Mitsubishi Motors plots expansion in Vietnam
Mitsubishi Motors Vietnam affirmed it will inject more capital into its auto assembly facility in the country to expand production and made plans to sale electric cars despite lower tariffs on imported completely built-up units from the ASEAN.
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Osamu Masuko, chief executive officer at Mitsubishi Motors Corp., announced the corporation’s plans to increase capital in Vietnam as well as pushing green designs in the Vietnamese automobile market at a July 19 meeting with Prime Minister Nguyen Xuan Phuc and leaders of the Ministry of Industry and Trade.
The company is looking forward to further investments in modern assembling technology and selling electric vehicles in Vietnam, which would contribute to the country’s environmental protection efforts, according to its announcement.
Osamu Masuko revealed that a Nissan-Mitsubishi joint venture plans to build a plant in Vietnam, with intentions to scale up investments in Vietnam and the ASEAN bloc. However, the specific timeline has not released.
“More dealerships and service centres will go up in the country in the coming time,” said Masuko.
In 2016 Mitsubishi Motors Vietnam (MMV) officially was renamed from Vina Star Motors (VSM), after an ownership structure changed in the joint venture. The joint venture said that Mitsubishi’s member companies have increased their ownership from 50% to 82%.
Established since 1994 by Japan’s Mitsubishi Motors Corporation and Mitsubishi Trading Company, Malaysia’s Perusahaan Otomobil Nasional Berhad and Vietnam’s Transport Investment Cooperation and Import and Export JSC as distributor of Mitsubishi Motors’ vehicles in Vietnam – Mitsubishi Motors Vietnam Co. Ltd., was one of first automobile joint-ventures in this market.
The joint venture headquartered in the southern province of Binh Duong’s Di An Town said on its website that it has investment capital of over VND365.4 billion (US$16.38 million) and a factory with an annual capacity of 5,000 vehicles.
