Sime Darby sets up Vietnamese subsidiary

Saturday, Jan 09, 2016 09:00

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KUALA LUMPUR (Biz Hub) — Malaysian Sime Darby Bhd, seller of 30 different brands of vehicles across Asia established a unit on Dec. 31, 2015, in Viet Nam to retail cars and spares.

Among the brands sold by Sime Darby are Rolls Royce, Hyundai, Ford and Land Rover.

The company's unit Euro Auto has secured approval from Vietnamese authorities to incorporate its 90 per cent-owned Performance Motors Viet Nam Joint Stock Company, which mainly sells vehicles and spare parts, Sime Darby said in a stock exchange filing.

The Viet Nam Automobile Manufacturers' Association said vehicle sales rose 58 per cent year on year in the first 10 months of 2015 to 163,855 units, making the country one of the fastest growing automotive markets in Asia.

Sime Darby has been selling MINI – and BMW-branded luxury vehicles in Viet Nam through its Euro Auto unit since 2007 and owns showrooms in HCM City and three outlets in Ha Noi.

The incorporation of Performance Motors Viet Nam is not expected to have a material effect on the earnings or net assets of Sime Darby for the financial year ending June 30, the company added. — VNS

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