Jul. 2 – Japanese carmaker, Nissan, is pushing ahead with plans to produce its vehicles in the country by 2010.
The joint venture called Nissan Vietnam remains optimistic on the potential of the market despite the ongoing credit crisis. The partnership is between Denmark’s Kjaer Group and Japan’s Nissan Motor but production itself will be done by Vietnam Motors with supervision from the engineers of the parent company.
“Vietnam is a strategic market for Nissan with tremendous opportunities,” said Shinya Hannya, Nissan’s corporate vice president for Asian markets told the AFP. “The offering of locally assembled products will accelerate our business in Vietnam and lay the foundation for further growth.”
Nissan Vietnam has been in operation in the country since December when it started the import and distribution of Nissan vehicles, parts and accessories. Company sales has been affected by Vietnam’s high import taxes that make vehicles sold in the country more expensive to buy thus the natural decision to manufacture locally.
Nissan Motor is 44 percent owned by the French company, Renault. Recently, the company announced layoffs of 20,000 jobs due to slowing sales.
