TMT to assemble and distribute Tata vehicles in Vietnam
As part of its business expansion plan, TMT Joint Stock Company signed a Distribution Agreement (“DA”), Supply Agreement and Technology License Agreement (“TLA”) with Tata Motors Ltd., India.The agreements will enable TMT to become the distributor of selected Tata Motors commercial vehicles, as well as expand its vehicle assembly business and distribution network in Vietnam.
Tata Motors will supply Completely Knocked Down (CKD) and Completely Built Unit (CBU) vehicles to TMT in Vietnam, enabling TMT to further strengthen its position, in the local automotive industry. The signing of the strategic and dynamic partnership would pave the way for a mutually beneficial collaboration between Tata Motors and TMT JSC, and will offer various synergies for all parties involved.
“It is indeed an honour for us that Tata Motors, known to be among the world’s top truck and bus manufacturers, has chosen to partner with TMT JSC to start this new chapter in their engagement with the Vietnam market. We at TMT JSC, intend to establish the TATA Motors brand, and promote its products and services, providing the best customer experience,” said Bui Van Huu, Chairman of TMT.
Mr. Ravi Pisharody, Executive Director, Commercial Vehicles Business Unit, Tata Motors Ltd. said “Our foray into Vietnam is an important step in our continuing journey to become a truly global player and in particular our focus on the ASEAN region after our recent entry into Indonesia, Philippines and Malaysia. Tata Motors with a wide range of products suited for the Vietnam market, will be able to offer the customers of Vietnam, an excellent choice with a blend of high performance, economy and the latest technology in-built into the products.”
The strategic partnership between TMT JSC and Tata Motors is a new beginning for a mutually beneficial relationship between the two companies. The milestone also further signifies TMT’s commitment to its CKD operations in Vietnam, not only strengthening its position in the Vietnamese market, but also in the region.