PSA Group to Expand Vehicle Assembly in Vietnam in 2017
(l) Tran Ba Duong, President of THACO, and (r) Denis Martin, Executive Vice-President China and ASEAN of PSA Group during the signing of the agreement.
PSA Group and its partner THACO (Truong Haï Auto Corporation) signed a contract to bring two new SUVs to market in Vietnam that will be assembled in THACO’s plant in Chulai (Quang Nam Province).
The announcement was made jointly by PSA Group and THACO.
This new project of local assembly line will begin October 2017 and is aiming to cover the needs of the Vietnamese market for volume of 27,000 units over the period between 2017 to 2020, according to the announcement.
The signing ceremony was held at the THACO headquarters in Ho Chi Minh City.
THACO Group, leader in the Vietnamese automobile market, has been the assembler, importer, and distributor of the Peugeot brand in Vietnam since 2014.
The two new SUVs will complement THACO's current range comprised of the PEUGEOT 208, 3008, and 508.
"The development of our local production capacities with THACO will allow us to aim for 5% market share in Vietnam in 2020, a market that should rapidly exceed 300,000 vehicle per year,” said Denis Martin, executive vice president China and ASEAN of the PSA Group.