TC SERVICES VIETNAM CO., LTD. SIGNS MOU WITH SAIC MOTOR INTERNATIONAL CO LTD
On Friday 26 July 2019, a Memorandum of Understanding (MoU) was signed between TC Services Vietnam Co., Ltd. (TC Services Vietnam), a wholly owned subsidiary company of Tan Chong Motor Holdings Berhad (TCMH) with SAIC Motor International Co Ltd (SMIL), a wholly owned subsidiary company of SAIC Motor Corporation Limited (SAIC Motor).
TC Services Vietnam is a wholly-owned subsidiary of TCMH incorporated in Vietnam. TC Services Vietnam is authorised to engage in retail distribution of various kinds of automobiles, provision of automotive maintenance and repair and spare parts services in accordance with the Laws of Vietnam.
SMIL is a wholly-owned subsidiary of SAIC Motor incorporated under the laws of the People’s Republic of China and having its registered office at 429H Room, No. 188, Ye Sheng Rd, China (Shanghai) Pilot Free Trade Zone, Shanghai, P.R.C. SMIL is engaged in the automotive business, including but not limited to the sale of automobiles and relevant components.
The MoU between TC Services Vietnam and SMIL is intended to cooperate with each other in Vietnam market on CKD assembly, sales and distribution, as well as importation and distribution of CBU vehicles from SAIC Motor’s selected products. The MoU will provide the parties with opportunities to cooperate with each other to expand the respective Groups’ foothold in the automotive industry in Vietnam.
About Tan Chong Motor Holdings Berhad Group:
Tan Chong Motor Holdings Berhad (TCMH) was incorporated in Malaysia in 1972 and has been a public listed company on the Main Market of Bursa Malaysia since 1974. From its humble beginning as the distributor of small motor vehicles by its founders back in the 1950s, TCMH Group (“the Group”) has grown into one of the largest Malaysian conglomerates involved in a myriad of business activities in the automotive industry. The Group’s main business activities are assembly and distribution of passenger and commercial vehicles, provision of after-sales services and motor-related financial services such as hire purchase, insurance and leasing and also property holdings.
Having served Malaysian consumers for over four decades, the Group has since spread its wings globally. Beginning in 2005, the Group had made significant inroads into the overseas market by expanding its automotive business operations overseas with the importation and distribution of passenger and commercial vehicles and provision of after-sales services in Laos, Cambodia, Vietnam and Myanmar. The Group has also established automotive assembly plants in Myanmar and Vietnam for passenger and commercial vehicles.
About SAIC Motor:
SAIC Motor Corporation Limited (SAIC Motor) is the largest auto company in China. Its business covers the research, production and vehicle sales of both passenger cars and commercial vehicles. The company is actively promoting new energy vehicles, the commercialization of Internet-connected cars. It is exploring intelligent driving technology research and industrialization of exploration. It is mainly engaged in the R & D, production and sales of parts for motor drive system, chassis system, interior and exterior decoration, battery, electric drive, power electronics and other new energy vehicles and the core components of the intelligent product system; auto-related services such as logistics, e-commerce, travel, energy saving and charging service; auto-related finance, insurance and investment services; overseas business and international trade; and the layout of industries of big data and artificial intelligence.