Malaysian firm’s subsidiary to sell popular Chinese brand auto products in Vietnam
TC Services Vietnam Co., Ltd, a subsidiary of Malaysia’s Tan Chong Motor Holdings Berhad, will import, distribute and sell vehicles and parts made by China’s GAC Motor International.
An agreement to this effect was signed by TC Services Vietnam and GAC Motor International earlier this month, Tan Chong Motor Holdings Berhad said in Monday filing with Bursa Malaysia.
GAC is among the most popular vehicle brands in mainland China, with sales of over two million units in 2020, according to the filing.
A GAC Motor SUV. Photo courtesy of GAC Motor.
It said the move will help Tan Chong Motor expand its foothold in Vietnam’s auto industry.
Starting July 2023, TC Services Vietnam ceased being the distributor of Chinese auto brand MG, and it has not had a vehicle brand to distribute until the new agreement.
In October 2020, the company had lost Vietnam distribution rights of another vehicle brand - Japan’s Nissan.
The Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 301,989 vehicles in 2023, down 25% year-on-year.
Outside VAMA, a report by TC Group, which is a manufacturer and official retailer of Hyundai vehicles in Vietnam, said it sold 67,450 vehicles of the Korean brand last year.
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