The Vietnam Automobile Industry Development Company (VAD) has inked a deal with Nissan to become the Japanese carmaker’s exclusive distributor in Vietnam.
The company announced Thursday that it will take over the vehicle distribution starting October 1 after Nissan and Tan Chong Motor Holdings Bhd officially cut their ties from September 30.
VAD is a recently established company in the Viet Hung Industrial Park in northern Ha Long Town. It began operations on August 28. It has a charter capital of VND350 billion ($15.1 million) and registered 28 lines of business, with the main line being the wholesale distribution of cars and other motor vehicles.
Currently, Nissan has its Sunny, X-Trail, Terra and Navara models in the Vietnamese market. Of these, only Sunny and X-Trail models are assembled in Vietnam. A total of 1,414 units of these two models were assembled in the first eight months of this year.
Tan Chong, a multinational corporation based in Malaysia, will retain its presence in the local market, becoming the distributor for British automaker MG, which is owned by Shanghai-based Chinese state-owned SAIC Motor Corporation Limited.
This article was originally published in Vnexpress