develop their businesses on a new level. This MoU, therefore, directly contributes to the bilateral trade turnover between Việt Nam and the US.
Hoàng Huy Finance is among the 500 largest enterprises in Việt Nam according to the VNR500 ranking in 2016. Last year, revenue of the company reached VNĐ1.43 trillion and after-tax profit exceeded VNĐ500 billion. Hoàng Huy Finance is listed on HCM City Stock Exchange with stock symbol TCH.
Hoàng Huy Finance is currently the leading truck distributor in Việt Nam with its major product lines, including American International trucks, tractors and numerous other high-quality vehicles. In addition to the truck business, Hoàng Huy is also a large-scale real estate developer with a variety of projects in Hà Nội and Hải Phòng.