TVS Motor Ventures Into Vietnam With Minh Long Motors
This will be the second major global venture for the two-wheeler manufacturer, having entered the European market earlier.
TVS Motor Co. on Wednesday announced its foray into the Vietnamese market by collaborating with its distribution partner, Minh Long Motors.
The two-wheeler maker will offer a range of scooters and underbone motorcycles across multiple price points, in keeping with its commitment to responsible and sustainable mobility, it said in its exchange filing.
This will be the second major global venture for the two-wheeler manufacturer, which entered the European market earlier last week.
TVS Motor will leverage Minh Long Motors' extensive distribution network and deep-market insights to offer some of the best-in-class two-wheelers in the Vietnamese market, it said.
It has already been sold in over 80 countries, spanning the geographies of Asia, Africa and Latin America.
Vietnam is an economy on the rise, and mobility and access are key drivers of any economy, J. Thangarajan, president and director of PT TVS Motor, said. "By launching our products in Vietnam, TVS Motor gets a chance to play a small part in charting the course of the Vietnamese economy."
The company has been taking significant steps towards global expansion and deepening its Asian presence. While it entered the European market earlier, the company announced its foray into Venezuela last month.
Shares of TVS Motor closed 0.89% higher at Rs 1,740 apiece, as compared with a 0.14% advance in the benchmark NSE Nifty 50 on Wednesday.
