The managment board of Vinamotor appointed Nguyen Hai Trung as the new general director of the company on February 2. — Photo cafef.vn

HA NOI (Biz Hub) — The Management Board of the Viet Nam Motor Industry Corporation Joint Stock Company (Vinamotor) appointed Nguyen Hai Trung as the new general director of the company on February 2.

He will replace retired general director Hoang Anh Tuan. Earlier, Trung had also been the company's board chairman.

On January 11, the transport ministry (MoT) sold 85.58 million, or 97.7 per cent, of the shares of Vinamotor at an auction.

MoT earned VND1.25 trillion (US$55.9 million) from the divestment.

Motor N.A Viet Nam Limited Company (Vinamco) bought all of the shares for VND14,612 ($0.6) each.

Vinamotor has VND876 billion ($39.2 million) in charter capital and primarily manufactures automobile engines and parts. The company has an auto assembly machine factory in northern Bac Giang Province, and has invested in many subsidiary companies. — VNS