Sime Darby Motors expands to Vietnam
Sime Darby Motors, the automotive arm of Sime Darby Bhd, is expanding its presence to Vietnam in a move to grow its business as one of the leading automotive players in the Asia-Pacific region, The Star reported. Sime Darby Motors has signed agreements to take over the existing distributor of BMW and Mini cars in Vietnam.
“We have been exploring expansion opportunities in new markets and Vietnam has proven to be an exciting market for us. The luxury car market is growing and this deal gives us an immediate foothold in the Vietnamese automotive market,” said its managing director, Datuk Lawrence Lee, in a statement.
Sime Darby Motors’ subsidiary, Sime Singapore Ltd, is buying 89.15 per cent of Europe Automobiles Corp Holdings Pte Ltd for $30 million and 16.02 per cent of Europe Automobiles Corp for $6.4 million, the distributor.
The acquisitions, which are expected to be completed by November 8, are subject to certain conditions, including the consent of BMW Asia Pte Ltd and Germany’s BMW AG.
“Vietnam holds promise in the long term. Its car-to-population ratio is still low at 18 per 1000 compared with South-East Asia’s average of 80 to 150 per 1000,” Lee said.
“In addition, demand for imported vehicles is expected to increase with the upcoming tariff revisions under the ASEAN Free Trade Area agreement.”
Sime Darby Motors, the automotive arm of Sime Darby Bhd, is expanding its presence to Vietnam in a move to grow its business as one of the leading automotive players in the Asia-Pacific region, The Star reported. Sime Darby Motors has signed agreements to take over the existing distributor of BMW and Mini cars in Vietnam. “We have been exploring expansion opportunities in new markets and Vietnam has proven to be an exciting market for us. The luxury car market is growing and this deal gives us an immediate foothold in the Vietnamese automotive market,” said its managing director, Datuk...
Sime Darby Motors, the automotive arm of Sime Darby Bhd, is expanding its presence to Vietnam in a move to grow its business as one of the leading automotive players in the Asia-Pacific region, The Star reported. Sime Darby Motors has signed agreements to take over the existing distributor of BMW and Mini cars in Vietnam.
“We have been exploring expansion opportunities in new markets and Vietnam has proven to be an exciting market for us. The luxury car market is growing and this deal gives us an immediate foothold in the Vietnamese automotive market,” said its managing director, Datuk Lawrence Lee, in a statement.
Sime Darby Motors’ subsidiary, Sime Singapore Ltd, is buying 89.15 per cent of Europe Automobiles Corp Holdings Pte Ltd for $30 million and 16.02 per cent of Europe Automobiles Corp for $6.4 million, the distributor.
The acquisitions, which are expected to be completed by November 8, are subject to certain conditions, including the consent of BMW Asia Pte Ltd and Germany’s BMW AG.
“Vietnam holds promise in the long term. Its car-to-population ratio is still low at 18 per 1000 compared with South-East Asia’s average of 80 to 150 per 1000,” Lee said.
“In addition, demand for imported vehicles is expected to increase with the upcoming tariff revisions under the ASEAN Free Trade Area agreement.”
