Navistar to Export Up to $1.8 Billion in Parts and Vehicles Over Next Decade To Vietnamby Jake Tully - Published: 11/13/2017
Earlier today Navistar International Corporation announced that the company alongside Hoang Huy, its Vietnamese distributor have signed a memorandum of understanding that allows for up to $1.8 billion of truck product exporting into the Vietnamese market over the next decade.
According to Navistar, the memorandum of understanding (MOU) is representative of a continued period of an established and successful relationship between the trucking parts manufacturer and Hoang Huy in growing a business presence in Vietnam over the course of the next ten years.
Navistar reports that the signing took place at the Presidential Palace in Vietnam with both President Donald Trump and Vietnam President Trần Đại Quang.
Persio Lisboa, Navistar executive vice president and chief operating officer reported that the MOU demonstrates the company’s positive outlook towards the Vietnamese market as well as the synergy with Hoang Huy.
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"Navistar is bullish about the Vietnamese market and we have established a strong and successful relationship with our partner, Hoang Huy. Working together, our exports of our International brand trucks to Vietnam over the past two years have been phenomenal," said Lisboa."We are poised to reach new heights in the months and years ahead, as a result of this agreement. We could not have been in this position without the strong support of the U.S. State Department and U.S. Department of Commerce."
According to Navistar, the company was introduced to Hoang Huy in 2015 through the U.S. Department of Commerce’s Gold Key partner search, a search that matches United States-based companies seeking international business partners.
Additionally, Navistar reports that Hoang Huy’s sales of International ProStar trucks to trucking and logistics companies in the company has seized a fifty percent share of Vietnam’s heavy truck market.
Do Huu Ha, Hoang Huy Chairman of Board of Directors, reports that the product that Navistar delivers to the Vietnamese market has demonstrated success and that Hoang Huy is positive about the future of selling trucks in country.
"I am encouraged by the flexibility and performance of the new trucks and confident they will be enthusiastically received by customers," said Ha.
Navistar reportedly exported 21 new models of International DuraStar trucks to Vietnam earlier in the year, a purchase by the Vietnamese government that also signaled Navistar’s first sale of new trucks within Vietnam.