Honda to Establish Power Products Sales Subsidiary in Vietnam
Bangkok, Apr 2, 2014 - (JCN Newswire) - Asian Honda Motor Co., Ltd. today
announced plans to establish a new wholly-owned power products import and sales
subsidiary in Vietnam in order to deliver our products with speed,
affordability, high quality and low CO2 emissions for customers in Vietnam
where market expansion is expected in the future. Honda submitted an
application to the Ho Chi Minh City Peoples' Committee on March 31, 2014
and plans to begin operation of the new company in October of this year.
Through the establishment of the new local subsidiary, to be called Honda
Vietnam Power Products Co., Ltd., Honda will build a solid operating base in
Vietnam. From this base, Honda will begin sales and marketing operations which
will be deeply rooted in the local market and strive to realize the slogan of
Honda's power products business - "Helping People Get Things
Done." With the sales of power products through its local subsidiary,
Honda will better understand the diversifying needs of customers and the local
market environment to prepare for future market expansion and strive to further
expand power products business in Vietnam.
In 2013, industry-wide sales of power products (such as generators and
engines) in Vietnam reached approximately 380,000 units* showing steady
expansion along with the increasing mechanization of agriculture in Vietnam.
Honda operates power products business in Vietnam, cooperating with a local
distributor Hoa Binh Corporation since 1994. Honda has been introducing power
products designed especially for emerging markets mostly in Asia, such as the
GP Series, 4-stroke general purpose engines targeting the light-use and
low-priced engine market.
Once the new local subsidiary becomes operational, Honda will expand and
establish a nationwide sales network that includes agricultural machinery sales
stores, large-sized retail stores and machinery/equipment manufacturers (OEM
makers) and strive to provide products and services which exceed the
expectations of customers in Vietnam.
*Honda internal research
About Honda Vietnam Power Products Co., Ltd.
Establishment: October 2014 (plan)
Capital investment: 4.1 million dollars
Investment ratio: 100% Asian Honda Motor Co., Ltd.
Head office: Ho Chi Minh City
Business: Import, wholesales and aftersales service of power
Employment: Approximately 30 associates (plan)
Honda Motor Co., Ltd. (TSE:7267/NYSE:HMC) is one of the leading manufacturers
of automobiles and power products and the largest manufacture of motorcycles in
the world. Honda has always sought to provide genuine satisfaction to people
worldwide. The result is more than 120 manufacturing facilities in 30 countries
worldwide, producing a wide range of products, including motorcycles, ATVs,
generators, marine engines, lawn and garden equipment and automobiles that
bring the company into contact with over 19 million customers annually. For
more information, please visit http://world.honda.com.
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