Asserting position
On October 29, Hyundai Thanh Cong Vietnam Automobile Manufacturing Joint Stock Company (HTMV) officially exported a batch of Hyundai Palisade cars to Thailand. This is considered an important milestone in the more than 15-year cooperation journey between Thanh Cong Group (TC Group) and Hyundai Motor, affirming the position of the Vietnamese automobile industry in the international market.
This is the fourth batch of cars exported in October, bringing the total number of Hyundai Palisade cars exported to Thailand to 110. This activity is part of HTMV's plan to export more than 4,000 Hyundai cars to countries in the region in the period 2024 - 2025.
In particular, Hyundai Palisade is Hyundai's most premium SUV model, manufactured and distributed in Vietnam since September 2023. With the perfect combination of luxurious design, modern technology, flexible and classy operation, Hyundai Palisade has quickly affirmed its position in the large SUV segment in Vietnam. With a RVC ratio of over 40%, Hyundai Palisade not only meets strict technical requirements but also qualifies for tariff incentives from the ASEAN Free Trade Agreement (AFTA), creating a great competitive advantage when exporting to international markets.
Mr. Nguyen Minh Son - General Director of HTMV - shared: "We are proud that our products are loved not only domestically but also in the international market. We are committed to constantly striving to bring the highest quality products to customers and contribute to the sustainable development of the Vietnamese automobile industry".
In addition to Hyundai Palisade, HTMV also aims to expand the export of other car models in the B, B-SUV, D-SUV, D-MPV segments to other markets such as Myanmar, Philippines, Indonesia and other countries in Southeast Asia. This is also a testament to the global quality of Hyundai brand cars manufactured and assembled in Vietnam, contributing to raising the position of the Vietnamese automobile industry on the regional map.
The "comeback"
The export of Hyundai Palisade cars to Thailand can be considered a "comeback" of Vietnamese enterprises when exporting to Thailand - which is the largest automobile manufacturing center in the region.
This is also proof that Vietnam has truly become an indispensable piece of the regional auto manufacturing picture. Not only is it a potential destination that has led most of the world’s major auto brands to boost sales in the market, but Vietnam is also an attractive investment destination and location for many auto manufacturers.
Since the first automobile joint ventures in the late 90s of the last century, bringing Toyota, Ford, Honda, Daewoo, BMW, and later Mazda, KIA, Hyundai, Vinfast... cars to every road in Vietnam, the domestic automobile industry has made remarkable strides. Production growth, car sales increase steadily every year, and the increased localization rate helps bring car prices closer to consumers. For example, 2022 is considered one of the biggest years for car consumption with more than half a million cars sold, not to mention imported cars.
Since its establishment, the Vietnamese automobile industry has not only aimed at production and assembly to serve the needs of domestic consumers, but has also aimed to participate in the global value chain and trade through the export of components and complete automobiles.
Speaking at the Hyundai Palisade export announcement ceremony, Mr. Truong Thanh Hoai - Deputy Minister of Industry and Trade - assessed that this is an important milestone, pushing the entire automobile industry one step closer to the goal of the Vietnam Automobile Industry Development Strategy.
According to the leader of the Ministry of Industry and Trade, Hyundai Thanh Cong's export of Hyundai Palisade cars to the Thai market is an affirmation of the quality of "Made in Vietnam" automobile products, which not only meet domestic demand but can also satisfy the strict standards of more developed markets in the region.
The leaders of the Ministry of Industry and Trade acknowledged, highly appreciated and commended the efforts to strengthen cooperation between TC Group and its partner Hyundai Motor in the field of automobile production and distribution, bringing the Hyundai brand from a new brand to a leading brand in the Vietnamese market; and initially bringing products manufactured and assembled in Vietnam with high regional value content to conquer international markets.
Hyundai Thanh Cong Vietnam Automobile Manufacturing Joint Stock Company (HTMV) is an enterprise operating in the field of assembling passenger cars and some commercial vehicles of Hyundai, located in the Automobile and Auxiliary Production Complex of Thanh Cong Group in Ninh Binh. The automobile manufacturing and assembling factories managed by HTMV are the only factories in Vietnam that produce Hyundai vehicles with less than 9 seats, distributing to the entire market in Vietnam and oriented towards exporting to foreign markets.
TC Group was established in 1999, formerly Thanh Cong Mechanical Company Limited. Currently, TC Group is the investor of 2 automobile and supporting industrial complexes in Ninh Binh and Quang Ninh, including 04 multi-brand automobile manufacturing and assembly factories with a total designed capacity of over 300,000 vehicles/year. In particular, the complex in Ninh Binh is currently one of the three largest automobile manufacturing and assembly centers in the country.
TC Group also invests in a complete automotive ecosystem with synchronous activities from import and export, logistics, warehouse systems, and the supply of genuine spare parts and components, spread across the country.
