Hoang Huy Finance JSC signed MoU with American company Navistar

(Updated: 15/11/2017)

On the 12th November 2017, as it is witnessed by the U.S. President Donald Trump and the President of Vietnam Tran Dai Quang, Hoang Huy Investment Financial Services Joint Stock Company (“Hoang Huy Finance”) - Stock symbol: TCH, listed on the Ho Chi Minh Stock Exchange, and the Navistar Inc, USA signed a Memorandum of Understanding (MOU) on the business cooperation of trucks and tractor-trailers of International brand, USA with the value of USD 1.8 billion.

The Chairman of Hoang Huy Finance, Mr. Do Huu Ha and Vice President, Corporate Affairs and Chief Communications Officer, Jim Spangler signed this important agreement in the presence of the President of Vietnam Tran Dai Quang and the U.S. President Donald Trump, and other senior leaders of the two countries.

Mr. Do Huu Ha signed the agreement with Mr. Jim Spangler. (Photo: Nguyen Hong)
Mr. Do Huu Ha signed the agreement with Mr. Jim Spangler. (Photo: Nguyen Hong)

Accordingly, Hoang Huy Finance will cooperate with the American International tractors company, Navistar to develop new and used trucks, tractor and genuine spare parts in Vietnamese market in 10 years from 2018 to 2027 with the value of contract up to USD 1.8 billion.

"Navistar puts the great deal of trust in Vietnamese market because of the successful partnership with its partner Hoang Huy Finance. Since the cooperation with Hoang Huy Finance (TCH), the export and consumption quantities of the International trucks and tractor-trailers in Vietnam are very impressive over the past two years. Navistar is looking forward to seeing new breakthroughs and new heights following the cooperation agreement reached today” - said Mr. Jim Spangler, Vice President, Corporate Affairs and Chief Communications Officer of Navistar after the signing ceremony.

Navistar, a leading global manufacturer with International trucks and tractors in the United States, is committed to transferring technologies to Hoang Huy Finance (TCH) to build service centers, train engineers to have high professional qualifications; giving the authorization to Hoang Huy Finance (TCH) to provide genuine care services as well as to recall and summon expired vehicles in accordance with Vietnamese standards and regulations. Navistar also assists Hoang Huy Finance (TCH) to build the largest training center worth millions of dollars in Southeast Asia to train engineers. Hoang Huy Finance (TCH) is supported in the breakthroughs and creates new heights in occupying the market of trucks and tractors in Vietnam.

The presence of American International trucks and tractors, with outstanding technology advantages, high longevity and durability, fuel efficiency and environmental friendliness, have contributed to improving the quality of transportation and logistics for import-export and production in Vietnam in the direction of best-reducing logistic costs and improving economic efficiency.

On behalf of Hoang Huy Finance (TCH), The Chairman of BOD Do Huu Ha said: “We are optimistic in promoting the partnership and business relationship with Navistar. We are of the belief that the American International trucks and tractors with high quality and reasonable price will always be the first choice for Vietnamese consumers.

Just over two years ago, on May 7, 2015, in Chicago, United States, the two corporations initially came to the Cooperation Contract when Navistar selected Hoang Huy as the sole general distributor of the International trucks and tractors and genuine spare parts throughout the territory of Vietnam. The Memorandum of Understanding signed today is the continuation after more than two years of fruitful partnership between the two corporations, giving the two corporations more opportunities to develop their businesses on a new level. Thereby, this MOU directly contributes to the bilateral trade turnover between Vietnam and the United States.

About Hoang Huy Finance (TCH): Hoang Huy Investment Financial Services Joint Stock Company (“Hoang Huy Finance”) is one of the 500 largest enterprises in Vietnam - According to the VNR500 ranking in 2016. In 2016, the revenue of the company reached VND 1,436 billion; after-tax profit exceeded VND 500 billion. Hoang Huy Finance is listed on Ho Chi Minh Stock Exchange with Stock symbol TCH. Hoang Huy Finance is currently the leading truck distributor in Vietnam with its major product lines, including American International trucks, tractors and numerous other high-quality vehicles. In addition to the truck business, Hoang Huy is also a large-scale real estate developer with a variety of projects in Hanoi and Hai Phong. All information is available at www.hoanghuy.vn

About the American International trucks and tractors:
In the current market of container transport for import-export and production, the American International ProStar trucks are equipped with the most advanced engine Maxxforce 13 and small-arm cylinder capacity of 12400 cc, which consumes less fuel and has a high power of up to 475hp. Hence, ProStar trucks brings high economic efficiency to the transportation industry and the reliability, durability and comfort to the drivers. The International trucks, Maxxforce engine and 12.4L capacity are capable of saving 20-30% of fuel consumption compared to other conventional tractor models. All information is available at www.hoanghuyinternational.com

(TGVN)

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