HCM City extends Mercedes-Benz Vietnam investment for another five years

The decision signed by Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan on January 20 reaffirms the city’s commitment to supporting long-term foreign direct investment enterprises locally.

Under a decision Mercedes-Benz Vietnam Co., Ltd. will operate for another five years, starting from April 14, 2025.

Subsequently, the municipal Department of Planning and Investment has granted the investment license to the firm. The municipal Department of Natural Resources and Environment has instructed the firm to promptly submit its application for land lease renewal.

Mercedes-Benz Vietnam, a subsidiary of Mercedes-Benz Group AG, manufactures and services passenger cars in Vietnam. The firm leads the luxury car segment in Vietnam by a wide margin, with nearly 7,000 cars delivered and 70,000 service throughputs across its distribution network in 2019.

Mercedes-Benz Vietnam, a joint venture between the Saigon Transportation Mechanical Corporation (SAMCO) and Mercedes-Benz Group AG, manufactures and services passenger cars in Vietnam. According to the Mercedes-Benz website, the firm leads the luxury car segment in Vietnam.

The Department of Planning and Investment reported that Mercedes-Benz Vietnam that is employing approximately 800 workers, has demonstrated strong growth in recent times. Between 2017 and 2021, the firm achieved an average annual revenue of over VND9,000 billion and contributed more than VND5,500 billion annually to the city’s coffers.